Consent Management Market Size & Share, Regional Analysis, Future Growth, Trends Evaluation, Demands and Forecast to 2027

According to our latest market study on "Consent Management Market Forecast to 2027 - COVID-19 Impact and Global Analysis and Forecast by Component (Solution and Services); Deployment (On-Premise and Cloud); End-Use Industry (Retail, Government, IT & Telecom, BFSI, Healthcare, Education, Media & Entertainment, and Others); and Geography, the market was valued at US$ 340.53 Million in 2019 and is projected to reach US$ 1,217.20 million by 2027; it is expected to grow at a CAGR of 17.7% from 2020 to 2027.

The global consent Management market experiences a remarkable growth due to the growth in technology market as it plays a crucial role in the contemporary consent management. The rise in number of vendors for privacy technology has propelled the privacy technology market in the recent years. The marketplace of privacy technology has become a dynamic ecosystem. More than 100 companies provide consent management solution owing to the new compliance requirements by the GDPR. There is an uptick in the usage of privacy technology, along with the increase in overall budgets for the privacy maintenance every year.

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The consent management market by component is segmented into software and Services. Since, the advent of GDPR regulation, a large number of changes were needed in the digital ecosystem. Business and website owners across the globe are faced with a completely new set of rules with regards to defining, collecting, as well as storing and using the personal data of the European residents and citizens. Under the stringent regulation laid down by the EU, companies are supposed to proactively obtain consent from the EU-based users. The content is necessary for the advertisers and marketers to process any European consume data. In addition to this, the businesses are also required to obtain separate consents for separate purposes and then ease the process of withdrawing the consent for the user. Also, there is a need of certain level of transparency for the consent obtained. The criteria needed for a well-defined consent are that the need to be specific, unambiguous, informed, and freely given. This results in several complications and demands for the deployment of a common platform to be managed for all types of consents.

Players Mentioned are -

•Consentmanager.net
•Crownpeak Technology, Inc.
•HIPAAT International Inc.
•IBM Corporation
•Trustarc Inc
•ONETRUST, LLC
•PIWIK PRO
•PossibleNOW, Inc.
•RAKUTEN ADVERTISING
•CYBOT

COVID-19 Impact on Consent Management Market

According to World Health Organization (WHO) report, the US, Spain, Italy, France, Germany, the UK, Turkey, Iran, China, and Russia are some of the worst affected countries due to COVID-19 outbreak. The COVID-19 crisis is affecting the industries worldwide and the global economy is anticipated to take a worst hit in the year 2020 and likely in 2021 as well. The COVID-19 outbreak is anticipated to affect the growth rate of global consent management market in the year 2020 and early 2021 owing to supply chain and demand disruptions, which in turn is resulting in decline of y-o-y growth during these years. However, the growth is expected to normalize from 2021 onwards and the market is projected to grow at a steady pace.

Varied manufacturing, technology, and service based industries have been impacted due to the outbreak of COVID-19. This outbreak has caused disruptions in several industries across the globe. The consent management market is no different from other markets and hence witnessed interruptions in its sales and penetration globally. Therefore, it will witness a slight decline in its adoption in 2020 and will pick an increase from 2021. The impact of COVID-19 has caused disturbance in the business activities of SMEs and therefore as a result caused financial instabilities. These financial fluctuations and budget disturbance imposed restrictions on various end-user industries of consent management solutions to purchase advanced version of the same. However, the consent management providers present in the market are making efforts to remain competitive and therefore, are offering consent management solutions on free-trial basis. This will support the end-user industries especially SMEs.

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The consent management market is segmented by industry verticals under retail, government, technology, financial services, healthcare, education, media & entertainment, and others. With the increasing concern for data privacy and stringent regulations, the consent management software is witnessing a huge demand across the industry vertical. With consent management software, the business can manage consent as per the standards of GDPR or any other data protection regulatory body's standards. With the consent management software business can manage the consent of each person with an active or inactive record. The implementation of GDPR has positively impacted the consent management software market in the European Union (EU) companies and other companies doing business in the European market. The GDPR requires that all organizations worldwide must have the consent of each EU citizen whose personal data they want to process.

The consent management market by deployment type is segmented into on-premise and cloud. Further, the companies those are planning to make substantial investments in consent management are expected to swiftly shift towards the modern platform by adopting either multi-tenant or cloud based solutions. The adoption of on-premises or cloud based consent management is also highly influenced by the willingness of the companies to switch to novel vendors offering advanced consent management solutions. Apart from the large enterprises, various small and medium shippers in the region are also adopting the consent management solutions. This trend is predominantly driven by the presence of new category of cloud only solutions, which are providing affordable as well as free subscription based models with quick setup. In the year 2018, the global consent management market experienced extensive growth in consent management by the small and medium businesses.

The Insight Partners Consent Management Market Research Report Scenario includes:

•The report provides qualitative and quantitative trends of global Consent Management Market across type, type of products, service, and geography.
•The report starts with the key takeaways (Chapter Two), highlighting the key trends and outlook of the global Consent Management Market.
•Chapter Three provides the research methodology of the study.
•Chapter Four further provides PEST analysis for each region.
•Chapter Five highlights the key industry dynamics in the Consent Management Market, including factors that are driving the market, prevailing deterrent, potential opportunities as well as future trends. Impact analysis of these drivers and restraints is also covered in this section.
•Chapter Six discusses the global Consent Management Market scenario, in terms of historical market revenues, and forecast till the year 2027.
•Chapter Seven to ten discuss Consent Management Market segments by type, type of application, service, and geography across North America, Europe, Asia-Pacific, Middle East and Africa, South and Central America. They cover market revenue forecast, and factors driving and governing growth.
•Chapter Eleven describes the industry landscape analysis. It provides detailed description of various business activities such as market initiatives, new developments, mergers and joint ventures globally along with a competitive landscape.
•Chapter Twelve provides the detailed profiles of the key companies operating in the global Consent Management Market. The companies have been profiled on the basis of their key facts, business description, products and services, financial overview, SWOT analysis, and key developments.
•Chapter Thirteen, i.e. the appendix is inclusive of a brief overview of the company, glossary of terms, contact information, and the disclaimer section.

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This release was published on openPR.