Consent Management Market: Comprehensive Industry Insights and Strategic Analysis

According to a recent report published by Allied Market Research, The global consent management market size was valued at $318.3 million in 2020, and is projected to reach $2,271.1 million by 2030, registering a CAGR of 21.9% from 2021 to 2030.

Consent management refers to a process that allows a website to meet GDPR regulations by obtaining user consent for collecting their data through cookies during their visit. A consent management platform (CMP) enables brands to automate their consent management process, making it easier to be GDPR compliant.

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A growing number of cyber-attacks and increasing data privacy concerns are the main factors driving the expansion of the consent management industry in Europe. Nowadays, the entire world is experiencing strict data privacy legislation in global economies. Globally operating organizations have no options left but to adopt cross-border and cross-regulatory compliance strategies to efficiently operate within the system. A major factor that has drastically impacted the way companies interact with customers and uses customer's data is the General Data Protection Regulation (GDPR), a data privacy regulation enforced by the European Union (EU) on May 2018.

As per GDPR, organizations across the globe must obtain take consent of the EU citizen whose personal data it wants to process. Consent management platforms and solutions help the website to satisfy the GDPR regulation and compliance by gaining user consent for collecting their data (and for further using it) during website visits via cookies.

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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 thus, witnessed interruptions in its sales and penetration globally.

In 2020, the software segment dominated the global consent management market share, and is expected to maintain its dominance in the coming years. Digital disruption is predicted to contribute to the significant growth of the consent management market. Digital disruption is perfect choice for several small businesses as it helps them reach new customers, reduces costs of selling, and is increasingly related to proven ROI. This is often expected to extend interactions of companies with consumers and secure a multi-channel experience for little and enormous businesses.

Within the consent management market analysis, the services segment is estimated to emerge as the fastest growing segment. Several vendors within the consent management market offer professional services and supply consulting supported client-specific requirements. They provide educational support, such as training and classroom lectures (online and offline), to assist clients understand their software and related processes. They also assess the risks related to any project and help deploy far better consent management software or replace the prevailing one.

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Post COVID-19, the global consent management market forecast is estimated to be valued at $382 million in 2021, and is projected to reach $2,271 million by 2030. Growing concern of global data privacy has resulted in the adoption of strict initiatives and regulations that focus more on data storage and protection within local country servers. Similar to the European Union's General Data Protection Regulation (GDPR), major countries within Asia are also adopting similar rules, thereby putting privacy as the top priority. However, these regulations would turn out to be a key staggering factor for the overall consent management market size. One of the major factors behind this effect is growing cyber breach issues that led the user in to refrain the adoption of surveillance and access control systems, which would create a restraining effect on the market growth.

Key Findings Of The Study

1. The software segment is estimated to be the major shareholder by component. However, the services segment is expected to witness the highest growth rate during the forecast period.

2. Based on application type, the mobile app segment accounted for the highest revenue in 2020; however, the web app segment is expected to witness highest growth rate during the forecast period.

3. Based on deployment mode, the on-premise segment accounted for the highest revenue in 2020; however, the cloud segment is expected to witness the highest growth rate during the forecast period.

4. Region-wise, the consent management industry was dominated by Europe. However, Asia-Pacific is expected to witness significant growth in the coming years.

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Some of the key companies mentioned in the report are Onetrust, Quantcast, Piwik Pro, Trustarc, Cookiebot, Iubenda, Trunomi, Crownpeak, Bigid, and Civic.

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