Consent Management Market to Hit $2,021.05 million by 2030, Driven by Rising Data Privacy Regulations

According to the new research report on "Consent Management Market Forecast to 2030 - Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis," published by The Insight Partners, the market is expected to reach US$ 2,021.05 million by 2030 and register a CAGR of 20.4% from 2022 to 2030.

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Despite the GDPR guidelines that have been in effect since May 2018, the level of compliance differs from one organization to another. The stress toward full compliance has increased, driving organizations to evaluate their data collection processes further. However, many are struggling with the cost of integration and technology. Many GDPR implementations of proof-of-consent are projected to involve Blockchain technology in the coming years. The integration of Blockchain into consent management solutions will augment user control and privacy, boosting the growth of the consent management market.

Trust improvement, immutability because of the unfeasibility of ledger falsification, and transparency are some of the exhibiting features of Blockchain-based solutions. Orange, one of the prominent players in telecommunications networks globally, also provides consent management solutions. The company uses Blockchain technology in its Orange Consent Management Service solution. Additionally, the company has made it possible to share consent management functions in different applications. The use of Blockchain technology in consent management overcomes the issues present in traditional consent management solutions. Earlier in the solution, dedicated records were used, and thus, the user had to describe his consent for each application. The integration of the technology will help the consent management providers to resolve issues present in traditional consent management solutions. Thus, the growing need for the integration of blockchain technology in consent management solutions is anticipated to further propel the consent management market growth during the forecast period.

The North America consent management market is segmented into US, Canada, and Mexico. The region is a hub of technological developments that comply with economically robust countries; as a result, there is increased concern among internet users regarding their online safety and consent. This is mainly attributed to the region's ability to remain digitally advanced with customer-centric businesses. Also, as the service sector dominates the market, consumer data is the most crucial asset of the majority of businesses. Various US states have passed legislation and introduced several regulatory policies to protect people's information. In January 2020, the California Consumer Privacy Act (CCPA) came into effect; it was designed to protect the data privacy rights of citizens and force companies to provide all the additional information to consumers regarding the way their data is being collected, stored, and used. This act also helps to provide consumers with more transparency and control over their private data. Due to such regulation by governments of various countries in the region, several companies in retail, healthcare, IT, education, and other industries are raising the demand for technologically advanced consent management solutions, further driving the consent management market.

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To cater to this rising demand, various market players in the region are launching new solutions. For instance, in July 2022, Didomi launched a Consent Management Platform (CMP) and Preference Management Platform (PMP) in North America. The company's technology suite is purpose-built to meet the consent-based privacy and preference needs of various enterprises across the region. Furthermore, companies are focusing on inorganic strategies such as partnership and collaboration to provide more efficient solutions to their customers. In February 2022, PossibleNOW announced a strategic partnership with TrustArc. Through this partnership, PossibleNOW can extend its offerings with specific privacy capabilities for enterprise customers, such as data subject requests and cookie consent. Hence, strict government policies and innovations by key players are expected to fuel the consent management market growth in North America during the forecast period.

The consent management market size is segmented into component, deployment, and end-use industry. Based on component, the consent management market is segmented into solution and services. In terms of deployment, the consent management market is bifurcated into on-premise and cloud. Based on end-use industry, the consent management market is segmented into retail, government, IT & telecom, BFSI, healthcare, education, media & entertainment, and others.

Key Findings of Study:
In the global consent management market size, APAC is expected to register the highest CAGR in the market from 2022 to 2030. APAC is witnessing tremendous growth in the IT & telecommunication sector, which is raising consumer demands to manage their preferences and consent properly. To cater to this, governments of various APAC countries have implemented different data protection laws and regulations. Some of these regulations are the Act on the Protection of Personal Information (APPI) by the government of Japan, Personal Information Protection Law (PIPL) by the government of China, and Digital Personal Data Protection Bill by the government of India, among others. Thus, strict regulations by government bodies are expected to fuel the growth of the consent management market in APAC.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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