The Consent Management Market size is projected to grow from USD 317 million in 2020 to USD 765 million by 2025, at a Compound Annual Growth Rate (CAGR) of 19.3% during the forecast period.
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The major factors driving the growth of the consent management market include growing awareness on data compliance regulations; rising cyberattacks, data breaches, and the need for data security; increased demand for customers to control their consent and preferences; and implementation of Privacy by Design (PbD) to enhance data privacy.
The software segment to lead the market during the forecast period
A robust consent management software manages the entire life cycle, including the collection, storage, and documentation of the consent of the users. The software leverages the eConsent management engine that identifies data subjects and harmonizes their consent preferences collected through any collection point, such as web, mobile, and over-the-top (OTT) channels. It enables an organization to record the consent interactions with their customers, employees, and users. It allows them to choose what they consent to, what purposes they accept, and to control access to their personal data. The software allows publishers, advertisers, and tech companies to consolidate and simplify the user experience across these domains and devices to provide the right personalized experience based on a user’s preference.
Professional services segment to lead the market during the forecast period
Professional services are required during and after the implementation of the consent management software. These services include consulting, implementation, and support and maintenance services. As the nature of these services is complex, service providers must possess high levels of technical skills and expertise. Several vendors in the consent management market offer professional services and provide consulting based on client-specific requirements. They offer educational support, such as training and classroom lectures (online and offline), to help clients understand their software and related processes. They also assess the risks associated with any project and help deploy a better consent management software or replace the existing one. Consent management experts and dedicated risk management teams specialize in the design and delivery of critical decision support software, tools, services, and expertise. The professional services segment is expected to hold a higher share in the consent management market.
Cloud deployment mode to hold a larger market size during the forecast period
Cloud-based software offered by consent management providers have the functionalities to manipulate data sets and re-organize them as required for different customers or when regulatory requirements change. The cloud deployment mode is the most preferred deployment mode for securing web and mobile applications and is used by most Small and Medium-sized Enterprises (SMEs) as it is easy to maintain and upgrade. The cloud deployment mode involves the storage of applications and software on remote servers and provide access through the internet. The cloud deployment mode is growing at a faster pace in the consent management market. SMEs, in particular, have implemented the cloud deployment mode, as it enables them to focus on their core competencies, rather than investing their limited capital in security infrastructure.
North America to grow at a higher CAGR during the forecast period
North America is one of the largest contributors in the consent management market, due to the existence of several data privacy laws in the region. Majority of the consent management market share in the region is contributed by the US and Canada. The US does not have a central federal level privacy law but instead has several vertically-focused federal privacy laws, and a new generation of consumer-oriented privacy laws coming from the country. These laws protect the data on the US websites by taking consents from its customers to gain access to their personal data through cookies. The region has launched many data privacy laws while supporting user’s consents about their personal data accessibility and usage. The California Consumer Privacy Act (CCPA) came into effect on January 1, 2020 and may affect how a website handles the personal information of the citizens of California.
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Major vendors operating in the consent management market include OneTrust (OneTrust, LLC.), Quantcast, Cookiebot (Cybot A/S), iubenda (iubenda s.r.l), Trunomi (Trunomi Ltd.), TrustArc (TrustArc Inc.), Crownpeak (Crownpeak Technology, Inc.), Piwik PRO (Piwik PRO Sp. z o.o.), BigID (BigID, Inc.), CIVIC, SAP SE (SAP), Sourcepoint, HIPAAT (HIPAAT International Inc.), Didomi (DIDOMI), Osano (Osano, Inc.), Otonomo (Otonomo Technologies Ltd.) , PossibleNOW (PossibleNOW, Inc.), Verizon Media, Usercentrics (Usercentrics GmbH), Secure Privacy, and Rakuten Advertising (Rakuten, Inc.).
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