According to a recent study of Future Market Insights (FMI), the consent management market is expected to witness a promising growth in the near future, influenced in part by the upward trend of plain text presentation. Recommendations by the Personal Information Management Services (PIMS) for the consent management on the basis of six plain language categories that minimise confusion, have further been complementing the popularity of the trend, thereby impacting growth of the consent management market.
The introduction of new regulations, such as the GDPR, along with the rising consumer concerns regarding data privacy, is forcing organizations to invest in more formal internal structures for the purpose of effective consent management. There has been a significant growth in the requirement for efficient book keeping and personal digital data storage equipment among organizations, in a bid to enhance their consent management offerings.
The data privacy regulations in the consent management market have led organizations to appoint dedicated personal data privacy officers, consent management processes, and records. With efficient data storage equipment and consent management platforms in place, an organization gains the abilities to demonstrate a simplified complaint approach to consent management regulators, revoke or transfer data record upon request, and answer consumer requests for information.
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Consent Management Demand Rises among Website Developers to Meet Data Management Requirements
The global consent management market is likely to witness a total incremental opportunity of over US$ 1,000 Mn between the period 2018 and 2028. Consent management platforms enable websites to meet various data management requirements, which include those recommended by the EU and other regulatory bodies for consent collection.
Website developers are constantly taking efforts to integrate consent management platform, to realize the technical ability to update visitors about the nature of personal data required, and ask for their consent regarding each data-processing purpose. Cloud solutions and service providers continue to playing a vital role in the evolving technological developments, as more and more enterprises adopt cloud services with continuous upgrades in the cloud-based data storage solutions, or software-as-a-service (SaaS).
The consent management market is expected to witness potential growth opportunities as cloud service providers continue to offer cost-effective solutions to expand their customer base. Cloud solutions and service providers are also estimated to assist consent management platform vendors to expand their businesses across regional markets, thereby eliminating the requirement of modifying the physical product distribution channel.
Advancements in enterprise management systems have revolutionized several industry verticals in various developed as well as developing regions. To keep up with the growing demand for efficient enterprise management systems in South Asia, East Asia, and MEA regions, several consent management platform providers have started investing heavily in these latent growth potential markets.
The established as well as growing consent management platform providers are shifting their focus toward expanding their consent management businesses and increase their share in the global consent management market. The study states that Asia-Pacific continues to hold lucrative opportunities for leading as well as the emerging players in the consent management market, in line with the increasing technological vigour of developing economies in the region.
Varying strict data privacy regulations across regions have influenced the dynamics of the consent management market. In line with the continuous updates made in the data privacy regulatory standards, consent management providers are required to comply with the data governance policies and other standards. This has further helped the consent management market players to ensure the customer data sharing consent, regional data storage, and other consumer data privacy mandates.
Key Segment
Based on component
- software
- services
Based on services
- professional services
- manages services
Based on deployment types
- on-premise deployments
- cloud-based deployments
Based on end-use
- retail & e-commerce
- government
- technology
- financial services
- healthcare
- higher education
- other end-use industries.
Key players operating in the consent management market, as profiled in the study, include CYBOT, Rakuten Marketing, PactSafe, Silktide, Trunomi, Quantcast, HIPAAT, CIVIC, ConsentEye, and OneTrust.
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Consent Management Market – Key Research Findings:
- Global consent management market closed in on revenues worth US$ 700 Mn in 2017.
- The consent management market is expected to grow at a CAGR of over 9.0% through 2028.
- Requirements for consent collection mandated by key regulations such as the General Data Protection Regulation (GDPR), EU ePrivacy, US/EU Privacy Shield, General Data Protection Law, and Protection of Personal Information Act (PoPI), continue to influence growth of the consent management market.
- Absence of universal guidance models for efficient consent management has led companies follow “implied consent management” norms, where individuals have no clear idea about what or how much personal information has been exchanged.
- Europe and North America are estimated to remain the most lucrative markets for consent management.
- Consent management has helped businesses in the region to transform the way of conducting digital business, as it enables a consistent, secure, multi-channel customer experience.
- Europe is expected to be the fastest growing market for consent management through 2028
- As business transformation continues to gain pervasive palpability in the region, enterprises are looking to procure consent management platforms, to benefit their business growth in the consent management market.
- Consent management software solutions continue to hold the largest share of the market.
- The ever-rising demand for privacy regulatory compliance is estimated to drive the global consent management market.