The market for managing and tracking the acquisition, archival, and application of individual consent for data processing activities is known as the consent management market. These products assist businesses in adhering to data protection laws including the California Consumer Privacy Act (CCPA) and the General Data Protection Regulation (GDPR). OneTrust, TrustArc, and Privy are significant market participants.
The market for consent management is anticipated to be valued $988 million. A 9% CAGR growth rate is anticipated until 2028. North America will control a commanding 22.4% of the worldwide consent management market in 2028 as a result of Internet users in the region being more aware of the dangers of sharing personal information.
Consent management software solutions are anticipated to account for the biggest market share among product categories throughout the forecast period.
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Analysis of the consent management market structure
To facilitate simplicity of understanding and avoid any problems for consumers, the top companies in the global consent management market are concentrating on offering consent management solutions built on the principles of plain language presentation.
Independent consent management platform providers consistently work to develop consent management systems that adhere to current legal requirements and offer greater value propositions while keeping up with changing market trends. Vendors of consent management platforms are also working to enhance user engagement and user interface for the upcoming wave of solutions.
Top Market Influencers for Consent Management: Impact of Digital Business Transformation
Businesses all over the world are putting more and more emphasis on digital business initiatives designed to change how customers interact with brands. Consent management makes it possible for customers to interact with businesses across multiple channels in a uniform, secure manner, which has transformed how businesses do digital commerce.
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Firms are searching for consent management platforms to purchase as the trend of business transformation spreads around the globe and will greatly help their businesses expand in the consent management market.
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
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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