Consent Management Market Reaches USD 1447.90 Million
Newark, NJ, May 10, 2022 (GLOBE NEWSWIRE) — According to the report published by Fior Markets, the global consent management market is expected to grow from USD 341.26 million in 2020 and reach USD 1447.90 million by 2028 growing at a CAGR of 19.8% during the forecast period 2021-2028.
The consent management market has experienced significant growth in recent years. This growth is attributed to increased cyberattacks, awareness of data compliance regulations, privacy execution by design (PBD) to improve data privacy, and consumer demand to manage their preferences and consent. Additionally, the advent of the Internet and the increasing use of Internet services and applications have increased cyberattacks where individual information is hashed. Therefore, the requirement for consent management is growing so that consumers can maintain control of their data. Additionally, the Covid-19 outbreak has increased the demand for consent management due to an unexpected increase in internet activity due to cultural distancing norms and the global adoption of work from home. original culture.
Consent management refers to a method that allows a website to comply with GDPR regulations by gaining user approval to accumulate their data through cookies throughout their visit. Consent management assists in the creation, dynamic management, and enforcement of customers, as well as organizational and jurisdictional privacy policies. An individual consent management system incorporates the withholding of all tracking until sufficient consent has been given.
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The global consent management market is expected to witness significant growth owing to the expansion of data breach events and growing awareness of data compliance, emphasizing consent management requirements. Additionally, growing consumer demands to properly manage their preferences and consent and growing understanding of data agreement regulation are also expected to drive the market growth over the forecast period. The dynamic and ever-changing regulatory availability and landscape of alternative open consent management platforms and players is expected to restrain market growth throughout the forecast period. The increased awareness of data privacy among users is expected to create opportunities for market growth.
Key players operating in the global consent management market include Quantcast, Trunomi, Cookiebot, OneTrust, TrustArc, Crownpeak, BigID, Didomi, PossibleNOW, Secure Privacy, SAP SE, Verizon Media, Rakuten Advertising, Kochava, Appen Ltd, among others. To gain significant market share in the consent management market, major players are now focusing on adopting product innovations, mergers and acquisitions, recent developments, joint ventures, collaborations, and partnerships. Kochava & Quantcast and Appen Ltd Company is a key manufacturer operating in the consent management market.
- For example, in February 2020, Kochava and Quantcast partnered to provide mixed mobile and web application solutions for CCPA. The goal of the partnership is to enable publishers and brands to empower customers to make privacy decisions whether they employ them through mobile or web apps. Quantcast has added CCPA support to its Quantcast Choice platform for the web.
- For example, in August 2021, Appen Ltd. said the acquisition of Quadrant to augment its mobile location-based data collection offering.
The web application segment dominated the market and held the largest market share of 52.34% in 2020
Based on touchpoint, the global consent management market is segmented into web application and mobile application. The web application segment dominated the market and held the largest market share of 52.34% in 2020. This growth is attributed to the increasing adoption of a consent management platform to protect user data on web apps.
The cloud segment dominated the market and held the largest market share of 55.23% in 2020
Based on the deployment model, the global consent management market is segmented into cloud and on-premises. The cloud segment dominated the market and held the largest market share of 55.23% in 2020. This growth is attributed to the accumulation of various data, manipulation of datasets, reorganization for other consumers or a change in a regulatory process.
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The software segment dominated the market and held the largest market share of 59.12% in 2020
On the basis of components, the global consent management market is segmented into services and software. The software segment dominated the market and held the largest market share of 59.12% in 2020. This growth is attributed to the increase as it helps to control the complete user life cycle. This involves storing, documenting and collecting users under its approval.
The SME segment dominated the market and held the largest market share of 57.20% in 2020
Based on organization size, the global consent management market is segmented into large enterprise and SME. The SMB segment dominated the market and held the largest market share of 57.20% in 2020. This growth is attributed to the expansion of cloud deployment mode which helps in improving their protection infrastructure and focusing on their hub skills.
Regional Segment of the Consent Management Market
- North America (United States, Canada, Mexico)
- Europe (Germany, France, UK, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, rest of APAC)
- South America (Brazil and rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
Based on geography, the global consent management market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The North America region holds the largest market share in 2020. This growth is attributed to different data policy laws in the region, and improved consumer-oriented privacy laws are fueling the market. The market in Europe is expected to witness significant growth, driven by the enactment of the General Data Protection Regulation (GDPR) and the need for data controllers to obtain consent before accumulating and using information personal.
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About the report:
The global consent management market is analyzed on the basis of value (USD million). All segments have been analyzed on a global, regional and country basis. The study includes analysis of more than 30 countries for each segment. The report offers an in-depth analysis of the driving factors, opportunities, restraints and challenges to obtain the key insights of the market. The study includes Porter’s Five Forces Model, Attractiveness Analysis, Commodity Analysis, and Competitor Position Grid Analysis.
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