The Global Consent Management Market size is expected to reach $1.2 billion by 2027, rising at a market growth of 21.9% CAGR during the forecast period. Consent management refers to the process, system, or set of compliances that enable customers and patients to decide the kind of health data they is expected to like to permit their care providers to access. In addition, it allows consumers and patients to declare their participation in e-health initiatives and to set up consent directives to decide who can access their protected health information (PHI), for what objective, and under what situations. In addition, consent management helps in the dynamic management, creation, and enforcement of consumers, along with organizational & jurisdictional privacy policies.
In the present scenario, the world is witnessing stringent data privacy legislation across numerous countries. Several global companies or organizations are adopting cross-regulatory and cross-border compliance strategies to effectively work with the system. The increasing cases of individual data breaches across numerous sectors and growing privacy technology across the world are estimated to augment the demand for consent management solutions in the market. In addition, the companies operating in the consent management market are substantially adopting the consent management solution, and meeting the increasing demand and requirement for such solutions.
Factors like growing concerns related to the privacy of the customer and the increasing adoption of most of the regulations and policies regarding customers’ privacy are estimated to bolster the growth of the consent management market over the forecast period. Additionally, the increasing awareness of data compliance regulations, the growing demand of consumers to properly manage their preferences & consent, and the rising cases of data breaches and cyber-attacks is expected to accelerate the growth of the market. Along with that, the high adoption rate of consent management platforms among publishers, the constant improvements in digital consent management platforms, and the growing adoption of GDPR & CCPA data privacy policies by numerous organizations around the world are projected to fuel the growth of the market over the forecast period.
COVID-19 Impact Analysis
The outbreak of the COVID-19 pandemic has impacted every sector of the business domain. The imposition of various restrictions like the travel ban, lockdown, and temporary ban on manufacturing units has negatively impacted various industrial sectors. The disruption caused by the pandemic has negatively impacted various manufacturing, technology, and service-based industries, in which the consent management market has also witnessed a decline in sales across the globe during the initial phase of the pandemic.
Market Growth Factors:
Growing digitalization across the world
Digitalization is one of the fastest-growing concepts adopted across the globe. People and companies are highly preferring digital mediums to establish a communication bridge between them. Various online tools and platforms are enabling companies to reach out to their potential customers while retaining their existing customers. In addition, people have been shifting to the online mode of communication and online shopping during the pandemic, as a result increasing the popularity of these modes of communications. All these transactions and communications require the customer to add their sensitive data on these sites or apps, and thus, augment the demand for consent management solutions in the market.
Rising awareness among the enterprises about data regulatory compliances
With the rising awareness among enterprises regarding the importance of fulfilling all the regulatory compliances related to data collection and usage, the demand for consent management software has increased in the last few years. In addition, the introduction of various regulatory policies and compliances is also compelling enterprises to build a strong security system and thus, fueling the demand for consent management software and services.
Market Restraining Factor:
Dynamic nature of the regulatory compliances
There are several amendments carried out by the regulatory authorities from time to time, which makes it difficult for the companies to adhere to a specific law for a considerable time. The ongoing changes in different policies along with the introduction of various new regulations and compliances are restricting companies from adopting consent management solutions and thus, hampering the growth of the consent management market over the forecast period.
Component Outlook
Based on Component, the market is segmented into Software and Services. The professional services are needed at the time of implementation and even after the deployment of the consent management software. In addition, professional services consist of implementation, consulting, and support & maintenance services. As these services are a bit complicated, service providers need to have high levels of technical knowledge, skills, and expertise. There are numerous consent management vendors that provide professional services & consulting on the basis of customer-specific needs.
Deployment Mode Outlook
Based on Deployment Mode, the market is segmented into On-premise and Cloud. The cloud deployment mode is estimated to procure the highest growth over the forecast period. Cloud-based software offers numerous features to handle data sets and re-organize them as needed for various customers or when regulatory compliances change. In addition, this mode is among the most preferred deployment mode for safeguarding web & mobile applications and is utilized by most Small and Medium-sized Enterprises (SMEs) since it is simple to manage and upgrade.
Touch Point Outlook
Based on Touch Point, the market is segmented into Mobile App and Web App. Numerous data points can be gathered by the publishers to assist advertisers provide more customized advertisements to the clients. Though, several customers are highly apprehensive about their privacy when they browse the internet and do not want to submit all the necessary information to the publishers to achieve a more customized experience.
Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America is expected to showcase a promising growth rate in the consent management market over the forecast period. The presence of various data privacy laws is estimated to fuel the growth of the regional market. In the US, there is no central federal level privacy law but the nation has various vertically-focused federal privacy laws, and the next generation of consumer-oriented privacy laws prevailing in the country.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include OneTrust, LLC, Quantcast, Piwik Pro SA, TrustArc Inc, Cookiebot CMP (Cybot), Iubenda s.r.l, Trunomi, Crownpeak, BigID, Inc., and CivicUK.
Recent Strategies Deployed in Consent Management Market
Partnerships, Collaborations and Agreements:
- Sep-2021: Crownpeak formed a partnership with Webscale, the cloud platform for modern commerce. This partnership aimed to make Webscale the preferred cloud delivery engine for Crownpeak’s roster of global brands.
- May-2021: TrustArc came into a partnership with PKWARE, a global leader in automated data security. This partnership aimed to provide PKWARE’s data discovery tool, DG Discovery, as part of the TrustArc platform. In addition, TrustArc is expected to combine its data mapping, data subject access requests (DSARs), and data flow offerings with PKWARE’s data discovery portfolio that specializes in information governance, data management, and regulatory compliance.
- Jan-2021: OneTrust came into a partnership with Global Privacy Control (GPC). This partnership aimed to assist customers to control their privacy with a browser setting to communicate privacy preferences.
- Nov-2020: Cookiebot CMP entered into a partnership with Google, an American multinational technology company. Under this partnership, CMP is expected to complement and support Google Consent Mode.
- Jul-2020: TrustArc entered into a partnership with MyLife Digital, European specialists, and leaders in innovation on consent and preference management. This partnership aimed to allow companies to embark on a unified consent journey, getting mutual value, bringing people closer to their data along ensuring compliance.
- Feb-2020: Quantcast formed a partnership with Kochava, the industry leader providing real-time data solutions for mobile and connected devices. This partnership aimed to provide compliance support for the California Consumer Privacy Act (CCPA) across the web and mobile apps.
Acquisitions and Mergers:
- Sep-2021: Cybot, the parent company of Cookiebot CMP merged with Usercentrics, the leading Consent Management Platform (CMP). This merger aimed to address the increasing global demand from end-users for better data privacy and transparency.
- May-2021: OneTrust signed an agreement to acquire Shared Assessments, a member-driven consortium of corporations, IT service providers, and assessment firms. This acquisition aimed to develop the best practices, education, and tools to boost third-party risk assurance. In addition, the acquisition is expected to allow Shared Assessments to scale the availability and adoption of the SIG to be the de facto third-party risk standard across the globe.
- Apr-2021: OneTrust took over Convercent, a Denver, Colorado-based software company. This acquisition is expected to build on OneTrust’s persistent investments in developing the technology fabric of trust within a company, which is expected to bring together security, privacy, data governance, ethics and compliance, third-party risk, GRC, and ESG into a single operational workflow.
- Mar-2021: Crownpeak entered into an agreement to acquire e-Spirit, maker of the FirstSpirit Digital Experience Platform. This acquisition aimed to bring together Crownpeak’s SaaS-based web content management system (CMS) and other best-of-breed offerings that is expected to wrap digital quality, governance, and privacy into experience delivery along with e-Spirit’s differentiators that include content-driven commerce experiences and AI-powered personalization.
Product Launches and Product Expansions:
- Sep-2021: OneTrust introduced an improved first-party data solution. By adding the first-party data to consent and preference management, companies can utilize one powerful platform to capture, govern, centralize, and sync data along with keeping trust & transparency at the forefront of all consumer interactions.
- Apr-2021: BigID launched BigID.me, the first freemium, pay-as-you-go, privacy-on-demand SaaS for enterprises without dedicated privacy offices. In addition, BigID.me allows companies to automate and intuitively manage the customer privacy experience, preferences and consent management, and privacy requests.
- Mar-2021: TrustArc launched PrivacyCentral, the first data intelligence center. PrivacyCentral streamlines the creation and management of ongoing privacy programs and removes the reliance on repetitive compliance processes as a new regulation is implemented.
- 2021-Feb: Piwik PRO unveiled the Piwik PRO Core plan. This solution is expected to make ambitious analytics projects along with building trust with a privacy-friendly approach.
- Nov-2020: Quantcast introduced Permisio, an easy-to-use centralized privacy preferences portal. This portal streamlines privacy preference management for publishers and enhances the online browsing experience for users and is available for free to all publishers utilizing Quantcast Choice with UK traffic.
- Jul-2020: BigID released the first App Marketplace for any privacy or data discovery platform on the market. The BigID App Marketplace develops on BigID’s App Framework and Discovery-in-Depth data intelligence foundation to help users to expand and action data insights.
- Apr-2020: Quantcast unveiled critical and time-sensitive transition to the new Interactive Advertising Bureau (IAB) Europe Transparency and Consent Framework (TCF v2.0). To make this procedure more effortless and cost-effective, publishers & marketers can get access to expanded Choice features an update to the TCF v2.0 in minutes.
- Jan-2020: Iubenda launched the first of its CCPA Solutions within the iubenda dashboard. The CCPA places numerous new requirements on companies that include serving California-based consumers with a notice of collection at the first site visit; enabling their right to opt-out through a “Do not sell” link; and, informing concerned third-parties to stop processing the consumer’s data when an opt-out request is received.
Scope of the Study
Market Segments Covered in the Report:
By Component
- Software
- Services
By Deployment Mode
- On-premise
- Cloud
By Touch Point
- Mobile App
- Web App
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- OneTrust, LLC.
- Quantcast
- Piwik Pro SA
- TrustArc Inc
- Cookiebot CMP (Cybot)
- Iubenda s.r.l
- Trunomi
- Crownpeak
- BigID, Inc.
- CivicUK
Unique Offerings from the Publisher
- Exhaustive coverage
- The highest number of market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Companies Mentioned
- OneTrust, LLC.
- Quantcast
- Piwik Pro SA
- TrustArc Inc
- Cookiebot CMP (Cybot)
- Iubenda s.r.l
- Trunomi
- Crownpeak
- BigID, Inc.
- CivicUK
Methodology
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