South & Central America Consent Management Market Forecast to 2030 - Regional Analysis - by Component, Deployment, and End-use Industry

The South & Central America consent management market was valued at US$ 29.80 million in 2022 and is expected to reach US$ 104.55 million by 2030; it is estimated to grow at a CAGR of 17.0% from 2022 to 2030.

Rising Need for AI in Consent Management Boosts South & Central America Consent Management Market.

With the rise of artificial intelligence (AI) and its increasing use in various industries, the need to integrate Al, particularly to ensure GDPR compliance, is increasing. Using AI in consent management can help automate various processes, such as data collection, storage, and analysis. It also has the potential to streamline the compliance process and make it more efficient, which can further help reduce the risk of human error. For example, the technology can be used to identify and flag sensitive data, helping organizations keep track of their data assets and avoid breaches. Moreover, AI can be used to ensure that data is processed as per the GDPR. For instance, AI can be programmed to help ensure that only the minimum necessary data is processed, and further, the data will be erased when no longer needed. This will help organizations avoid penalties and fines resulting from GDPR non-compliance.

South & Central America Consent Management Market Overview

The consent management market in South & Central America is segmented into Brazil, Argentina, and the Rest of South & Central America. The region has witnessed a shift toward connected devices in the past few years due to the growing penetration of mobile networks and smartphones in countries such as Brazil, Chile, and Argentina. This is increasing the use of online platforms among the citizens. As a result, individuals are sharing personal information, thereby raising the concern about privacy protection. To cater to this, the government of Brazil has implemented the General Personal Data Protection Law (LGPD). The law is applied to any individual or legal entity, including the government, which is working on processing the personal data of the population of Brazil. The law is implemented to protect the fundamental rights of freedom and privacy and the free development of the personality of the people. Thus, the implementation of such data protection and privacy regulations is expected to propel the growth of the consent management market in South & Central America during the forecast period.

Furthermore, with the growing adoption of data protection and privacy regulations, various global market players are expanding their business in South & Central America to help different companies to implement the regulations. For instance, in September 2020, OneTrust announced the expansion of its operations, support, and services in Brazil to support Brazilian customers and companies to comply with the LGPD. Hence, all the above factors are expected to fuel the growth of the consent management market in the region during the forecast period.

South & Central America Consent Management Market Segmentation

The South & Central America consent management market is segmented based on component, deployment, end-use industry, and country.

In terms of component, the South & Central America consent management market is bifurcated into solution and services. The solution segment is further divided into preference management and cookie management. The solution segment held a larger share in 2022.

Based on deployment, the South & Central America consent management market is bifurcated into on-premises and cloud-based. The cloud segment held a larger share in 2022.

By end-use industry, the South & Central America consent management market is segmented into retail, government, IT and telecom, BFSI, healthcare, education, media & entertainment, and others. The BFSI segment held the largest share in 2022.

Based on country, the South & Central America consent management market is segmented into Brazil, Argentina, and the Rest of South & Central America. Brazil dominated the South & Central America consent management market in 2022.

Consentmanager AB, IBM, OneTrust LLC, and Rauten Marketing LLC are some of the leading companies operating in the South & Central America consent management market.