The consent management market is expected to grow from US$ 458.89 million in 2022 to US$ 2,021.05 million by 2030. The consent management market is estimated to register a CAGR of 20.4% from 2022 to 2030.
Consent Management Market Analyst Perspective:
The rise in incidents of data breaches across various companies is propelling the growth of the consent management market. For instance, in November 2021, California Pizza Kitchen (CPK), a restaurant chain, revealed a data breach that exposed the personal details of ~100,000 current and former employees. To reduce such data breaches and protect the information of the citizens, governments of various countries are enhancing their data protection regulations, which is further raising the need for consent management tools. Further, the growing need for the integration of blockchain technology in consent management solutions to augment user control and privacy is expected to propel the consent management market growth during the forecast period.
Consent Management Market Overview:
Globally, governments of various countries are imposing strict data privacy legislation. Various organizations across the globe are adopting cross-border and cross-regulatory compliance strategies to operate efficiently. One of the major factors that have drastically impacted the way companies interact with customers and use their data is the growing data protection regulations by the governments of different countries. One such regulation is General Data Protection Regulation (GDPR), a data privacy regulation enforced by European Union (EU) on May 2018. As per the GDPR, an organization must take consent from the citizen whose personal data it wants to process. Apart from GDPR, various other privacy laws prevail across the globe, such as Brazil’s Lei Geral de Proteçao de Dados (LGPD) and California Consumer Privacy Act (CCPA). Consent management platforms and solutions help the website meet the GDPR and compliance by gaining user consent for collecting their data for further use during website visits via cookies. They also help the websites automate and simplify the consent management process.
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Consent Management Market: Strategic Insights
Market Size Value in US$ 458.89 million in 2022 Market Size Value by US$ 2,021.05 million by 2030 Growth rate CAGR of 20.4% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Consent Management Market: Strategic Insights
| Market Size Value in | US$ 458.89 million in 2022 |
| Market Size Value by | US$ 2,021.05 million by 2030 |
| Growth rate | CAGR of 20.4% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Market Driver:
Increasing Government Regulations and Norms for Data Protection to Fuel Growth of Consent Management Market During Forecast Period
The European Union's (EU) General Data Protection Regulation (GDPR) is one of the strongest privacy and security laws in the world. The regulation was introduced to improve the protection of European data rights and also standardize the process of safeguarding these rights. Similarly, in June 2021, the government of the US established the Data Protection Agency, an independent agency to regulate specified high-risk data practices and the collection, processing, and sharing of personal data. This agency will oversee the use of high-risk data practices, which include using automated decision systems, such as machine learning, profiling individuals on a large scale, and processing and identifying personal biometric information, such as genetic data. Also, in 2022, the Ministry of Electronics and Information Technology (MeitY) of India released a draft of the Digital Personal Data Protection Bill, which introduced a new framework for personal data protection. Through this bill, the government of India aimed to outline the rights and duties of the citizen and the obligations to use collected data legally. Thus, the rise in changes and upgrades in regulations for data protection is shifting the vendors’ focus on developing the preference management tools that would allow the companies to assess their compliance. In addition, in the coming years, jurisdictions across the globe are expected to create new requirements for data protection, and companies would raise their demand to leverage a comprehensive and mature compliance solution that would integrate with existing security as well as IT and marketing investments. This is further fueling the consent management market growth.
Report Segmentation and Scope:
The consent management market is segmented on the basis of component, deployment, end-use industry, and geography. Based on component, the consent management market is bifurcated into solution and services. In terms of deployment, the consent management market is bifurcated into on-premise and cloud. Based on end-use industry, the consent management market is segmented into retail, government, IT & telecom, BFSI, healthcare, education, media & entertainment, and others. The consent management market, based on geography, is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
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Segmental Analysis:
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Based on component, the consent management market is bifurcated into:
- Solution
- Services
The solution segment held a larger consent management market share in 2022 and is anticipated to register a higher CAGR in the market during the forecast period. Consent Management Platform (CMP) solutions provide website users with precise information about the way their online behavior can be tracked, why it is tracked, and which businesses and organizations request to use it. Then, CMP technologies provide end users with a clear choice as to whether they want their online behavior to be collected and exploited by all or some parties identified. Users' preferences are then maintained in a central database for compliance purposes, and website visitors can modify their privacy settings at any time.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Regional Analysis:
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
The consent management market is broadly segmented into five major regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America. Europe held the largest consent management market share in 2022, followed by North America and APAC. Further, APAC is expected to register the highest CAGR in the market during the forecast period. The consent management software market in Europe has witnessed tremendous growth owing to growing awareness of data compliance and majorly the advent of the GDPR legislation by the European Union (EU). As a result, the market players in the region are developing advanced preference and consent management solutions to efficiently protect the personal data of the citizens. For instance, in May 2021, DataGuard, a data privacy and information security company, launched a new Consent and Preference Management platform—DataGuard Consent Management. The platform helps capture and manage the consent and preferences of customers, users, and employees.
Key Player Analysis:
The key consent management market players profiled in the report are Crownpeak Technology Inc, consentmanager AB, International Business Machines Corp, Didomi SAS, HIPAAT International Inc, TrustArc Inc, OneTrust LLC, Piwik PRO LLC, PossibleNOW Inc, Rakuten Marketing LLC, Syrenis Ltd, and Didomi SAS. Among the various players OneTrust LLC and TrustArc Inc are the top consent management market players as they offer diversified product portfolios.
Recent Developments:
Inorganic and organic strategies are highly adopted by the consent management market players. A few recent key market developments are listed below:
- In 2023, Recruitics announced that they had acquired Jamyr, an innovative video recruitment platform. Through this acquisition, Recruitics has added a scalable video recruitment product to its platform, which will further help improve the candidate experience and applicant engagement.
- In June 2023, OneTrust, the market-defining leader in trust intelligence, announced that its consent management platform (CMP) is Google certified. It is enabling partners using Google publisher products to meet their compliance requirements with IAB Europe’s Transparency and Consent Framework (TCF).
- In February 2022, PossibleNOW, a leading provider of consent/preference management and consumer regulatory compliance solutions, announced a strategic partnership with best-in-class privacy compliance technology provider, TrustArc. This partnership has expanded privacy & preference capabilities within their respective platforms.
- In May 2020, OneTrust declared an expanded PrivacyConnect with new Industry Expert Panels, i.e., free online events focused on privacy best practices in specific industries. These panels will feature experts to discuss the unique privacy challenges faced by finance, retail, manufacturing, technology, hospitality, and other industries.
- In May 2020, MiTek Industries, part of the Berkshire Hathaway group, selected OneTrust to operationalize its global privacy program. MiTek uses OneTrust for its global privacy efforts, including assessment automation (PIA/DPIAs), data mapping, data subject rights requests, cookie compliance, and vendor risk management.
- In April 2020, TrustArc, the leader in privacy compliance and risk management, declared a significant expansion to the TrustArc Privacy Management Platform that resolves and automates the process of controlling privacy and data risk across the entire organization. Delivered through TrustArc’s Risk Profile, the new capabilities offer a comprehensive view of risk across company processes and third-party systems and generate automated, actionable business insights.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Deployment, and End-use Industry
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The global consent management market is expected to reach US$ 2,021.05 Million in the year 2030.
Global consent management market accounted for US$ 458.89 Million in the year 2022 and is expected to grow at a CAGR of 20.4% during the forecast period, to account for US$ 2,021.05 Million in the year 2030.
Growing data breaches incidents across various industries and increasing government regulations and norms for data protection is driving the global consent management market.
The key players holding majority shares in the global consent management market include OneTrust, LLC, TrustArc Inc, Crownpeak Technology, Inc., Piwik PRO, and HIPAAT International Inc.
Integration of blockchain technology is one of the key market trends in global consent management market.
Asia Pacific is anticipated to grow with the highest CAGR over the forecast period.
The List of Companies - Consent Management Market
- Crownpeak Technology Inc
- Consentmanager AB
- International Business Machines Corp
- Didomi SAS, HIPAAT International Inc
- TrustArc Inc
- OneTrust LLC
- Piwik PRO LLC
- PossibleNOW Inc
- Rakuten Marketing LLC
- Didomi SAS
- Syrenis Ltd
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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