Consent Management Market is expected to reach US$ 1,217.20 Mn by 2027

Published Date: 28 Jun 2020

Report : Consent Management Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Component (Solution and Services); Deployment (On-Premise and Cloud); End-Use Industry (Retail, Government, IT & Telecom, BFSI, Healthcare, Education, Media & Entertainment, and Others)

Increasing demand services to lead consent management market grow that 19.2% CAGR during 2020-2027

According to our latest market study on "Consent Management Market Forecast to 2027 - COVID-19 Impact and Global Analysis and Forecast by Component (Solution and Services); Deployment (On-Premise and Cloud); End-Use Industry (Retail, Government, IT & Telecom, BFSI, Healthcare, Education, Media & Entertainment, and Others); and Geography, the market was valued at US$ 340.53 Million in 2019 and is projected to reach US$ 1,217.20 million by 2027; it is expected to grow at a CAGR of 17.7% from 2020 to 2027.

The report highlights the key factors driving the market growth, and prominent players and their developments in the market.

The global consent Management market experiences a remarkable growth due to the growth in technology market as it plays a crucial role in the contemporary consent management. The rise in number of vendors for privacy technology has propelled the privacy technology market in the recent years. The marketplace of privacy technology has become a dynamic ecosystem. More than 100 companies provide consent management solution owing to the new compliance requirements by the GDPR. There is an uptick in the usage of privacy technology, along with the increase in overall budgets for the privacy maintenance every year.

Growing incidents of individual's information breaches across various industries and growth in privacy technology market are the major factors propelling the growth of consent management market. These factors are expected to up surge the demand of consent management solutions, and the companies in the ecosystem of consent management solution are seen to significantly adopt the consent management solution, and cater to its burgeoning demand and requirement.

The wide array of professional services includes training and informational sessions which educate the users about up gradation of software and conducting surveys to have proper feedback about the products, which in turn is creating significant opportunities for consent management providers. In terms of component Global services is expected to cross US$137.23 million by 2022., Crownpeak Technology, Inc., HIPAAT International Inc.., IBM Corporation, TrustarcInc, ONETRUST, and LLCare the leading players operating in the consent management market. Several other players are also functioning and are contributing significant revenues in the consent management market.

COVID-19 Impact on Consent Management Market
According to World Health Organization (WHO) report, the US, Spain, Italy, France, Germany, the UK, Turkey, Iran, China, and Russia are some of the worst affected countries due to COVID-19 outbreak. The COVID-19 crisis is affecting the industries worldwide and the global economy is anticipated to take a worst hit in the year 2020 and likely in 2021 as well. The COVID-19 outbreak is anticipated to affect the growth rate of global consent management market in the year 2020 and early 2021 owing to supply chain and demand disruptions, which in turn is resulting in decline of y-o-y growth during these years. However, the growth is expected to normalize from 2021 onwards and the market is projected to grow at a steady pace.

Varied manufacturing, technology, and service based industries have been impacted due to the outbreak of COVID-19. This outbreak has caused disruptions in several industries across the globe. The consent management market is no different from other markets and hence witnessed interruptions in its sales and penetration globally. Therefore, it will witness a slight decline in its adoption in 2020 and will pick an increase from 2021. The impact of COVID-19 has caused disturbance in the business activities of SMEs and therefore as a result caused financial instabilities. These financial fluctuations and budget disturbance imposed restrictions on various end-user industries of consent management solutions to purchase advanced version of the same. However, the consent management providers present in the market are making efforts to remain competitive and therefore, are offering consent management solutions on free-trial basis. This will support the end-user industries especially SMEs.

Consent Management Regional Growth- 2020-2027

The report segments the global Consent Management market as follows:

By Component
  • Solution
  • Services
By Deployment
  • On-Premise
  • Cloud
By End-User Industry
  • Retail
  • Government
  • IT and Telecom
  • BFSI
  • Healthcare
  • Education
  • Media and Entertainment
  • Others
By Geography
  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific (APAC)
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • Rest of APAC
  • Middle East and Africa (MEA)
    • South Africa
    • Saudi Arabia
    • UAE
    • Rest of MEA
  • South America (SAM)
    • Brazil
    • Argentina
    • Rest of SAM

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