Consent Management Market Statistics: 2030
The global consent management market size was valued at $318.3 million in 2020, and is projected to reach $2,271.1 million by 2030, registering a CAGR of 21.9% from 2021 to 2030. Consent management platform (CMP) is an Application Type that helps user collect and handle personal information in a GDPR compliant way. It helps gain insight into the personal data lifecycle from the moment of opt-in to the data removal, enabling to track, monitor, and respond to the data subject’s request and consent preferences.
In 2020, the global consent management market share was dominated by the software segment, and is expected to maintain its dominance in the coming years. Digital disruption is predicted to contribute to the significant growth of the consent management market. Digital disruption is perfect choice for several small businesses as it helps them reach new customers, reduce costs of selling, and is increasingly related to proven ROI. This is often expected to extend interactions of companies with consumers and secure a multi-channel experience for little and enormous businesses.
Within the consent management market analysis, the services segment is estimated to emerge as the fastest growing segment. Several vendors within the consent management market offer professional services and supply consulting supported client-specific requirements. They provide educational support, such as training and classroom lectures (online and offline), to assist clients understand their software and related processes. They also assess the risks related to any project and help deploy far better consent management software or replace the prevailing one
The global consent management industry is segmented on the basis of component, application type, and deployment mode. Based on component, the market is bifurcated into software and services. Based on application type, the market is divided into mobile type and web type. By deployment mode, it is classified into on-premise and cloud. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Service segment is projected as one of the most lucrative segments.
COVID-19 Impact Analysis
The COVID-19 pandemic had an overall positive impact on the consent management platform market, owing to a significant shift toward increased internet activity following the implementation of social distancing norms and work-from-home policies. This helped in boosting the number of investments in the market for consent management platforms by many organizations. Furthermore, increasing number of cyber-attacks during the pandemic prompted policymakers and government agencies to enforce data privacy regulations and policies more strictly, thereby driving the growth of the consent management platform market even further during the pandemic.
APAC is projected as one of the most significant region.
Top impacting factors
Factors, such as growing significance of building trust among users and ease of compliance policy, propel the consent management market growth. However, rapid increase within the user bounce rate and lack of proper guidance for consent management platform are primarily restraining the market. Moreover, growing awareness about privacy among users and increasing online platforms and digital advertising trends are primarily creating a lucrative opportunity for the consent management market growth.
Eases policy compliance
With consent management platforms, enterprises can easily adhere to General Data Protection Regulation (GDPR) and California Consumer Privacy Act (CCPA) policy guidelines.
Organizational policy compliance is essential as it not only prevents data breaches or be imposed with heavy dues to non-compliance but also because customers have a strong inclination toward organizations that strictly follow compliance policies. According to a survey done by privacy compliance technology company TrustArc, more than 57% of customers prefer brands with GDPR compliance policy badges (or a seal) over brands that do not. This ease in policy compliance motivates many organizations to invest in consent management platforms.
Growing awareness about data privacy among users
Data privacy has become a major concern for individuals of the digital era. Personal information protection has been recognized as a fundamental right in several nations. Moreover, many countries and their governments have been enforcing policies that can help ensure their citizen’s personal data is being handled properly. Policies, such as the European Union’s (EU) General Data Protection Regulation (GDPR), United States’ California Consumer Privacy Act (CCPA), and India’ Personal Data Protection Bill (PDP), with a keen focus on the protection of personal user data are being enforced globally. This trend is expected to make the global digital advertising market more transparent and help the market to expand in the consent management market forecast period.
Key Benefits For Stakeholders
- The study provides an in-depth analysis of the consent management industry along with current trends and future estimations to elucidate imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on the consent management market size is provided in the report.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the consent management market platform.
- The quantitative analysis of consent management market for the period 2020-2030 is provided to determine the consent management market trends.
Key Market Segments
By Deployment Mode
By Application Type
- Mobile App
- Web App
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East
Key Market Players
- PIWIK PRO
Consent Management Market Report Highlights
By APPLICATION TYPE
Key Market Players
CROWNPEAK, ONETRUST, CIVIC, TRUNOMI, COOKIEBOT, QUANTCAST, IUBENDA, BIGID, TRUSTARC, PIWIK PRO
The consent management market is experiencing rapid growth, owing to growing awareness about data privacy amongst users. Data privacy has become a major concern for individuals of the digital era. Personal information protection has been recognized as a fundamental right in several nations. Moreover, many countries and their governments have been enforcing policies that can help ensure their citizen’s personal data is being handled properly. Policies, such as the European Union’s (EU) General Data Protection Regulation (GDPR), United States’ California Consumer Privacy Act (CCPA), and India’ Personal Data Protection Bill (PDP), with a keen focus on the protection of personal user data are being enforced globally. This trend is expected to make the global digital advertising market more transparent and help the consent management market to expand in the coming years.
Major factors expected to drive the growth of the consent management market are growing awareness of data compliance regulations, rising cyberattacks, data breaches, need for data security, increased demand for customers to control their consent and preferences, and implementation of Privacy by Design (PbD) to enhance data privacy.
The consent management market is competitive and comprises a number of regional and global vendors competing based on factors such as cost of solutions & services, reliability, efficiency of products, and support services. The market is concentrated with major players consuming 40-45% of the share. In February 2020, Quantcast and Kochava partnered to deliver combined web and mobile app solution for CCPA. The objective of the partnership is to allow brands and publishers to empower consumers to make privacy decisions whether they engage with them via web or via mobile apps. Quantcast has added CCPA support to its Quantcast Choice platform for the web.