The global consent management market was valued at US$ 85.60 Mn in 2018 and is expected to reach US$ 717.57 Mn by 2027 with a CAGR growth rate of 26.9% in the forecast period.
The Asia Pacific is the fastest growing region in the consent management market. The region consists of many developing countries which are witnessing high growth in their information technology and telecommunication sector. The continuous boost in demand for data security and compliance across the region mainly across China, India, Singapore, and Hong Kong as the concern towards the protection of personal data of the employee as well as the customer in the organization is increasing. The continuous growth in the digitalization, as well as government initiatives for the protection of personal and confidential information across the region, is leading towards the adoption of consent management across various organizations.
The world, at present, is experiencing a stricter data privacy legislation across the global economies. Globally operating organizations have no options left but to adopt cross-border and cross-regulatory compliance strategies in order to operate efficiently. One of the major factor (s) that has drastically impacted the way companies interact with customers and uses customer’s data is the General Data Protection Regulation (GDPR), a data privacy regulation enforced by European Union (EU) on May 2018. As per the GDPR, the organization across the globe must have to take consent of EU citizen whose personal data it wants to process. Apart from GDPR, there are various privacy laws that are prevailing across the globe like Brazil’s Lei Geral de Proteçao de Dados (LGPD) and California Consumer Privacy Act (CCPA) among others. Consent management platform and solutions help the website to meet the GDPR and compliance, by gaining user consent for collecting their data (and for further using it) during website visit via cookies. It also helps the websites to automate and smoothen the consent management process.
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The key players of consent management market are Consentmanager.net, Cybot, CIVIC, RAKUTEN MARKETING, Piwik PRO, Silktide Ltd, Crownpeak Technology, Inc., TrustArc Inc, OneTrust, LLC, and Trunomi Ltd.
The consent management market is segmented on the end-user industry, i.e. retail, government, technology, financial services, healthcare, education, media & entertainment, and others. The BFSI segment is expected to hold a prominent market share during the forecast period. Consent management solution in the financial service sector enables the efficient management of customer preferences on data processing and change in consent settings. The vendor offers inbuilt review processes to ensure continued compliance. Data privacy is at high priority in the financial sector. Banks, financial institutions, and insurance companies manage a massive amount of sensitive and confidential data about their customers.
The consent management market is segmented based on component, i.e. solution and services. The solution segment holds a prominent market share during the forecast period. The consent management platform has gained momentum in the last one year post the implementation of GDPR. For any business or website in the world, to obtain personal data from Europeans, the task of taking consent first is extremely necessary. Smaller organizations manage the consents easily as there are lesser complications. However, large enterprise utilizes consent management in order to cut down extra costs, streamline data management, and ensure greater capacity coupled with speedy operations.
Key findings of the study:
Asia-Pacific countries are witnessing high year-on-year growth during the forecast period. In China, various government initiative for data privacy is leading towards the growth of consent management market. For instance, in January 2019, the Chinese government announced a new national standard on personal information protection. This standard offers a framework used to govern information and communication technology (ICT) industry in China. Thus, the growing operation of IT firms which requires protection from data breaches in China and with the continuous growth in China’s economy the need for consent management is increasing.
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This post was originally published on The Picayune Current