In terms of revenue, the global consent management 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% during the forecast period 2020-2027.
At present, the whole world is experiencing strict data privacy legislation across the global economies. Globally operating organizations have no options left but to adopt cross-border and cross-regulatory compliance strategies to efficiently operate the system. Growing incidents of individual’s information breaches across various industries and growth in privacy technology market are expected to up surge the demand for 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 consent management market has been segmented on the basis of component, deployment, industry, and geography. Based on component, the consent management market is segmented into solution and services. The solution segment is further segmented into preference management and cookie management. Based on deployment, the market has been segmented into cloud and on-premise. Based on industry, the consent management market is segmented into retail, government, IT & telecom, BFSI, healthcare, education, media & entertainment, and others. Geographically, the consent management market is segmented into North America, Europe, AsiaPacific, the Middle East and Africa, and South America.
consentmanager.net, Crownpeak Technology, Inc., HIPAAT International, Inc., IBM Corporation, Nymity Inc., OneTrust, LLC,Piwik PRO, PossibleNOW, Inc., Rakuten Advertising, and TrustArc Inc. are some of the well-established players present in the consent management market.
Impact of COVID-19 Pandemic on Consent Management Market
The COVID-19 outbreak began in Wuhan (China) in December 2019, and since then, it has spread at a fast pace around the globe. The US, India, the UK, Spain, Germany, and Brazil are some of the worst affected countries in terms confirmed cases, daily increase in cases, and reported deaths. 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.
The global consent management market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the consent management market with respects to all the segments. It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions?North America, Europe, Asia Pacific, the Middle East and Africa, and South America. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the consent management market.