The consent management market in Europe was valued at US$ 121.0 million in 2019 and is projected to reach US$ 455.84Mn by 2027; it is expected to grow at a CAGR of 18.5% from 2020 to 2027.Effective from 25thMay, the EU GDPR regulation was introduced to improve the protection of European data rights and also standardize the process of safeguarding these rights. However, GDPR is not the sole consent management regulation creating an obligatory environment for all multinational organizations. There are various data privacy regulations, such as the California Consumer Privacy Act (CCPA) of September 2018, was emerged because of GDPR. Although the changes are anticipated to take place before its enactment in the year 2020, the organizations are avidly looking for tools and solutions that would enable them to assess their readiness for the upcoming norms and regulations. The vendors catering to the needs of businesses across the globe are focusing upon developing the tools that would allow the companies to assess their compliance. Therefore, stringent regulations regarding user data privacy are expected to drive the growth of the consent management market.
Based on the deployment, the consent management market is segmented into on-premise and cloud. The company hosts the entire process and management of software within the enterprise in an on-premise environment; whereas, in the cloud, a third-party provider arranges and manages entire activities for the enterprise. The benefit of third party providers permits the companies to pay on the basis of requirement and effectively scale up or down subject to the requirement of the user, overall usage, and growth of the company. Therefore, it is largely adopted by small and medium enterprises. Deployment of cloud eliminates capital-related overheads, the feature of data back up on a regular basis is available, and also the companies using cloud based solutions are entitled to pay only for the resources they utilize.
In Europe, UK, Spain, and Italy are worst-hit countries by the coronavirus outbreak. As UK, Spain, Italy, and Germany recorded the highest number of confirmed coronavirus cases and the number of deaths on a daily basis are growing at an alarming rate. The entire region has reported 2 434 184 positive cases and 188 779 deaths as per the report released by WHO of 16June, 2020. The region is suffering tremendous economic loss due to a limited revenue generation from various industries and supply chain disruptions.
Overall size of the Europe consent management market 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 consent management market. The process also serves the purpose of obtaining an overview and forecast for the Europe consent management market with respect to all the segments pertaining to the region. 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 Europe consent management market are, Crownpeak Technology, Inc., IBM Corporation, Trustarc Inc., OneTrust, LLC, Piwik PRO, Rakuten Advertising, and Cybot are among a few players operating in the Europe consent management market.