Consent management Market

Top Factors Shaping the Global Consent Management Market:

• Influence of Digital Business Transformation

  Enterprises across the globe are increasingly focusing on digital business initiatives dedicated to transform the way of customer interaction with brands. Consent management allows a consistent, secure, multi-channel customer experience, which has enabled transformations in the way enterprises conduct digital business.

  As the trend of business transformation gains pervasiveness worldwide, enterprises are looking to procure consent management platforms, which will significantly favour growth of their businesses in the consent management market.

• Impact of Current Regulations and Practices

  There are no universal guidance models for efficient consent management, which in turn prompted companies to follow ‘implied consent’ norms, keeping individuals from what or how much personal information has been exchanged. Elaborative ‘terms and conditions’ forms, which have a single check box at the bottom.

  These forms with checked boxes are key for companies to gain consent for using consumer data. This has further led to consumers not having a clear idea regarding their personal data exchange. It is difficult for a consumer to know who has been granted access to their personal information, which continues to remain a key challenge to be addressed in the consent management market.

• European Economic Area (EEA): General Data Protection Regulation (GDPR)

  In May 2018, GDPR was launched for companies in the EEA as well as for other foreign companies or multi-national corporations offering public data protection services in the EEA.

  The General Data Protection Regulation imposed new regulatory standards for companies collecting, storing, or sharing consumer data, which further consolidated the confidentiality regarding public as well as private data, which in turn has been favouring growth of the consent management market.

Consent Management Market Structure Analysis

• Leading players in the global consent management market are focusing on providing consent management solutions built on the guidelines of plain language presentation, to accommodate ease of understanding and prevent any issues for consumers.
• Stand-alone consent management platform vendors in the market are continuously taking efforts that go in line with the changing market trends to come up with consent management solutions that comply with the existing government regulations and deem better value propositions. These consent management platform vendors are also striving to provide improved user interface and engagement throughout the next generation of solutions.
• The ongoing trend of the acquisition of stand-alone consent management vendors by well-established consent management software and service providers will remarkably complement growth of the consent management market.

Key Segment

Based on component

• software
• services

Based on services 

• professional services
• manages services

Based on deployment types

• on-premise deployments
• cloud-based deployments

Based on end-use

• retail & e-commerce
• government
• technology
• financial services
• healthcare
• higher education
• other end-use industries.