Consent Management Market

Consent management Market: Soaring Demand for Privacy Regulatory Compliance to Bolster Adoption: Global Industry Analysis 2013-2017 and Forecast 2018-2028

2019-03-28
REP-GB-2182
41 Tables
134 Figures
215 pages

An Incisive, In-depth Analysis on the Consent Management Market

This study offers a comprehensive, 360 degree analysis on the Consent Management market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Consent Management market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.

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Consent Management Market - Key Research Findings:

Global consent management market closed in on revenues worth US$ 700 Mn in 2017.
The consent management market is expected to grow at a CAGR of over 9.0% through 2028.
Requirements for consent collection mandated by key regulations such as the General Data Protection Regulation (GDPR), EU ePrivacy, US/EU Privacy Shield, General Data Protection Law, and Protection of Personal Information Act (PoPI), continue to influence growth of the consent management market.
Absence of universal guidance models for efficient consent management has led companies follow “implied consent management” norms, where individuals have no clear idea about what or how much personal information has been exchanged.
Europe and North America are estimated to remain the most lucrative markets for consent management.
- Consent management has helped businesses in the region to transform the way of conducting digital business, as it enables a consistent, secure, multi-channel customer experience.
  
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Europe is expected to be the fastest growing market for consent management through 2028
- As business transformation continues to gain pervasive palpability in the region, enterprises are looking to procure consent management platforms, to benefit their business growth in the consent management market.
Consent management software solutions continue to hold the largest share of the market.
- The ever-rising demand for privacy regulatory compliance is estimated to drive the global 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.

Consent Management Market: Introduction

North America continues to remain the most lucrative market for consent management. Demand for consent management in the region remains driven by continuous upgrades made to the data privacy regulatory standards.
Geographic expansion and collaborations with consent management providers are among the key strategies followed by the players in the consent management market to increase their foothold in the market.
Consent management will continue to witness high demand in the retail and e-commerce sectors, with gains complemented by demand from technology providers.
Europe is also expected to remain a lucrative region for growth of the consent management market, with revenues estimated to grow at a relatively higher CAGR through 2028.
The consent management market in Latin America will record a steady growth through 2028, owing to the growing investments by the regulatory bodies to enhance the data privacy systems in the region.
Collaborations with other consent management solution and service providers help increase business revenue and develop new innovation strategies, thus enabling consent management market players to reach potential customers, and enhance their market foot print.

Consent Management Market Report Description

Executive Summary

The executive summary consists of a comprehensive summary of the global consent management market. This comprehensive summary includes the overall global consent management market outlook, and the various trends in the supply and demand of the market. In addition, this section offers business growth-related recommendations and opportunities to look forward to in the global consent management market.

Market Introduction

This section offers a detailed definition of consent management platforms. This section also offers the consent management market taxonomy showcasing the various market segments. By component, the global consent management market has been segmented into software and services. The services segment has been sub-segmented into professional services and manages services. With regards to the deployment types of consent management, the global market has been segmented into on-premise deployments and cloud-based deployments. By end-use industry, the global consent management market has been segmented into retail & e-commerce, government, technology, financial services, healthcare, higher education, and other end-use industries.

A market snapshot featuring the global consent management market value for the period of 2017 to 2028 has also been added to this section, along with the global market share analysis by segments. In addition, this section of the global consent management market study offers an analysis of the incremental opportunity of the market, with regards to the platform, end-user, application, and region.

Market Background

The market study offers an elaborate analysis of the global consent management market and features market-related insights on the macro-economic and forecasting factors influencing the adoption of consent management technology and its practicality for modern applications. The consent management market study includes an exhaustive analysis of the key market drivers, market challenges, and the overall market structure.

Market Forecast and Market Analysis

An elaborate market analysis has been performed for each segment of the consent management market with regards to the market size in every region. This chapter also offers an exhaustive analysis that discusses the current nature of the trends in the global consent management market.

The next chapter in the consent management market study showcases a detailed analysis of the market across specific countries in different regions. It offers an estimated market viewpoint for the forecast duration of 2018 to 2028. The estimation includes the trending technological innovations and product offerings in the consent management market. This chapter offers an impact analysis that discusses the degrees at which market dynamics are influencing the growth of the global consent management market in every region. Market forecasts and analysis for key emerging countries (Turkey, Indonesia, and Thailand) based on key market segments has been provided in the consent management market report, as an extension to this section.

This global consent management market report showcases the present scenario as well as the future prospects of growth in the global consent management market across all the business regions for the forecast period of 2018 to 2028. The year 2017 has been considered as the base market year, and the market size has been provided for the next twelve months.

Competitive Landscape

The final chapter of the global consent management market research report includes a competitive landscape that provides a dashboard view of the key competitors operating in the consent management market. Some of the consent management market players profiled in this section include OneTrust, ConsentEye, CIVIC, HIPAAT, Quantcast, Trunomi, Silktide, PactSafe, Rakuten Marketing, and CYBOT.

Research Methodology

To reach a precise forecast, the market study was started by deducing the existing market size, which formed a platform that enabled us to understand the future prospects of the growth of the consent management market. We have deduced the overall growth trend using different methods of market analysis and as per the technological advancements in the global consent management market. As highlighted previously, the global consent management market is segmented into different market segments.

Analysis has been performed in terms of the segmental Basis Points System (BPS) to feature the distinct contributions made by individual segments to the growth of the global consent management market. This data plays an important role in identifying various trends in the global consent management market. After thorough secondary and primary research of the global consent management market, the scope of the research study was restricted to major application segments, and the regional markets within the global consent management market.

Consent management market forecast and projections have been determined assuming the fact that there would be no major environmental factors responsible for a sudden shift during the forecast period. The market estimation and forecast for the consent management market has been determined considering the average pricing of major products across geographies. In our global consent management market report, we have considered a minimal change in the regulatory requirements during the forecast period.