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.
- 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.
Market Research Methodology - Perfected through Years of Diligence
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