Consent Management Market- Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Consent Management Market- Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The Global Consent consent management market is expected to register a CAGR of 19.3% over the next five years. The increasing growth of awareness among enterprises about data regulatory compliance and growing digitalization around the world are driving the growth of the consent management market.

• This is because there are more cyberattacks, more people are aware of data compliance regulations, privacy by design (PBD) is being used to make private information better, and buyers want to be able to manage their preferences and consents.
• Furthermore, the advent of the internet and the steadily increasing use of internet services and applications have increased the number of cyberattacks in which personal information is stolen. As a result, the need for consent management is growing for consumers to maintain control over their data.
• Key players in the consent management market are focusing on expanding their businesses and strengthening their market positions through mergers and acquisitions. For instance, Cookiebot, a subsidiary of Cybot, completed its merger with Munich-based competitor Usercentrics to deliver solutions to enable websites to protect users' privacy and strike a healthy balance between data privacy and data-driven business.
• The continuous growth in digitalization and government initiatives for protecting personal data across the region are leading to the adoption of consent management solutions across various organizations. For instance, the CCPA (the California Consumer Privacy Act) came into force in January last year, making it one of the most stringent consumer privacy regulations in United States.

Furthermore, the COVID-19 outbreak increased consent management prices due to an unexpected surge in internet activity caused by cultural distancing norms and the global adoption of the work-from-home culture.

• Digitalization is one of the most rapidly spreading concepts all over the world. People and businesses are increasingly turning to digital channels to connect.
• Various online tools and platforms enable businesses to reach out to potential customers while retaining existing customers. Furthermore, during the pandemic, people shifted to online communication and online shopping, increasing the popularity of these modes of communication.
• The ongoing trend of well-established consent management software and service providers acquiring stand-alone consent management vendors will significantly boost the consent management market growth. For Instance, TrustArc acquired privacy technology provider Nymity as the San Francisco-based firm looks to drive the development of next-generation, tech-driven privacy products.
• For Instance, Piwik PRO has introduced a new feature Piwik PRO Core which gives users the ability to create ambitious analytics projects while building trust with a privacy-friendly approach. These consent management platform vendors also strive to provide improved user interface and engagement throughout the next generation of solutions.
• All these transactions and communications require the customer to add their sensitive data on these sites or apps, thus, augmenting the demand for consent management solutions in the market.

• In the Consent Management Market, Asia Pacific is the fastest-growing region. The region is made up of several developing countries that are experiencing rapid growth in their information technology and telecommunications sectors.
• Corporate governance and compliance are becoming more important in the region, especially in China, India, Singapore, and Hong Kong, where customers and employees are worried about the safety of their personal information.
• Furthermore, increasing consumer demands to properly manage their preferences and consent and a growing understanding of data agreement regulations are expected to drive market growth over the next five years. For instance, Optus had a significant data breach problem. To facilitate targeted data exchange between telecommunications companies and banks, Australia proposed changing consumer privacy laws.
• The region's continued digitalization and government initiatives to protect personal and confidential information are driving the adoption of consent management solutions across various organizations. The consent management market is also pushed forward by digital innovation, which is driven by better internet connections and more people using smartphones, especially in Southeast Asia.

In India, for example, the Indian Personal Data Protection Bill 2019 makes it easier to withdraw or give consent for personal data processing through a consent manager. The Data Protection Bill empowers the Data Protection Authority to establish financial, operational, technical, and other guidelines for consent managers. The Reserve Bank of India (RBI) is in the process of standardizing the way that large amounts of financial data are managed with consent.

The global Consent Management Market is moderately concentrated and dominated by major players like OneTrust, LLC, Quantcast, Cookiebot, Piwik PRO SA, and Trunomi Ltd. These major players, with a prominent market share, are focusing on expanding their customer base across foreign countries.

In January 2022, Piwik PRO will launch its newest plan, known as the "Piwik PRO Core Plan," a free platform for both analytics professionals and novices. The Core Plan assists enterprises and marketing professionals in analyzing user journeys while complying with data privacy laws.

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