Consent Management Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis by Component (Solution, Services), Deployment (On-premises, Cloud-based), and End-use Industry (Retail, Government, IT and Telec

Consent Management Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis by Component (Solution, Services), Deployment (On-premises, Cloud-based), and End-use Industry (Retail, Government, IT and Telecom, BFSI, Healthcare, Education, Media & Entertainment, Others)

The consent management market is expected to grow from US$ 458.89 million in 2022 to US$ 2,021.05 million by 2030. The consent management market is estimated to register a CAGR of 20.4% during 2022–2030.

The Europe consent management market is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Various companies in the region witnessed several data breach activities. For example, in February 2020, Loqbox, a UK credit score builder and financial institution, announced that they experienced a data breach. The company claimed that an unspecified amount of customer financial data was exposed during the breach and delayed sending notifications to affected customers for over a week after discovering the incident. Also, in May 2021, the Health Service Executive (HSE), one of Ireland’s largest medical systems, suffered a major ransomware attack, which disrupted the IT systems of several Irish hospitals and further encrypted their database, forcing them to use paper-based records. Thus, such data breach activities in the region in various companies are raising the need for consent management solutions to protect the personal data of the citizens, boosting the consent management market growth.

Furthermore, to protect the data of the citizens, governments of various countries in Europe introduced a few rules and policies. In May 2018, the European Union (EU) introduced the General Data Protection Regulation (GDPR), which is one of the strongest privacy and security laws in the world. The regulation was introduced to improve the protection of the data rights of Europeans and standardize the process of safeguarding these rights, which is expected to fuel the growth of the consent management market. As per government rules, any businesses or organizations that process the personal data of EU citizens must comply with the GDPR. Therefore, owing to such regulations, various companies are integrating consent management solutions. For instance, in October 2021, the European netID Foundation announced a partnership with Usercentrics. Under this partnership, Usercentrics supports seamless integration with netID products, allowing publishers and advertisers to link consent management and login services. Moreover, in May 2023, Google announced that by the beginning of 2024, all the publishers and developers using Google AdSense, Ad Manager, or AdMob would be required to use a Google-certified Consent Management Platform (CMP). This new CMP will be integrated with the IAB's Transparency and Consent Framework (TCF) when serving ads to users in the European Economic Area or the UK. Thus, strict regulation by the government and a rise in the integration of software with consent management solutions is expected to fuel the growth of the consent management market in Europe during the forecast period.

In Germany, data protection and consent management are based on the Basic Law's right to informal self-determination. On May 20, 2021, the Bundestag (German Parliament) passed the Telecommunications and Telemedia Data Protection Act (TTDSG), which aims to amend the Telecommunications Act (TKG) and the Telemedia Act (TMG), thereby adapting both laws to the GDPR in accordance with the EU's ePrivacy Directive. The Federal Supreme Court issued a decision on May 28, 2020, stating that the EU Cookie Directive has not been fully incorporated into federal legislation, which created the demand for data protection and consent management solutions, further propelling the growth of the consent management market. The TTDSG was launched on December 1, 2021; and the act came into force on December 1, 2021. According to the TTDSG, a fine of US$ 339,720 will be imposed for data breaches. Moreover, in August 2022, the Digital and Transport Ministry of Germany announced its plan to work on a draft law for a new cookie consent management regulation that aims to reduce the pop-ups encountered by users on websites. Thus, such strict regulation by the government of Germany is expected to fuel the consent management market growth.

Crownpeak Technology Inc, consent manager AB, International Business Machines Corp, Didomi SAS, HIPAAT International Inc, TrustArc Inc, OneTrust LLC, Piwik PRO LLC, PossibleNOW Inc, Rakuten Marketing LLC, Syrenis Ltd, and Didomi SAS are among the key consent management market players profiled in the report. Several other major consent management market players were studied and analyzed during this market research study to get a holistic view of the market and its ecosystem. The consent management market report provides detailed market insights, which helps the key players strategize their growth.