The size of the global consent management market was valued at US$ 321.6 million in 2020 and is estimated to reach US$ 2.27 billion by 2028, registering a CAGR of 21.8% from 2021 to 2028. Consent Management Platform (CMP) is software that ensures handling personal information and collecting data in a GDPR compliant way. The data also helps get insights into the personal data lifecycle. The CMP also centrally notices, manages, and propagates to all consent collection channels with a high number of Consent Management Platforms in the market, with a lot of varied designs and concepts.
Increased awareness about data compliance regulations and increased cyber-attacks, across the world, has propelled the growth of the market. Large storage of cloud data or third-party applications and high-speed internet penetration has resulted in data breaching which is further growing the prospect of the Consent Management Market. With the certainty of growing IT demand across the world, the respective segment is surely projected to accumulate major market revenues in the future.
Global Consent Management Market is segmented into components, user interface, product type, application, organization size, and region. Based on components it is categorized into software and services. By user interface, it bifurcates into mobile and web apps. Product type is categorized into cloud-based and on-premises. Based on application, the global consent management market segments into BFSI, IT and telecom, government, healthcare, higher education, retail, e-commerce, and others. Further, organization size bifurcates into SMEs and large enterprises.
The global consent management market is segmented into North America, Europe APAC, and Rest of the World. North America is further bifurcated into the U.S, Canada, and Mexico. Europe includes the U.K, Germany, Italy, France, Spain, and others. APAC is fragmented into China, India, Japan, Australia, South Korea, and the Rest of APAC. The market of the rest of the world is segmented into South and Central America, The Middle East, and Africa. Companies of Northern America and Europe collectively hold the major market share due to technological advancement and strong IT infrastructure prevalent in the region. This market trend exhibited is also due to the existence of several data privacy laws in the region as the majority of the consent management market share in the region is contributed by the US and Canada. Moreover, The Asia Pacific is the fastest-growing region in the consent management market due to several developing countries that are witnessing high growth in their information technology and telecommunication sector. Moreover, increasing demands of corporate governance and compliance across the region mainly in China, India, Singapore, and Hong Kong as the concern toward the protection of personal data of the employee is also propelling the market in APAC.
Major key players involved in the Global Consent Management Market include OneTrust (OneTrust, LLC.), Quantcast, Cookiebot (Cybot A/S), iubenda (iubenda s.r.l), Trunomi (Trunomi Ltd.), TrustArc (TrustArc Inc.), Piwik PRO (Piwik PRO Sp. z o.o.), BigID (BigID, Inc.), CIVIC, SAP SE (SAP), Crownpeak (Crownpeak Technology, Inc.), Sourcepoint, HIPAAT (HIPAAT International Inc.), Didomi (DIDOMI), Osano (Osano, Inc.), Otonomo (Otonomo Technologies Ltd.), PossibleNOW (PossibleNOW, Inc.), Verizon Media, Usercentrics (Usercentrics GmbH), Secure Privacy, and Rakuten Advertising (Rakuten, Inc.), among others. Moreover, various strategies including acquisitions, partnerships, agreements, collaborations among companies with product enhancement and new product launches are implemented by the companies of the market.
MARKET SEGMENTATION OF CONSENT MANAGEMENT
BASED ON COMPONENT
BY USER INTERFACE
BY PRODUCT TYPE
BY ORGANIZATION SIZE:
KEY PLAYERS OF CONSENT MANAGEMENT MARKET