Consent Management Market to grow at double digit CAGR During the Forecast Period
Increased cyber-attacks and growing demand for data security are expected to drive the growth of global consent management market.
According to TechSci Research report, “Global Consent Management Market By Component (Software, Services), By Touchpoint (Mobile App, Web App), By Deployment Type (Cloud, On-Premises), By Organization Size(SMEs, Large Enterprises),By End use Industry(BFSI,IT & Telecom, Government, Healthcare, Higher Education, Retail & E-commerce, Others),By Company, By Region, Forecast & Opportunities, 2026”, the global consent management market is expected to grow at a CAGR of over 20% during the forecast period. Increasing incidents of data breaches coupled with growing awareness about data compliance are stressing on the need for consent management. In the last few years, due to surge in internet users, digital content has increased by multiple folds and many times sensitive data or information of the user is shared with the website. Collection or sharing of the user’s data with websites sometimes can result into cyberattacks; therefore, demand for consent management platforms has significantly increased in the past five years. Also, regulations such as General Data Protection Regulation (GDPR) in European Union which have guidelines on what data companies cam collect, store, or share is driving the growth of the consent management market.
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The global consent management market is segmented based on component, touchpoint, deployment type, organization size, end use industry and region. Based on component, market can be bifurcated into software and services. Out of these two, software segment occupied the largest share in the market in 2020, as it enables an organization to record the consent agreement with their customers, employees and users and allows them to use what they consent to and to control access to their personal data.
In terms of deployment type, market can be segmented into cloud and on-premises. Cloud deployment type led the global consent management market in 2020 since it is the most preferred deployment mode for securing mobile apps and it is used by most of the SMEs as it is easy to maintain and upgrade.
OneTrust LLC, Trunomi Ltd., TrustArc Inc., Crownpeak Technology Inc., BigID Inc., HIPAAT International Inc., Otonomo Technologies Inc., PossibleNOW Inc., Usercentrics GmBH, Rakuten Inc. are some of the leading players operating in global consent management market. Companies are engaging in collaboration and mergers & acquisition to increase their share in the market. For instance, in 2020, TrustArc acquired Nymity in order to develop next-generation of technology driven privacy solutions.
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“Europe is expected to dominate the global consent management market during the forecast period due to large internet user base and laws such as GDPR. Internet users in the region are concerned about their online safety and want websites to obtain their approval or consent before recording/storing their data. Following Europe, North America is anticipated to dominate the global market since countries like United States have implemented regulations similar to GDPR.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Consent Management Market By Component (Software, Services), By Touchpoint (Mobile App, Web App), By Deployment Type (Cloud, On-Premises), By Organization Size(SMEs, Large Enterprises),By End use Industry(BFSI,IT & Telecom, Government, Healthcare, Higher Education, Retail & E-commerce, Others),By Company, By Region, Forecast & Opportunities, 2026”, has evaluated the future growth potential of global consent management market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global consent management market.
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