Consent management market size is projected to grow from USD 317 million in 2020 to USD 765 million by 2025, at a Compound Annual Growth Rate (CAGR) of 19.3% during the forecast period. The major factors driving the growth of the consent management market include growing awareness on data compliance regulations; rising cyberattacks, data breaches, and the need for data security; increased demand for customers to control their consent and preferences; and implementation of Privacy by Design (PbD) to enhance data privacy.
Browse 102 market data Tables and 40 Figures spread through 154 Pages and in-depth TOC on “Consent Management Market by Component (Software and Services), Touchpoint (Mobile App and Web App), Deployment Type (Cloud and On-premises), Organization Size (SMEs and large enterprises), and Region – Global Forecast to 2025”
Top Key Player
Major vendors operating in the consent management market include OneTrust (OneTrust, LLC.), Quantcast, Cookiebot (Cybot A/S), iubenda (iubenda s.r.l), Trunomi (Trunomi Ltd.), TrustArc (TrustArc Inc.), Crownpeak (Crownpeak Technology, Inc.), Piwik PRO (Piwik PRO Sp. z o.o.), BigID (BigID, Inc.), CIVIC, SAP SE (SAP), 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.).
OneTrust is a prominent player in the consent management market and provides the Consent Management Platform (CMP) for publishers to comply with General Data Protection Regulation (GDPR), California Consumer Privacy Act (CCPA), and ePrivacy regulations, and frameworks from the Internet Advertising Bureau (IAB) and Digital Advertising Alliance (DAA). The solution also supports the latest standards and frameworks, helping publishers collect valid consent and deliver personalized ads across mobile, web, and Over-The-Top (OTT) properties. OneTrust PreferenceChoice CMP enables publishers to optimize consent rates, while ensuring compliance with global regulations and frameworks, engaging with customers across web, mobile, OTT, and offline channels. The company has adopted organic growth strategies, such as product expansions and new product launches, to expand its consent management offerings. For instance, in March 2018, the company launched Universal Consent and Preference Management Platform to simplify GDPR compliance for marketers. OneTrust’s Universal Consent and Preference Management tool simplifies the challenges, such as maintaining an accurate audit trail of valid consent, and helps organizations collect valid consent.
The software segment to lead the market during the forecast period
A robust consent management software manages the entire life cycle, including the collection, storage, and documentation of the consent of the users. The software leverages the eConsent management engine that identifies data subjects and harmonizes their consent preferences collected through any collection point, such as web, mobile, and over-the-top (OTT) channels. It enables an organization to record the consent interactions with their customers, employees, and users. It allows them to choose what they consent to, what purposes they accept, and to control access to their personal data. The software allows publishers, advertisers, and tech companies to consolidate and simplify the user experience across these domains and devices to provide the right personalized experience based on a user’s preference.
Professional services segment to lead the market during the forecast period
Professional services are required during and after the implementation of the consent management software. These services include consulting, implementation, and support and maintenance services. As the nature of these services is complex, service providers must possess high levels of technical skills and expertise. Several vendors in the consent management market offer professional services and provide consulting based on client-specific requirements. They offer educational support, such as training and classroom lectures (online and offline), to help clients understand their software and related processes. They also assess the risks associated with any project and help deploy a better consent management software or replace the existing one. Consent management experts and dedicated risk management teams specialize in the design and delivery of critical decision support software, tools, services, and expertise. The professional services segment is expected to hold a higher share in the consent management market.