DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
The consent management market is expected 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 market are the 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.
Software segment to grow at a higher CAGR during the forecast period
A robust consent management software manages the entire life cycle, including the collection, storage, and documentation of the consent of users. The software leverages eConsent management engine that identifies data subjects and harmonizes their consent preferences collected through any collection points, 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 and 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.
Cloud deployment mode to grow at a higher CAGR during the forecast period
Cloud-based software offered by consent management providers have the functionalities to manipulate data sets and re-organize them as required for different customers or when regulatory requirements change. The cloud deployment mode is the most preferred deployment mode for securing web and mobile applications and is used by most Small and Medium-sized Enterprises (SMEs) as it is easy to maintain and upgrade. The cloud deployment mode involves the storage of applications and software on remote servers and providing access through the internet. The cloud deployment mode is growing at a faster pace in the consent management market. SMEs, in particular, have implemented cloud deployment, as it enables them to focus on their core competencies, rather than investing their limited capital in security infrastructure.
Mobile apps segment to grow at a higher CAGR during the forecast period
The mobile apps segment includes applications that can run on a handheld or mobile device with a function of providing the required services to its users. Most application developers want to develop and build intelligent, data-driven applications, however, they need to get the users' consent before acquiring data that can be further used to enhance the user experience. Application developers can use third-party consent management software to manage consent and preferences related data and to give more control to the user. The enhanced user interface on the software will also provide better user experience thereby increasing brand loyalty of the user in the long run. Over the past few years, the quality and quantity of mobile applications has improved significantly. There is still significant scope for the growth for the mobile application industry, which represents significant opportunities for consent management software providers.
Europe to lead the market with the highest market share during the forecast period
Europe is the leading region in the consent management market after enacting the General Data Protection Regulation (GDPR) and requiring data controllers to obtain consent before they can collect and use personal information. As business transformation continues to grow in Europe, organizations are looking to implement consent management platforms, to make their business grow in the consent management market. IAB Europe Transparency and Consent Framework (TCF) establishes a common ground of cooperation between publishers, advertisers, and consent management providers that can help smoothen the process of meeting the requirements of the GDPR.
- Growing Awareness of Data Compliance Regulations
- Rising Cyber Attacks, Data Breaches, and the Need for Data Security
- Increased Demand for Customers to Control Their Consent and Preferences
- Implementation of Pbd Enhancing Data Privacy
- Advancement in Digital Consent Management
- Additional Revenue Generation for Channel Partners
- Adoption of a User Experience (Ux)-Driven Approach
- Changing and Dynamic Regulatory Landscape
- Presence of Open Source Consent Management Software Vendors
- Piwik Pro
- Hipaat International
- Verizon Media
- Secure Privacy
- Rakuten Marketing
For more information about this report visit https://www.researchandmarkets.com/r/e09bci