Consent Management Market to Be Worth $765 Million by 2025
Research firm MarketsandMarkets valued the global consent management market at $317 million in 2020 and expects it to reach $765 million by 2025, growing at a compound annual rate of 19.3 percent.
The major factors driving the growth of the consent management market include growing awareness of 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-sesign (PbD) to enhance data privacy, according to the research report.
The report identifies OneTrust, Quantcast, iubenda, Trunomi, TrustArc, Crownpeak, and ComplyAdvantage as the leading vendors offering this technology, which it says manages the entire life cycle, including the collection, storage, and documentation of customer consent.
The software leverages the e-consent management engine that identifies consumers and harmonizes their consent preferences collected through web, mobile, and over-the-top (OTT) channels. It enables businesses to record consent interactions with their customers, employees, and users, and allows consumers to choose to what they consent, what purposes they accept, and access to their personal data.
The market, the report said, is heavily dependent on professional services, including 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.
The report also said that cloud deployments of consent management software will hold a larger market share during the forecast period. Cloud-based software, it said, offers 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 mid-sized businesses.
PossibleNOW Partners with TrustArc
Partnership will expand privacy and preference capabilities within TrustArc's and PossibleNOW's platforms.