Consent Management Market to Be Worth $765 Million by 2025
Research firm MarketsandMarkets valued the worldwide 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 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 design to enhance data privacy.
Consent management software manages the entire life cycle, including the collection, storage, and documentation of customer consent. The software leverages the e-consent 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 companies to record the consent interactions with their customers, employees, and users. It allows them to choose what they consent to, which 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.
The research firm expects the professional services segment to lead the market during the forecast period. Professional services, including consulting, implementation, and support and maintenance services are often required during and after the implementation, it said, noting that 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.
The firm also expects the cloud deployment model to hold a larger market share during the forecast period. Cloud deployments are especially popular among small and midsized companies, it found.
Some of the prominent players identified in the report are OneTrust, Quantcast, Cookiebot, iubenda, Trunomi, TrustArc, and Crownpeak Technology.