According to the research report titled ‘Global Consent Management Market Size study, by Component (Software, Services), Touchpoint (Mobile App, Web App), by Deployment Type (Cloud-Type, On-Premises), by Organization Size (Large Enterprises, Small and Medium-Sized Enterprises) and Regional Forecasts 2020-2027’, available with Market Study Report, global consent management market generated revenues worth USD 266 million in the year 2019 and is expected to register 19.3% CAGR during 2020-2027.
 

The growth of global consent management market is primarily driven by widespread adoption of consent management platform by brands in order to mechanize and manage costumer’s consent as well as to comply with GDPR (General Data Protection Regulation).
 

For those unfamiliar, consent is associated with processing data of an individual for health, analysis, or marketing purposes. Each processing application involves multiple data handling activities, which further help in defining how an individual’s personal data is being processed. This has resulted in high demand for consent management systems in order to comply with GDPR.
 

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Rising prevalence of cyber-attacks coupled with increasing awareness pertaining to data compliance regulations are also aiding the expansion of worldwide consent management market. In fact, Insurance Information Institute (III) stated that over 1437 cases of data breach were recorded in the year 2019, from around 780 cases in 2015.
 

Introduction of PbD (Privacy by Design) initiatives in order to improve information privacy is further stimulating the industry outlook. In addition, the COVID-19 pandemic has compelled various organizations to adopt consent management systems in an effort to protect and maintain customers & employees health. However, lack of favorable reimbursement policies and easy availability of open-source consent management solutions may act as restraining factors to the overall market growth.
 

Highlighting the regional scope, Europe consent management market is predicted to expand significantly during the study duration. Introduction of strict data compliance regulations in tandem with growing consumer preference to control their respective preferences are favoring the market outlook in Europe.
 

The competitive landscape of global consent management market is defined by companies such as SAP SE, BigID Inc., CrownPeak Technology Inc., Trunomi Ltd., iubenda s.r.l, Cookiebot, TrustArc Inc., Piwik PRO, Quantcast, and OneTrust LLC among others.