Global Consent Management Market: Overview
The recent introduction of GDPR or General Data Protection Regulation in Europe has changed business operations worldwide. The GDPR has resulted in increased scrutiny and subsequent legal framework required for businesses to obtain, use, pass on, and store consumer information. Due to the complex nature of various types of information, and the necessity to adhere to all legal guidelines, consent management market is expected to witness robust growth in the near future. The boom of this market is likely to near double figures in the near future as thanks to the global nature of digital operations, businesses around the world are expected to drive growth for the consent management market in the near future.
Global Consent Management Market: Notable Developments
The leading companies in the tech sector are expected to drive growth of the consent management market in the near future. While data protection laws apply to most companies online, due to the stringent nature of these requirements, and development of cloud, tech companies are expected to drive major growth for the global consent management market in the near future. Furthermore, some of these companies have publicly expressed reservations about some of the GDPR laws. For example, in a recent press release Microsoft has discussed various clauses in the GDPR framework such as need to hire data protection officer as an additional costly affair. The challenges that lie ahead of major tech firms are expected to drive more demand for quality automation and software solutions in the consent management market.
To understand how our report can bring difference to your business strategy, Ask for a brochure
As per GDPR regulations, companies handling the data of EU consumers can be charged 20 million euros or 4% of their annual turnovers as penalties. Hence, serious infringements are leading to deterrence among worldwide businesses forcing them to make dynamic shifts in data management processes. Additionally, the widespread implications of GDPR make it mandatory for both data handlers as well as controllers to take utmost precaution in relation to possible legal penalties. This is expected to be a major factor in growth for the global consent management market in the near future.
Global Consent Management Market: Drivers and Restraints
Digital disruption is expected to make way for significant growth for the consent management market in the near future. Digital disruption is ideal for many small businesses as it helps them reach new customers, reduce costs of marketing, and are increasingly associated with proven ROI. This is expected to increase interactions of businesses with consumers and secure a multi-channel experience for small and large businesses alike. The growth of online businesses, the increasing preferences of consumers to purchase products and seek information online, and a solid framework in place are expected to drive significant growth for the consent management market in the near future.
Stuck in a neck-to-neck competition with other brands? Request a custom report on “Consent Management Market”
The complex nature of GDPR regulations for sectors like healthcare are expected to gain significant traction for the consent management market in the near future. In many sectors, consumers do not share sensitive data similar to healthcare. Additionally, growing push of US government to adopt digital technologies to interact with consumers is expected to drive major growth for the consent management market in the near future.
Global Consent Management Market: Geographical Analysis
The global consent management market is expected to witness robust growth in Europe region. The strict application of EU guidelines in the region, the conventional importance of personal information, and the tight penalties are expected to drive significant growth for the consent management market in the region. However, due to the global nature of digital disruption, the consent management market is also expected to witness similar growths nearing double digits in most regions around the world.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold in the market
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.