This has further helped the consent management market players to ensure the customer data sharing consent, regional data storage, and other consumer data privacy mandates.
With GDPR reshaping the landscape, consent management platform providers in the market are looking to provide keep up with the regulatory requirements while collecting data. These consent management platform providers offer publishers tools to collect and handle user consent for particular processing purposes, allowing publishers to offer more transparency in data management. Consent management platforms are being used across industries with customized solutions offered, catering to the individual needs of sectors.
With consent management becoming increasingly important, especially in the B2C sector, frontrunners in the consent management industry, both established and emerging are offering a slew of services and comprehensive solutions to hold on to the competitive advantage in the market, while adhering to the strict standards set out by regulatory organizations around the world.
Newer developments in consent management include offering solutions to meet the specific needs of the end use, while being strictly compliant with regulations governing privacy preferences. For Instance: in 2019, Didomi, a global leading consent management platform provider, became the first provider of a consent management solution aimed at (Accelerated Mobile Pages) (AMP). This allows publishers to optimize the collection and management of data and privacy preferences across all devices and optimize consent management in a personalized way.
Key players operating in the consent management market, as profiled in the study, include CYBOT, Rakuten Marketing, PactSafe, Silktide, Trunomi, Quantcast, HIPAAT, CIVIC, ConsentEye, and OneTrust.
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According to a recent study of Future Market Insights (FMI), the consent management market is expected to witness a promising growth in the near future, influenced in part by the upward trend of plain text presentation. Recommendations by the Personal Information Management Services (PIMS) for the consent management on the basis of six plain language categories that minimise confusion, have further been complementing the popularity of the trend, thereby impacting growth of the consent management market.
The introduction of new regulations, such as the GDPR, along with the rising consumer concerns regarding data privacy, is forcing organizations to invest in more formal internal structures for the purpose of effective consent management. There has been a significant growth in the requirement for efficient book keeping and personal digital data storage equipment among organizations, in a bid to enhance their consent management offerings.
The data privacy regulations in the consent management market have led organizations to appoint dedicated personal data privacy officers, consent management processes, and records. With efficient data storage equipment and consent management platforms in place, an organization gains the abilities to demonstrate a simplified complaint approach to consent management regulators, revoke or transfer data record upon request, and answer consumer requests for information.
Consent Management Demand Rises among Website Developers to Meet Data Management Requirements
The global consent management market is likely to witness a total incremental opportunity of over US$ 1,000 Mn between the period 2018 and 2028. Consent management platforms enable websites to meet various data management requirements, which include those recommended by the EU and other regulatory bodies for consent collection.
Website developers are constantly taking efforts to integrate consent management platform, to realize the technical ability to update visitors about the nature of personal data required, and ask for their consent regarding each data-processing purpose. Cloud solutions and service providers continue to playing a vital role in the evolving technological developments, as more and more enterprises adopt cloud services with continuous upgrades in the cloud-based data storage solutions, or software-as-a-service (SaaS).
The consent management market is expected to witness potential growth opportunities as cloud service providers continue to offer cost-effective solutions to expand their customer base. Cloud solutions and service providers are also estimated to assist consent management platform vendors to expand their businesses across regional markets, thereby eliminating the requirement of modifying the physical product distribution channel.
Advancements in enterprise management systems have revolutionized several industry verticals in various developed as well as developing regions. To keep up with the growing demand for efficient enterprise management systems in South Asia, East Asia, and MEA regions, several consent management platform providers have started investing heavily in these latent growth potential markets.
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The established as well as growing consent management platform providers are shifting their focus toward expanding their consent management businesses and increase their share in the global consent management market. The study states that Asia-Pacific continues to hold lucrative opportunities for leading as well as the emerging players in the consent management market, in line with the increasing technological vigour of developing economies in the region.
Varying strict data privacy regulations across regions have influenced the dynamics of the consent management market. In line with the continuous updates made in the data privacy regulatory standards, consent management providers are required to comply with the data governance policies and other standards. This has further helped the consent management market players to ensure the customer data sharing consent, regional data storage, and other consumer data privacy mandates