The consent management market was valued at US$340.53million in 2019 and is projected to reach US$1,217.20 million by 2027; it is expected to grow at a CAGR of 17.7% during the forecast period.

The Asia Pacific is a fastest-growing region in the consent management market. The region consists of several developing countries that are witnessing high growth in their information technology and telecommunication sector. The increasing demand for corporate governance and compliance across the region mainly in China, India, Singapore, and Hong Kong as the concern toward the protection of personal data of the employee as well as the customer in the organization is increasing. The continuous growth in the digitalization and government initiatives for the protection of personal and confidential information across the region, is leading towards the adoption of consent management solutions across various organizations. Furthermore, digital innovation propelled by enhanced internet connectivity as well as the adoption of smartphones, especially across South East Asia, are leading towards the growth of the consent management market. In Australia, the government has stated that it would amend the Privacy Act to raise penalties in case of data breaches. The government also stated that development of new privacy code to regulate the collection and processing of personal information on Google, Facebook, and other digital platforms are present. In India, the Indian Personal Data Protection Bill, 2019, facilitates data principle to withdraw or give consent for processing personal data via consent manager. The Bill has authorized the Data Protection Authority to specify financial, operational, technical, and other norms regulating consent managers. In the current scenario, the Reserve Bank of India (RBI) standardizes the consent management of ample financial data.

In the EU, the GDPR asks websites to receive and safely store the explicit consent of users before collecting data from individuals. In the US, the CCPA demand businesses to provide more control to the residents of California over the personal information generated online. The obligatory nature of GDPR and CCPA is making it compulsory to use consent management to avoid situations of a data breach.

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Companies

Consentmanager.net
Crownpeak Technology, Inc.
HIPAAT International Inc.
IBM Corporation
Trustarc Inc
ONETRUST, LLC
PIWIK PRO
PossibleNOW, Inc.
RAKUTEN ADVERTISING
CYBOT

Impact of COVID-19 Pandemic on Consent Management Market

Coronavirus outbreak first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. According to latest figures from World Health Organization (WHO) of 16June, 2020, the US, India, UK, Spain, Germany, and Brazil are some of the worst affected countries in terms confirmed cases, daily increase in cases, and reported deaths. As per latest WHO figures, there are7 941 791confirmed COVID-19 cases and 434 796total deaths on a global level.

Varied manufacturing, technology, and service based industries have been impacted due to the outbreak of coronavirus. This virus has caused disruptions in several industries across the globe. The consent management market is no different from other markets and hence witnessed interruptions in its sales and penetration globally. Therefore, it will witness a slight decline in its adoption in 2020 and will pick an increase from 2021. The impact of coronavirus has caused disturbance in the business activities of SMEs and therefore as a result caused financial instabilities. These financial fluctuations and budget disturbance imposed restrictions on various end user industries of consent management solutions to purchase advanced version of the same. However, the consent management providers present in the market are making efforts to remain competitive and therefore, are offering consent management solutions on free-trial basis. This will support the end user industries especially SMEs.

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