Stringent Regulations over Data Security Likely to Propel Growth of the Consent Management Market: FMI Study

Future Market Insights recently published a market study that offers critical insights related to the growth opportunities within the consent management market during the forecast period, 2018-2028. According to the report, the global consent management market accounted for revenues around US$700 million in 2017 and is expected to witness an incremental opportunity of more than US$ 1,000 million during the assessment period. Moreover, the report reveals that the market is expected to grow at a compounded annual growth rate (CAGR) of ~9% through forecast period, 2018-2028.

There are several factors that are likely to contribute towards the healthy growth of the consent management market in the upcoming years. The growing trend of plain text presentation complemented by the suggestions of the Personal Information Management Services (PIMS) to reduce confusion in consent management is likely to positively influence the growth of the consent management market.

In addition, the amendment of new regulations including the General Data Protection Regulation (GDPR) in conjunction with growing consumer concerns over data security has compelled numerous companies to increase their overall expenditure towards upgrading their internal structure to enhance the efficiency of consent management.

In addition, according to an analyst at Future Market Insights,” There is a notable growth in demand for highly efficient personal data storage equipment and book keeping within companies. The surge in demand can be attributed towards the growing need within the companies to improve their consent management solutions.”

Surge in Demand from Website Developers to Boost Market Growth

Consent management platforms play a key role in assisting websites to comply with the various data management requirements introduced by the regulatory bodies to streamline consent collection. In the current scenario, website developers are continually focusing on the integration of consent management platforms to ensure that the users are aware of the type of personal data required. In addition, integration of consent management also aims towards asking users for their consent for every data-processing application. The consent management market is likely to experience significant growth in the upcoming years due to cost-effective offerings put forward by cloud service companies. In addition, it is anticipated that the cost-efficiency of cloud solutions is likely to assist consent management platform vendors to expand their overall presence in regional markets.

Asia-Pacific Offers Promising Opportunities for Market Players

According to the study, sensing the growing requirement for systematic enterprise management systems in Asia and Middle East & Africa, multiple consent management providers are eyeing investment opportunities in the aforementioned regions. Moreover, the report reveals that the established names in the market are vying to expand their global market presence by tapping the opportunities in offshore markets in the Asia-Pacific region. Further, the rapid improvement in the technological capabilities of nations within Asia-Pacific are likely to present a plethora of opportunities for established as well as new market entrants.

Consent Management Market: Vendor Insights The report includes a list of prominent companies involved in the consent management market along with resourceful insights such as market share, size, growth, revenue share, product offerings, and more of each company. Some of the leading companies included in the market study are, Rakuten Marketing, Trunomi, Quantcast, ConsentEye, CYBOT, OneTrust, and more.

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