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Consent Management Market Growing at a CAGR 19.3% | Key Player Trustarc, Cookiebot, Iubenda, Trunomi, Crownpeak

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Consent Management Market Growing at a CAGR 19.3% | Key Player Trustarc, Cookiebot, Iubenda, Trunomi, Crownpeak

March 27
00:06 2021
Consent Management Market Growing at a CAGR 19.3% | Key Player Trustarc, Cookiebot, Iubenda, Trunomi, Crownpeak

OneTrust (OneTrust, LLC.), Quantcast, Cookiebot (Cybot A/S), iubenda (iubenda s.r.l), Trunomi (Trunomi Ltd.), TrustArc (TrustArc Inc.), Crownpeak (Crownpeak Technology, Inc.), Piwik PRO (Piwik PRO Sp. z o.o.), BigID (BigID, Inc.), CIVIC, SAP SE (SAP), Sourcepoint, HIPAAT (HIPAAT International Inc.), Didomi (DIDOMI), Osano (Osano, Inc.), Otonomo
Consent Management Market by Component (Software and Services), Touchpoint (Mobile App and Web App), Deployment Type (Cloud and On-premises), Organization Size (SMEs and large enterprises), and Region – Global Forecast to 2025

MarketsandMarkets projects the Consent Management Market to grow from USD 317 million in 2020 to USD 765 million by 2025, at a Compound Annual Growth Rate (CAGR) of 19.3% during the forecast period. Major factors that are expected to drive the growth of the market include growing awareness on data compliance regulations; rising cyberattacks, data breaches, and the need for data security; increasing demand for customers to control their consent and preferences; and implementation of Privacy by Design (PbD) to enhance data privacy.

Professional services segment to lead the market during the forecast period

Professional services are required during and after the implementation of the consent management software. These services include consulting, implementation, and support and maintenance services. As the nature of these services is complex, service providers must possess high levels of technical skills and expertise. Several vendors in the consent management market offer professional services and provide consulting based on client-specific requirements. They offer educational support, such as training and classroom lectures (online and offline), to help clients understand their software and related processes. They also assess the risks associated with any project and help deploy a better consent management software or replace the existing one. Consent management experts and dedicated risk management teams specialize in the design and delivery of critical decision support software, tools, services, and expertise. The professional services segment is expected to hold a higher share in the consent management market.

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Cloud deployment mode to hold a larger market size during the forecast period

Cloud-based software offered by consent management providers have the functionalities to manipulate data sets and re-organize them as required for different customers or when regulatory requirements change. The cloud deployment mode is the most preferred deployment mode for securing web and mobile applications and is used by most Small and Medium-sized Enterprises (SMEs) as it is easy to maintain and upgrade. The cloud deployment mode involves the storage of applications and software on remote servers and provide access through the internet. The cloud deployment mode is growing at a faster pace in the consent management market. SMEs, in particular, have implemented the cloud deployment mode, as it enables them to focus on their core competencies, rather than investing their limited capital in security infrastructure.

Key and emerging market players include OneTrust (OneTrust, LLC.), Quantcast, Cookiebot (Cybot A/S), iubenda (iubenda s.r.l), Trunomi (Trunomi Ltd.), TrustArc (TrustArc Inc.), Crownpeak (Crownpeak Technology, Inc.), Piwik PRO (Piwik PRO Sp. z o.o.), BigID (BigID, Inc.), CIVIC, SAP SE (SAP), Sourcepoint, HIPAAT (HIPAAT International Inc.), Didomi (DIDOMI), Osano (Osano, Inc.), Otonomo (Otonomo Technologies Ltd.) , PossibleNOW (PossibleNOW, Inc.), Verizon Media, Usercentrics (Usercentrics GmbH), Secure Privacy, and Rakuten Advertising (Rakuten, Inc.). These players have adopted various strategies, such as new product launches and product enhancements; expansions; acquisitions; and partnerships, agreements, and collaborations, to grow in the consent management market.

OneTrust is a prominent player in the consent management market and provides the Consent Management Platform (CMP) for publishers to comply with General Data Protection Regulation (GDPR), California Consumer Privacy Act (CCPA), and ePrivacy regulations, and frameworks from the Internet Advertising Bureau (IAB) and Digital Advertising Alliance (DAA). The solution also supports the latest standards and frameworks, helping publishers collect valid consent and deliver personalized ads across mobile, web, and Over-The-Top (OTT) properties. OneTrust PreferenceChoice CMP enables publishers to optimize consent rates, while ensuring compliance with global regulations and frameworks, engaging with customers across web, mobile, OTT, and offline channels. The company has adopted organic growth strategies, such as product expansions and new product launches, to expand its consent management offerings. For instance, in March 2018, the company launched Universal Consent and Preference Management Platform to simplify GDPR compliance for marketers. OneTrust’s Universal Consent and Preference Management tool simplifies the challenges, such as maintaining an accurate audit trail of valid consent, and helps organizations collect valid consent.

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Quantcast is another key player in the consent management market. The company provides Quantcast Choice, which is a free and effective consent management provider solution for publishers and advertisers. The solution is built on and registered with the IAB Europe Transparency and Consent framework. Quantcast Choice offers multiple design templates to enable website operators to customize the look of the consent interface. The solution enables consumers to access granular options, such as vendor or purpose-level consent preferences. Quantcast choice provides features, such as consent notification, proof of compliance, privacy preferences, signal capturing and sharing, and audience insights. The company has adopted inorganic growth strategies, such as partnerships, to expand its business operations. For instance, in February 2020, Quantcast and Kochava partnered to deliver combined web and mobile app solution for CCPA. The partnership will support the upcoming version 2.0 of IAB Europe’s Transparency and Consent Framework across the web and mobile apps.

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