Market Trends of Consent Management Industry
This section covers the major market trends shaping the Consent Management Market according to our research experts:
Growing digitalization drives growth for the market
- Digitalization is one of the most rapidly spreading concepts all over the world. People and businesses are increasingly turning to digital channels to connect.
- Various online tools and platforms enable businesses to reach out to potential customers while retaining existing customers. Furthermore, during the pandemic, people shifted to online communication and online shopping, increasing the popularity of these modes of communication.
- The ongoing trend of well-established consent management software and service providers acquiring stand-alone consent management vendors will significantly boost the consent management market growth. For Instance, TrustArc acquired privacy technology provider Nymity as the San Francisco-based firm looks to drive the development of next-generation, tech-driven privacy products.
- For Instance, Piwik PRO has introduced a new feature Piwik PRO Core which gives users the ability to create ambitious analytics projects while building trust with a privacy-friendly approach. These consent management platform vendors also strive to provide improved user interface and engagement throughout the next generation of solutions.
- All these transactions and communications require the customer to add their sensitive data on these sites or apps, thus, augmenting the demand for consent management solutions in the market.
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Asia Pacific region is Expected to Hold a Significant Market Share
- In the Consent Management Market, Asia Pacific is the fastest-growing region. The region is made up of several developing countries that are experiencing rapid growth in their information technology and telecommunications sectors.
- Corporate governance and compliance are becoming more important in the region, especially in China, India, Singapore, and Hong Kong, where customers and employees are worried about the safety of their personal information.
- Furthermore, increasing consumer demands to properly manage their preferences and consent and a growing understanding of data agreement regulations are expected to drive market growth over the next five years. For instance, Optus had a significant data breach problem. To facilitate targeted data exchange between telecommunications companies and banks, Australia proposed changing consumer privacy laws.
- The region's continued digitalization and government initiatives to protect personal and confidential information are driving the adoption of consent management solutions across various organizations. The consent management market is also pushed forward by digital innovation, which is driven by better internet connections and more people using smartphones, especially in Southeast Asia.
In India, for example, the Indian Personal Data Protection Bill 2019 makes it easier to withdraw or give consent for personal data processing through a consent manager. The Data Protection Bill empowers the Data Protection Authority to establish financial, operational, technical, and other guidelines for consent managers. The Reserve Bank of India (RBI) is in the process of standardizing the way that large amounts of financial data are managed with consent.
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