The Global Consent Management market has fuelled the market demand owing to rising cyber threat and introduction of GDPR
Consent Management
The global consent management market analysis expected to increase market value by USD 825 million, with spurring CAGR in the forecast period from 2020-2027. The market demand for comprehensive consent management is emerging due to increasing digitization, online companies, rising penetration of the internet, and generate trillions of data is fueling the market demand.
In the era of big data, data is the cornerstone of artificial intelligence (AI) and deep learning (deep learning). It also reflects the competitiveness of enterprises. As part of the data resources, personal data should be circulated and used regularly. The GDPR stipulates strict rules of consent, but its idea of strengthening individual rights also gives individuals substantial control over the subsequent use of personal data, which will inevitably cause a better to the data economy.
Moreover, various companies use cloud built-in data security and privacy services to provide efficient platforms and tools to help protect sensitive data, no matter where the data located. Therefore, the increasing need for using GDPR readiness allows companies to increase data transparency and control data, helping companies increase efficiency, discover business opportunities, and achieve innovation faster.
Component overview in the Global Consent Management Market
Based on the component, the global consent management market bifurcated into Services, Software. The software segment is dominating the maximum share of the global consent management market in the forecast period. The use of consent management software helps manage the users' life cycle and keep recording the users' consent to take control of their data and get access. Thus, software used by various tech companies to enhance their user experience by analyzing their search behavior.
Touchpoint overview in the Global Consent Management Market
Based on the touchpoint, the global consent management market segmented into Mobile App, Web App. The web app segment dominates the market share for the global consent management market. The rising need for consent requirement from the user is rising as many users do not allow to submit their data as they are concerned about their privacy.
Deployment overview in the Global Consent Management Market
Based on the deployment, the global consent management market categorized into Cloud, On-premises. The cloud segment captures the highest share in the global consent management market for the forecast period from 2020-2027. It is mainly due to collecting information and data from web applications and mobile applications and manipulating data for different users according to the requirement.
Organization Size overview of the Global Consent Management Market
Based on the organization size, the global consent management market classified into Large Enterprises, Small, and Medium-sized Enterprises (SMEs). The Small and medium-sized enterprises segment helps in fueling the market share for the global consent management market. It is mainly due to the benefits of cloud deployment in small and medium-sized enterprises, which helps keep their core competencies and saves them a high capital investment.
Region overview in the Global Consent Management Market
Based on geography, the global consent management market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is the fastest-growing global consent management market, accounting for the largest share. It is mainly due to rising cyber threats and the use of customer information without consent to increase the need for consent management.
Global Consent Management Market:Competitive Landscape
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