Consent Management Market Worth $765 Million by 2025 - Exclusive Report by MarketsandMarkets

CHICAGO, June 4, 2020 /PRNewswire/ -- According to a research report "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", published by MarketsandMarkets, the Consent Management Market size is projected 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.

The major factors driving the growth of the Consent Management Market include growing awareness on data compliance regulations; rising cyberattacks, data breaches, and the need for data security; increased demand for customers to control their consent and preferences; and implementation of Privacy by Design (PbD) to enhance data privacy.

Browse in-depth TOC on "Consent Management Market"
102 – Tables
40 – Figures
154 – Pages

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The software segment to lead the market during the forecast period

A robust consent management software manages the entire life cycle, including the collection, storage, and documentation of the consent of the users. The software leverages the eConsent management engine that identifies data subjects and harmonizes their consent preferences collected through any collection point, such as web, mobile, and over-the-top (OTT) channels. It enables an organization to record the consent interactions with their customers, employees, and users. It allows them to choose what they consent to, what purposes they accept, and to control access to their personal data. The software allows publishers, advertisers, and tech companies to consolidate and simplify the user experience across these domains and devices to provide the right personalized experience based on a user's preference.

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.