At present, the whole world is experiencing strict data privacy legislation across the global economies. Globally operating organizations has no options left but to adopt cross-border and cross-regulatory compliance strategies to efficiently operate in the system. Consent management platform and solutions help the website to meet the GDPR regulation and compliance, by gaining user consent for collecting their data (and for further using it) during website visit via cookies. It also helps the websites to automate and simplify the consent management process. Various factors such as growing incidents of individual’s information breaches across various industries and growth in privacy technology market are propelling the growth of consent management market.
The Asia Pacific Consent Management market is growing along with the Technology, Media and Telecommunications industry, but the market is likely to slow down its growth due to the shortage of skilled professionals, suggests the Business Market Insights report.
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Market Overview and Dynamics
The consent management market in APACwas valued at US$63.45 million in 2019 and is projected to reach US$ 281.96 million by 2027; it is expected to grow at a CAGR of 20.9% from 2020 to 2027. Growing demand for consent management solutions and stringent government regulations regarding the public data protection are driving the growth of consent management market across the region. However, the lack of skilled professionals is a hindering factor to the growth of the consent management market. Further, technological advancement is creating business opportunities for companies operating in the market to achieve a significant share of consent management market.
Key Market Segments
In terms of component, thesolutionsegment accounted for the larger share of the APACconsent management marketin 2019. In terms of deployment, the cloudsegment held a larger market share of theconsent management marketin 2019. Further, in terms of end-use industry, the BFSIsegment held a larger share of the market in 2019.
These factors are expected to offer broad growth opportunities in the Technology, Media and Telecommunications industry and this is expected to cause the demand for Asia Pacific Consent Management in the market.
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APACCONSENT MANAGEMENT MARKET SEGMENTATION
APAC Consent Management Market,by Solution
APAC Consent Management Market,by Deployment
APAC Consent Management Market,by End-Use Industry
- IT & Telecom
- Media & Entertainment
APAC Consent Management Market,by Country
- South Korea
- Rest of APAC
APAC Consent Management Market-Companies Mentioned
- IBM Corporation
- Trustarc Inc.
- ONETRUST, LLC
- PIWIK PRO
- RAKUTEN ADVERTISING
Major Sources and Companies Listed
A few major primary and secondary sources referred while preparing this report on the consent management marketin APACare company websites, annual reports, financial reports, national government documents, statistical database, and among others. IBM Corporation, Trustarc Inc., Onetrust, LLC, Piwik Pro, and Rakuten Advertising are the major companies listed in the report.
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