The audience data handlers like the social media platforms, websites, and other digital platforms track the users or visitors, and based upon the searches the users are provided customized relevant data recommendations. And the digital platforms cannot do this unless they take the consent of the users or audiences and if the consumer data is used without their consent, it can create severe data privacy issues and concerns for the platforms or enterprises. Thus, to avoid the consequences consent management platform is used by these data handlers. It allows the data handlers to meet GDPR regulations. The increased need for regulatory compliances is driving the Consent Management Services Market. —
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By Consent Management Services users’ consent can be obtained and data for providing customized solutions and recommendations can be collected through cookies during the audiences visit the website or any social media page. The Consent Management Services automates the consent management process of the brands. The brands gain customer insights, understand the preferences, track the customers, understand the target audience, monitor and respond to the requests. Moreover, it is also cost-effective and the most efficient way to prevent the enterprises from threats and data breaches thereby driving the Consent Management Services Market.
The vendors operating and leading the Consent Management Services Market are Rakuten Advertising (Rakuten, Inc.), Secure Privacy, Usercentrics (Usercentrics GmbH), Verizon Media, PossibleNOW, Otonomo Technologies Ltd., DIDOMI, HIPAAT International Inc., Sourcepoint, SAP SE, BigID, Inc, Piwik PRO, Crownpeak Technology, Inc., Crownpeak, TrustArc, Trunomi Ltd., iubenda, Cookiebot, Quantcast, OneTrust, LLC, OneTrust among others. The European countries are leading the market.
These players have launched new and innovative products and services to sustain the competitive landscape and improve the market position. Moreover, mergers and acquisitions are some strategic initiatives undertaken by these players for business expansion in domestic and global markets.
Europe generated the highest revenue in 2018 in the global consent management services market accounting for nearly 27% of the overall market. The quick rate of adoption of consent management services is attributed to the implementation of GDPR in May 2018. This regulation requires all companies worldwide to seek the consent of the citizens in EU to process their private data. The GDPR is more challenging than current EU data protection demands and applies more widely.
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Every requirement on its own — such as the right to be forgotten, information portability, 72-hour notification of breaches, information privacy impact assessments and design privacy — is demanding. This is expected to result in more number of companies to demand consent management services due to the complex nature of the compliance laws. This in turn is expected to act as a catalyst in accelerating the growth of the global consent management services market.
Key segments of the global consent management services market
Type Overview, 2015-2025 (USD million)
• Managed Services
• Professional Services
Application Overview, 2015-2025 (USD million)
• IT and Telecom
• Higher Education
• Retail and E-commerce
Regional Overview, 2015-2025 (USD million)
• Asia Pacific
o South Korea
o Southeast Asia
• Middle East & Africa
o South Africa
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What does the report include?
• The report focuses on consent management services market types and applications.
• The study on the global consent management services market includes qualitative factors such as drivers, and restraints
• The study covers qualitative and quantitative analysis of the market segmented on the basis of types, and application. Moreover, the study provides similar information for the key geographies
• Actual market sizes and forecasts have been provided for all the above-mentioned segments.
• The study includes the profiles of key players in the market with a significant global and/or regional presence.
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