Europe Consent Management Market
The European Union's (EU) General Data Protection Regulation (GDPR) is one of the strongest privacy and security laws in the world, which came into effect in May 2018. The regulation was introduced to improve the protection of European data rights and also standardize the process of safeguarding these rights. This agency will oversee the use of high-risk data practices, which include using automated decision systems, such as machine learning, profiling individuals on a large scale, and processing personally identifying biometric information, such as genetic data. The rise in changes and upgrades in regulations for data protection is shifting the vendors’ focus on developing the tools that would allow the companies to assess their compliance. In addition, in the coming years, jurisdictions worldwide are expected to create new requirements for data protection, and companies would raise their demand to leverage a comprehensive and mature compliance solution that would integrate with existing security as well as IT and marketing investments. This is further fueling the growth of the Europe consent management market.
At present, the whole world is experiencing strict data privacy legislation. Globally operating organizations have no options left but to adopt cross-border and cross-regulatory compliance strategies to operate efficiently. One of the major factors that have drastically impacted the way companies interact with customers and use their data is the growing data protection regulations by the governments of different countries. One such regulation is General Data Protection Regulation (GDPR), a data privacy regulation enforced by European Union (EU) in May 2018. As per the GDPR, an organization must take consent from the citizen whose personal data it wants to process. Consent management platforms and solutions help the website meet the GDPR and compliance by gaining user consent for collecting their data for further use during website visits via cookies. They also help the websites automate and simplify the consent management process. Some of the other drivers fueling the growth of Europe consent management market include stricter data privacy regulations, proliferation of data-driven technologies, increasing awareness and concerns for data privacy, and increasing demand for improved the customer experience. On the other hand, some of the restraining factors of the Europe consent management market include diverse regional regulations, user resistance and consent fatigue, cost of compliance, and implementation challenges.
The Europe consent management market is segmented based on component, deployment, end use industry, and country.
Based on component, the Europe consent management market is bifurcated into solution and services. The solution segment held a larger share in 2022.
By deployment, the Europe consent management market is bifurcated into on-premises and cloud-based. The cloud-based segment held a larger share in 2022.
In terms of end-use industry, the Europe consent management market is segmented into retail, government, IT & telecom, BFSI, healthcare, education, media & entertainment, and others. The BFSI segment held the largest share in 2022.
Based on country, the Europe consent management market is categorized into Germany, France, Italy, United Kingdom, Russia, and the Rest of Europe. Germany dominated the Europe consent management market in 2022.
Consentmanager AB, Crownpeak Technology Inc, IBM, OneTrust LLC, PIWIK PRO LLC, Rauten Marketing LLC, Didomi SAS, and CASSIE are among the leading companies operating in the Europe consent management market.
The Europe Consent Management Market is valued at US$ 168.11 Million in 2022, it is projected to reach US$ 771.44 Million by 2030.
As per our report Europe Consent Management Market, the market size is valued at US$ 168.11 Million in 2022, projecting it to reach US$ 771.44 Million by 2030. This translates to a CAGR of approximately 21.0% during the forecast period.
The Europe Consent Management Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe Consent Management Market report:
The Europe Consent Management Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Consent Management Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Consent Management Market value chain can benefit from the information contained in a comprehensive market report.
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