At present, the whole world is experiencing strict data privacy legislation across the global economies. Globally operating organizations have no options left but to adopt cross-border and cross-regulatory compliance strategies to efficiently operate the system. Growing incidents of individual’s information breaches across various industries and growth in privacy technology market are expected to up surge the demand for consent management solutions, and the companies in the ecosystem of consent management solution are seen to significantly adopt the consent management solution, and cater to its burgeoning demand and requirement.
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Impact of COVID-19 Pandemic on Consent Management Market
The COVID-19 outbreak began in Wuhan (China) in December 2019, and since then, it has spread at a fast pace around the globe. The US, India, the UK, Spain, Germany, and Brazil are some of the worst affected countries in terms confirmed cases, daily increase in cases, and reported deaths. Varied manufacturing, technology, and service based industries have been impacted due to the outbreak of COVID-19. This outbreak has caused disruptions in several industries across the globe. The consent management market is no different from other markets and hence witnessed interruptions in its sales and penetration globally.
Various factors are propelling the growth of consent management market, such as growing incidents of individual’s information breaches across various industries and growth in privacy technology market. These factors are expected to up surge the demand of consent management solutions, and the companies in the ecosystem of consent management solution are seen to significantly adopt the consent management solution, and cater to its burgeoning demand and requirement.
Technology plays a crucial role in the contemporary consent management. The increasing number of vendors for privacy technology has propelled the privacy technology market in the recent years. The marketplace of privacy technology has become a dynamic ecosystem. More than 100 companies provide consent management owing to the new compliance requirements by the GDPR. There is an uptick in the usage of privacy technology, along with the increase in overall privacy budgets every year. The increasing demand for corporate governance and compliance across the region mainly in China, India, Singapore, and Hong Kong as the concern toward the protection of personal data of the employee as well as the customer in the organization is increasing. The continuous growth in the digitalization and government initiatives for the protection of personal and confidential information across the region, is leading towards the adoption of consent management solutions across various organizations.
Strategic Insights
In the consent management market, companies mainly adopt the market initiatives strategy to expand their footprint worldwide by meeting the growing demand for their offerings. This strategy is mostly observed to be implemented in the market in North America. A few of the recent initiatives in the consent management market are listed below:
2020: TrustArc, the leader in privacy compliance and risk management, declared a significant expansion to the TrustArc Privacy Management Platform that resolves and automates the process of controlling privacy and data risk across the organization. Delivered through TrustArc’s Risk Profile, the new capabilities offer a comprehensive view of risk across companyprocesses and third-party systems and generate automated, actionable business insights.
2019: One Trust, announced the One Trust Data Discovery Partner Program with inaugural partners including BigID, Dataguise, IBM Security and Varonis. One Trust’s solution integration with these providers helps customers to populate the data and discovery scans into the OneTrust Data Inventory & Mapping solution and trigger additional privacy workflows to maintain up-to-date records of processing.
2019: Crownpeak, announced a new extension for “Launch” – Adobe’s Cloud Platform tag-management facility, to help marketers simplify compliance with global privacy laws while delivering premium quality user experiences in Adobe Cloud.
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