At 23.0% CAGR, the Asia Pacific Consent Management Market is Projected to be Worth US$ 513.35 Million by 2030, Says Business Market Insights

According to Business Market Insights' research, the Asia Pacific consent management market was valued at US$ 97.95 in 2022 and is expected to reach US$ 513.35 million by 2030, registering a CAGR of 23.0% from 2022 to 2030. Growing data breaches across various industries are among the critical factors attributed to the Asia Pacific consent management market expansion.

In 2022, the Ministry of Electronics and Information Technology (MeitY) of India released a draft of the Digital Personal Data Protection Bill, which introduced a new framework for personal data protection. Through this bill, the government of India aimed to outline the rights and duties of the citizen and the obligations to use collected data lawfully. Thus, 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 Asia Pacific consent management market.

Furthermore, the demand for corporate governance and compliance across the region, mainly in China, India, Singapore, and Hong Kong is increasing, as the concern toward the protection of personal data of the employee as well as the customer in the organization is also increasing. Also, the continuous growth in digitalization and increase in government initiatives for the protection of personal and confidential information across the region are leading to the rise in the adoption of consent management solutions across various organizations. Furthermore, digital innovation propelled by enhanced internet connectivity as well as the adoption of smartphones, especially across Southeast Asia, is leading toward the growth of the Asia Pacific consent management market. In Australia, in 2022, the government announced increasing fines under the Privacy Act 1988 for data breaches. Under this, the maximum fine for a serious invasion or repeated invasion of privacy was increased to approximately US$ 6.79 million (AUD 10 million), three times any benefit obtained from the invasion breach and 10% of Australian annual revenue. Such obligatory nature of the governments of the countries mentioned above is making it compulsory to use consent management solutions to avoid situations of a data breach, further creating an opportunity for the growth of the Asia Pacific consent management market.

On the contrary, growing adoption of other privacy tools hampers the growth Asia Pacific consent management market.

Based on component, the Asia Pacific consent management market is bifurcated into solution and services. The solution segment held 77.5% share of the Asia Pacific consent management market in 2022, amassing US$ 75.96 million. It is projected to garner US$ 407.13 million by 2030 to expand at 23.4% CAGR during 2022–2030.

In terms of deployment, the Asia Pacific consent management market is bifurcated into on- premises and cloud-based. The cloud-based segment held 69.1% share of the Asia Pacific consent management market in 2022, amassing US$ 67.67 million. It is projected to garner US$ 376.45 million by 2030 to expand at 23.9% CAGR during 2022–2030.

By end-use industry, the Asia Pacific consent management market is segmented into retail, government, IT & telecom, BFSI, healthcare, education, media & entertainment, and others. The BFSI segment held 30.6% share of Asia Pacific consent management market in 2022, amassing US$ 29.99 million. It is projected to garner US$ 193.01 million by 2030 to expand at 26.2% CAGR during 2022–2030.

Based on country, the Asia Pacific HVAC system market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China held 24.1% share of Asia Pacific HVAC system market in 2022, amassing US$ 23.63 million. It is projected to garner US$ 99.88 million by 2030 to expand at 19.7% CAGR during 2022–2030.

Key players operating in the Asia Pacific consent management market are Consentmanager AB, IBM, OneTrust LLC, and Rauten Marketing LLC, among others.

• In May 2021, DataGuard, a data privacy and information security company, launched a new Consent and Preference Management platform, DataGuard Consent Management. The platform helps capture and manage the consent and preferences of customers, users, and employees.
• In Feb 2020, the new company integrated together Rakuten Marketing’s expansive affiliate network, programmatic retargeting and prospecting technology with consumer insights from Rakuten Intelligence, and a unique set of global media properties so that brands can discover rich audiences and build enduring relationships including Rakuten TV, Rakuten Viber, and Rakuten Viki.

Contact Us
Phone: +16467917070
Email Id: sales@businessmarketinsights.com