Report : Europe Consent Management Market Forecast to 2030 – Regional Analysis – by Component (Solution and Services), Deployment (On-premises and Cloud-based), and End-use Industry (Retail, Government, IT & Telecom, BFSI, Healthcare, Education, Media & Entertainment, and Others)
At 21.0% CAGR, the Europe Consent Management Market is Speculated to be Worth US$ 771.44 million by 2030, says Business Market Insights.
According to Business Market Insights' research, the Europe consent management market was valued at US$ 168.11 in 2022 and is expected to reach US$ 771.44 million by 2030, registering a CAGR of 21.0% from 2022 to 2030. Rising need for AI in consent management is among the critical factors attributed to the Europe consent management market expansion.
With the rise of artificial intelligence (AI) and its increasing use in various industries, the need to integrate Al, particularly to ensure GDPR compliance, is increasing. Using AI in consent management can help automate various processes, such as data collection, storage, and analysis. It also has the potential to streamline the compliance process and make it more efficient, which can further help reduce the risk of human error. For example, the technology can be used to identify and flag sensitive data, helping organizations keep track of their data assets and avoid breaches. Moreover, AI can be used to ensure that data is processed as per the GDPR. For instance, AI can be programmed to help ensure that only the minimum necessary data is processed, and further, the data will be erased when no longer needed. This will help organizations avoid penalties and fines resulting from GDPR non-compliance.
In addition, AI can also help automate Data Protection Impact Assessments (DPIAs), as DPIAs are mandatory under GDPR policies and should be conducted when a new technology that can have a high risk to the rights and freedoms of individuals is introduced. Also, AI algorithms can analyze data and identify potential risks, saving time and effort of the organizations in conducting the assessments. Furthermore, AI-powered chatbots can help interact with data subjects and obtain their consent for data processing. This chatbot can help present the privacy notice and answer questions about data collection and its use, allowing individuals to provide their consent in a conversational manner. Additionally, an AI system could be trained in order to predict which data subjects are likely to provide consent for data processing depending on their past behavior and demographic information. This information can be further used to target and optimize the consent management process. Moreover, smart forms or AI-powered forms can be used to obtain the consent of individuals in a user-friendly and efficient manner.
On the contrary, growing adoption of other privacy tools hampers the growth Europe consent management market.
Based on component, the Europe consent management market is bifurcated into solution and services. The solution segment held 76.5% share of the Europe consent management market in 2022, amassing US$ 128.63 million. It is projected to garner US$ 604.39 million by 2030 to expand at 21.3% CAGR during 2022–2030.
By deployment, the Europe consent management market is bifurcated into on- premises and cloud-based. The cloud-based segment held 74.4% share of the Europe consent management market in 2022, amassing US$ 125.05 million. It is projected to garner US$ 586.03 million by 2030 to expand at 21.3% CAGR during 2022–2030.
In terms of end-use industry, the Europe consent management market is categorized into retail, government, IT & telecom, BFSI, healthcare, education, media & entertainment, and others. The BFSI segment held 29.6% share of Europe consent management market in 2022, amassing US$ 49.77 million. It is projected to garner US$ 283.48 million by 2030 to expand at 24.3% CAGR during 2022–2030.
Based on country, the Europe consent management market is segmented into Germany, France, Italy, United Kingdom, Russia, and the Rest of Europe. Germany held 24.2% share of Europe HVAC system market in 2022, amassing US$ 40.66 million. It is projected to garner US$ 165.72 million by 2030 to expand at 19.2% CAGR during 2022–2030.
Key players operating in the Europe consent management market Consentmanager AB, Crownpeak Technology Inc, IBM, OneTrust LLC, PIWIK PRO LLC, Rauten Marketing LLC, Didomi SAS, and CASSIE, 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
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@businessmarketinsights.com