At 17.0% CAGR, South & Central America Consent Management Market is Projected to be Worth US$ 104.55 Million by 2030, says Business Market Insights.

According to Business Market Insights' research, the South & Central America consent management market was valued at US$ 29.80 million in 2022 and is expected to reach US$ 104.55 million by 2030, registering a CAGR of 17.0% from 2022 to 2030. Integration of blockchain technology and growing data breaches incidents across various industries are among the critical factors attributed to the South & Central America consent management market expansion.

Despite the GDPR guidelines that have been in effect since May 2018, the level of compliance differs from one organization to another. The stress toward full compliance has increased, driving organizations to evaluate their data collection processes further. However, many are struggling with the cost of integration and technology. Many GDPR implementations of proof-of-consent are projected to involve Blockchain technology in the coming years. The integration of Blockchain into consent management solutions will augment user control and privacy. Trust improvement, immutability because of the unfeasibility of ledger falsification, and transparency are some of the exhibiting features of Blockchain-based solutions. Orange, one of the prominent players in telecommunications networks globally, also provides consent management solutions. The company uses Blockchain technology in its orange consent management service solution. Additionally, the company has made it possible to share consent management functions in different applications. The use of Blockchain technology in consent management overcomes the issues present in traditional consent management solutions. Earlier in the solution, dedicated records were used, and thus, the user had to describe his consent for each application. The integration of the technology will help the consent management providers to resolve issues present in traditional consent management solutions. Thus, the growing need for the integration of blockchain technology in consent management solutions is anticipated to further propel the growth of the market during the forecast period.

On the contrary, growing adoption of other privacy tools hampers the growth of South & Central America consent management market.

In terms of component, the South & Central America consent management market is bifurcated into solution and services. The solution segment held 80.0% market share in 2022, amassing US$ 23.85 million. It is projected to garner US$ 85.14 million by 2030 to expand at 17.2% CAGR during 2022-2030. The solution segment is further divided into preference management and cookie management.

Based on deployment, the South & Central America consent management market is bifurcated into on- premises and cloud-based. The cloud segment held 68.7% share of the South & Central America consent management market in 2022, amassing US$ 20.46 million. It is projected to garner US$ 74.24 million by 2030 to expand at 17.5% CAGR during 2022-2030.

By end-use industry, the South & Central America consent management market is segmented into retail, government, IT and telecom, BFSI, healthcare, education, media & entertainment, and others. The BFSI segment held 31.5% share of South & Central America consent management market in 2022, amassing US$ 9.38 million. It is projected to garner US$ 40.29 million by 2030 to expand at 20.0% CAGR during 2022-2030.

In terms of country, the South & Central America HVAC system market is segmented into Brazil, Argentina, and the Rest of South & Central America. Brazil held 75.7% share of South & Central America HVAC system market in 2022, amassing US$ 22.56 million. It is projected to garner US$ 80.61 million by 2030 to expand at 17.3% CAGR during 2022-2030.

Key players operating in the South & Central America consent management market are Consentmanager AB, IBM, OneTrust LLC, and Rauten Marketing LLC, are 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.

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