asia pacific consent management Market

The consent management market in APACwas valued at US$63.45 million in 2019 and is projected to reach US$ 281.96 million by 2027; it is expected to grow at a CAGR of 20.9% from 2020 to 2027.

The Asia Pacific is the fastest-growing region in the consent management market. The region consists of several developing countries that are witnessing high growth in their information technology and telecommunication sector. The 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 to 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 South East Asia, are leading towards the growth of the consent management market.

Based on the end-use industry, the consent management market is segmented into retail, government, IT & telecom, BFSI, Healthcare, education, media & entertainment, and others. Financial service providers are rapidly adapting to the enhanced requirements by establishing a robust mechanism to store and secure customer consent. Consent management solution in the financial service sector enables the efficient management of customer preferences on data processing and change in consent settings. The vendor offers inbuilt review processes to ensure continued compliance. Data privacy is at high priority in the financial sector. Banks, financial institutions, and insurance companies manage a massive amount of sensitive and confidential data about their customers. Therefore, the use of consent management software plays a vital role in protecting the data from getting authorized by third parties.

The COVID-19 is anticipated to cause huge disruptions in the Asia Pacific region. Asia pacific is a crucial region as massive number of industries beginning from banking to retail to healthcare and technology has their imprints. However, due to arrival of pandemic situation across the region caused from Wuhan (China) has caused disruptions in mentioned all industries and created a negative impact in their growth. Massive amount of data is generated through Asian countries including, India, China, Japan, Singapore, and more. Therefore, to ensure privacy of their data, GDPR is getting followed rigorously. This feature will support the large enterprises and gigantic industries to have strong hold on spending significant amount on the same. The mentioned aspect will help the consent management market to grow gradually from 2021.

Overall size of the APAC consent management market has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the consent management market. The process also serves the purpose of obtaining an overview and forecast for the APAC consent management market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the APAC consent management market are IBM Corporation, Trustarc Inc., Onetrust, LLC, Piwik Pro, Rakuten Advertising are among a few players operating in the APAC consent management market.