Liminal Forecasts Global Market for Privacy and Consent Management Solutions to Reach $5.4 Billion by 2028: New Research Reveals Market and Buyer Trends

NEW YORK, Feb. 27, 2024 /PRNewswire/ -- In a report released by Liminal, a new analysis forecasts a significant growth opportunity in the privacy and consent management sector, estimating the total addressable market (TAM) to be $2.2 billion in 2024, growing to $5.4 billion by 2028, at a compound annual growth rate (CAGR) of 19.3%. This growth is driven by the increasing global adoption of data privacy regulations, such as the General Data Protection Regulation (GDPR), and the importance of managing user data effectively.

According to Liminal's Market and Buyer's Guide for Privacy and Consent Management, 96% of technology buyers surveyed feel exposed to data privacy risks. Businesses globally are struggling to comply with rigorous data privacy regulations, as seen in the rise of GDPR-related penalties; trying to meet modern privacy standards with outdated legacy systems further complicates the situation. Additionally, the global proliferation of GDPR-like privacy frameworks has increased the complexity and urgency of meeting compliance requirements.

"In the face of evolving data privacy regulations, it's clear that businesses are guided by innovation and resilience," stated Travis Jarae, CEO of Liminal. "Regulations have become the catalyst for a transformative shift in how businesses manage user data—a testament to their commitment to protecting data and fostering trust."

Based on survey responses from technology buyers across North America, Europe/UK, the Middle East and Africa, and Asia-Pacific, the report indicates that, in addition to meeting complex regulatory requirements, there is a strong preference for sophisticated, automated solutions that can bridge the gap between regulatory demands and effective data management practices, enabling the implementation of transparent, user-friendly consent processes. Buyers also signal a preference for features like privacy rights request management and incident and breach management, highlighting a shift towards a more proactive risk management approach to privacy that extends beyond basic compliance requirements.

Key research findings include:

• GDPR spurred a significant shift towards user privacy, with DPO registrations in Europe reaching 500,000—567% higher than expected despite relatively low penalties in 2018.
• 96% of businesses exploring privacy and consent management solutions cite non-compliance penalties as the most significant driver, highlighting the complexity of the regulatory environment.
• 74% of companies seek privacy and consent management solutions to address legacy system challenges in compliantly classifying data, driven by shifts in data privacy rules.
• 66% of respondents already use automated privacy solutions, with another 20% planning to switch within two years, underscoring the demand for tools that manage privacy and consent across the customer lifecycle.
• 72% of data privacy professionals rank privacy rights request management as a must-have capability, with incident and breach management also highly sought after.

The Market and Buyer's Guide for Privacy and Consent Management provides insights and essential information on selecting a privacy and consent management tool, enabling businesses to confidently address global data privacy challenges and maintain compliance and trust. Find more related research in Link^™ (client access).

About Liminal

Liminal is a global market intelligence and strategic advisory firm specializing in digital identity, financial crime and compliance, and IT security technology solutions across industries while catering to the private equity and venture capital community. Founded in 2016, Liminal offers strategic and analytical services supporting executive decision-making at all product and business lifecycle stages. We advise some of the world's most prominent business leaders, investors, and policymakers on building, acquiring, and investing in the next generation of solutions and technologies. We provide access to proprietary data and analysis, strategic frameworks, and integrated insights on the industry's only market intelligence platform.

Access more research with a free Link account or learn more at www.liminal.co. Follow news and updates from Liminal on LinkedIn or subscribe to our newsletter.

Contacts:

Stacy Schulman
Liminal Media Relations
[email protected]
1 (602) 616-9818

SOURCE Liminal Strategy, Inc.