Consent Management Platforms Statistics


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Consent Management Platforms Statistics 2023: Facts about Consent Management Platforms outlines the context of what’s happening in the tech world.

LLCBuddy editorial team did hours of research, collected all important statistics on Consent Management Platforms, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

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Top Consent Management Platforms Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 15 Consent Management Platforms Statistics on this page 🙂

Consent Management Platforms “Latest” Statistics

  • TCF registered vendors enabled monitoring for reasons for which they did not have customers’ authorization or a legitimate interest in doing so, accounting for 45% of the consent mismatches.[1]
  • A company that violates the terms of consent might be fined up to €20 million or 4% of its annual worldwide sales, whichever is greater.[2]
  • The market for consent management was estimated to be worth $318.3 million in 2020, and it is anticipated to grow to $2,271.1 million by 2030, at a CAGR of 21.9% from 2021 to 2030.[3]
  • Without a consent management platform, it may be almost hard to locate and regulate the cookies and trackers on websites since 72% of cookies are disguised as trojan horses or other trackers.[4]
  • Only 40% of respondents surveyed claimed to have bought or intend to buy consent management tools.[5]

Consent Management Platforms “Other” Statistics

  • By 2023, 65% of the world’s population will be subject to one of several privacy laws that will protect their personal information.[6]
  • Consent Management Providers (CMPs) provide consent pop-ups that are embedded in ever more websites over time to enable streamlined compliance with the legal requirements for consent mandated by the ePrivacy Directive and the General Data Protection Regulation (GDPR).[7]
  • More than 57% of consumers, according to a poll by privacy compliance technology firm TrustArc, choose businesses that display badges or seals attesting to their GDPR compliance over those that do not.[3]
  • According to a June 2018 survey of 328 privacy professionals worldwide conducted by TrustArc and the International Association of Privacy Professionals, companies are purchasing CMPs less often than other privacy-focused products.[5]
  • Adzerk examined how CMPs were used by the 10,000 most popular websites in the US and the UK, as determined by Alexa rankings.[5]
  • Companies that violate the GDPR face a fine of €20 million ($22.1 million) or 4% of global revenues, whichever is greater.[5]
  • Since July, the first month that Adzerk started monitoring CMP use, the study discovered that more popular websites are now employing CMPs in both the UK and the US, by an increase of roughly 3 percentage points.[5]
  • According to Mediavine, CPMs were 52% higher and fill rates were 39% higher for websites that used a CMP.[8]
  • Google’s CMP (known as Google Funding Choices) is in 81 sites across the Top 10 US sites (as of Q3 2021), making it the 6th most-common IAB-certified CMP.[8]
  • Quantcast reports a 90% opt-in rate while Purch’s is still high at 70%, showing that the intrusiveness of the prompt isn’t stopping consumers from interacting with the material.[8]

Also Read

One of the key advantages of Consent Management Platforms is that they enable companies to be transparent and communicative with their users about the data they collect and how it will be used. By presenting clear and easily understandable consent banners or notices, users are more informed about the data practices of a company, leading to increased trust and confidence in providing their personal information. This transparency not only helps companies comply with regulations but also builds goodwill with customers who value their privacy.

Moreover, Consent Management Platforms allow users to control their consent preferences, giving them the power to choose what information they are comfortable sharing. This level of granular control ensures that users feel empowered and respected, fostering a positive relationship between consumers and businesses. By allowing users to easily withdraw their consent at any time, companies demonstrate their commitment to putting user privacy first, enhancing their reputation and brand integrity.

From a regulatory standpoint, Consent Management Platforms play a crucial role in helping companies demonstrate compliance with data protection regulations. By maintaining comprehensive records of user consents, companies can easily provide evidence of data consent processes for regulatory audits. This accountability not only protects businesses from fines and legal repercussions but also fosters a culture of compliance and responsibility toward user privacy.

While Consent Management Platforms offer numerous benefits, they are not without their challenges. Some critics argue that these platforms can result in consent fatigue, as users are bombarded with numerous consent requests from various websites or apps. This overload of consent notices can lead to frustration and confusion, ultimately diminishing the user experience. To mitigate this issue, companies must strive to create concise, user-friendly consent interfaces that prioritize clarity and simplicity.

Additionally, there are concerns about the effectiveness of Consent Management Platforms in truly safeguarding user privacy. As data breaches and privacy violations continue to make headlines, users are becoming increasingly skeptical about trusting companies with their personal information. To address this skepticism, companies must go beyond mere compliance with data regulations and prioritize a proactive approach to data protection. By implementing robust security measures, transparent data practices, and proactively engaging with users about their privacy concerns, companies can build a strong foundation of trust with their customers.

In conclusion, Consent Management Platforms are indispensable tools for businesses seeking to navigate the complex landscape of data privacy regulations and build trust with their users. While there are challenges to overcome, the benefits of transparency, user control, and regulatory compliance that these platforms offer far outweigh the drawbacks. As the landscape of data privacy continues to evolve, companies must invest in robust consent management strategies to ensure the protection of user privacy and build a reputation as responsible stewards of user data.

Reference

  1. digiday – https://digiday.com/media/ad-trackers-continue-to-collect-europeans-data-without-consent-under-the-gdpr-say-ad-data-detectives/
  2. ethyca – https://ethyca.com/about-consent-management
  3. alliedmarketresearch – https://www.alliedmarketresearch.com/consent-management-market-A13703
  4. cookiebot – https://www.cookiebot.com/en/consent-management-platform-cmp-cookiebot-cmp/
  5. insiderintelligence – https://www.insiderintelligence.com/content/how-the-gdpr-helps-consent-management-platforms
  6. adtelligent – https://adtelligent.com/blog/what-is-consent-management-platform/
  7. springer – https://link.springer.com/chapter/10.1007/978-3-030-76663-4_3
  8. kevel – https://www.kevel.com/blog/consent-management-platforms/

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