By: Trent Lloyd, Head of APAC
Over the coming year, we can expect to see a continuation of the trend toward tighter regulations and increased protection of individual data privacy. There may also be a push for standardization of regulations across different regions, particularly in the U.S. For marketers, it’s going to be an important year to stay abreast of the latest shifts—regionally and globally.
In 2024, the advertising industry is poised to witness significant shifts in privacy regulations, driven by a growing emphasis on consumer data protection and privacy rights. Anticipated changes may include stricter controls on data collection practices, heightened consent requirements, and increased transparency measures. Governments and regulatory bodies worldwide are likely to enact more comprehensive and standardized frameworks, responding to the increasing concerns over user privacy. Brands and advertisers will need to adopt robust consent mechanisms, ensuring that users have clear and accessible options to control how their data is used for targeted advertising purposes.
Another expected trend in 2024 is the continued evolution of cookie alternatives and tracking technologies. With the phasing out of third-party cookies, regulators may scrutinize the adoption of alternative tracking methods to ensure compliance with privacy standards. Advertisers and technology providers will need to prioritize solutions that balance personalized advertising with robust privacy safeguards, aligning with the changing regulatory landscape and the evolving expectations of consumers.
Furthermore, 2024 may see an increased focus on global coordination in privacy regulations. As concerns surrounding cross-border data flows and international data transfers intensify, there could be efforts to establish more harmonized global privacy standards. This shift aims to create a cohesive regulatory environment that addresses the challenges posed by the increasingly interconnected nature of the digital advertising ecosystem—but a cohesive system is still a long ways off. Advertisers and industry stakeholders will need to closely monitor and adapt to these global initiatives, fostering collaboration and working with their data providers to uphold privacy standards and build trust with consumers on a global scale.
Data privacy concerns will continue to be a major challenge for the advertising technology industry in 2024, but organizations that have taken the necessary steps to prepare for a cookieless future and lean into AI capabilities will be a step ahead. Together, third-party cookie alternatives and AI will bring sustainable solutions to our industry’s most-pressing data challenges in 2024—and the timing couldn’t be better.
To ensure ethical and responsible data practices, marketers and their partners must continue to focus on transparency, quality, and compliance in data practices, as Kristina Prokop, co-founder of Eyeota and general manager of audience solutions at Dun & Bradstreet, recently told Digiday. This can be achieved by investing in key infrastructure and talent to regularly review and update data practices to meet industry standards and adapt to new regulations. At the same time, data providers and the industry at large must work toward compliance with laws and regulations while also advocating for the importance and benefits of targeted ads through branded ad campaigns and working with organizations such as the Ad Council to educate the public.
If you want to ensure your data-driven marketing strategy is ready to greet the challenges and opportunities of 2024, Eyeota is here to help. Connect with Eyeota’s Data Desk team today!
