diff --git a/cpp/cmake_modules/ThirdpartyToolchain.cmake b/cpp/cmake_modules/ThirdpartyToolchain.cmake
index 1b8998a7dfe..36c8c33ab16 100644
--- a/cpp/cmake_modules/ThirdpartyToolchain.cmake
+++ b/cpp/cmake_modules/ThirdpartyToolchain.cmake
@@ -2369,6 +2369,856 @@ endmacro()
 # ----------------------------------------------------------------------
 # Dependencies for Arrow Flight RPC
 
+macro(build_absl_once)
+  if(NOT TARGET absl_ep)
+    message(STATUS "Building Abseil-cpp from source")
+    set(ABSL_PREFIX "${CMAKE_CURRENT_BINARY_DIR}/absl_ep-install")
+    set(ABSL_CMAKE_ARGS
+        "${EP_COMMON_CMAKE_ARGS}"
+        -DABSL_RUN_TESTS=OFF
+        -DCMAKE_CXX_STANDARD=11
+        -DCMAKE_INSTALL_LIBDIR=lib
+        "-DCMAKE_INSTALL_PREFIX=${ABSL_PREFIX}")
+    set(ABSL_BUILD_BYPRODUCTS)
+    set(ABSL_LIBRARIES)
+
+    # Abseil produces the following libraries, each is fairly small, but there
+    # are (as you can see), many of them. We need to add the libraries first,
+    # and then describe how they depend on each other. The list can be
+    # refreshed using:
+    #   ls -1 $PREFIX/lib/libabsl_*.a | sed -e 's/.*libabsl_//' -e 's/.a$//'
+    set(_ABSL_LIBS
+        bad_any_cast_impl
+        bad_optional_access
+        bad_variant_access
+        base
+        city
+        civil_time
+        cord
+        debugging_internal
+        demangle_internal
+        examine_stack
+        exponential_biased
+        failure_signal_handler
+        flags
+        flags_commandlineflag
+        flags_commandlineflag_internal
+        flags_config
+        flags_internal
+        flags_marshalling
+        flags_parse
+        flags_private_handle_accessor
+        flags_program_name
+        flags_reflection
+        flags_usage
+        flags_usage_internal
+        graphcycles_internal
+        hash
+        hashtablez_sampler
+        int128
+        leak_check
+        leak_check_disable
+        log_severity
+        malloc_internal
+        periodic_sampler
+        random_distributions
+        random_internal_distribution_test_util
+        random_internal_platform
+        random_internal_pool_urbg
+        random_internal_randen
+        random_internal_randen_hwaes
+        random_internal_randen_hwaes_impl
+        random_internal_randen_slow
+        random_internal_seed_material
+        random_seed_gen_exception
+        random_seed_sequences
+        raw_hash_set
+        raw_logging_internal
+        scoped_set_env
+        spinlock_wait
+        stacktrace
+        status
+        statusor
+        strerror
+        str_format_internal
+        strings
+        strings_internal
+        symbolize
+        synchronization
+        throw_delegate
+        time
+        time_zone
+        wyhash)
+    # Abseil creates a number of header-only targets, which are needed to resolve dependencies.
+    # The list can be refreshed using:
+    #   comm -13 <(ls -l $PREFIX/lib/libabsl_*.a | sed -e 's/.*libabsl_//' -e 's/.a$//' | sort -u) \
+    #            <(ls -1 $PREFIX/lib/pkgconfig/absl_*.pc | sed -e 's/.*absl_//' -e 's/.pc$//' | sort -u)
+    set(_ABSL_INTERFACE_LIBS
+        algorithm
+        algorithm_container
+        any
+        atomic_hook
+        bad_any_cast
+        base_internal
+        bind_front
+        bits
+        btree
+        cleanup
+        cleanup_internal
+        compare
+        compressed_tuple
+        config
+        container_common
+        container_memory
+        core_headers
+        counting_allocator
+        debugging
+        dynamic_annotations
+        endian
+        errno_saver
+        fast_type_id
+        fixed_array
+        flags_path_util
+        flat_hash_map
+        flat_hash_set
+        function_ref
+        hash_function_defaults
+        hash_policy_traits
+        hashtable_debug
+        hashtable_debug_hooks
+        have_sse
+        inlined_vector
+        inlined_vector_internal
+        kernel_timeout_internal
+        layout
+        memory
+        meta
+        node_hash_map
+        node_hash_policy
+        node_hash_set
+        numeric
+        numeric_representation
+        optional
+        pretty_function
+        random_bit_gen_ref
+        random_internal_distribution_caller
+        random_internal_fastmath
+        random_internal_fast_uniform_bits
+        random_internal_generate_real
+        random_internal_iostream_state_saver
+        random_internal_mock_helpers
+        random_internal_nonsecure_base
+        random_internal_pcg_engine
+        random_internal_randen_engine
+        random_internal_salted_seed_seq
+        random_internal_traits
+        random_internal_uniform_helper
+        random_internal_wide_multiply
+        random_random
+        raw_hash_map
+        span
+        str_format
+        type_traits
+        utility
+        variant)
+
+    foreach(_ABSL_LIB ${_ABSL_LIBS})
+      set(_ABSL_STATIC_LIBRARY
+          "${ABSL_PREFIX}/lib/${CMAKE_STATIC_LIBRARY_PREFIX}absl_${_ABSL_LIB}${CMAKE_STATIC_LIBRARY_SUFFIX}"
+      )
+      add_library(absl::${_ABSL_LIB} STATIC IMPORTED)
+      set_target_properties(absl::${_ABSL_LIB} PROPERTIES IMPORTED_LOCATION
+                                                          ${_ABSL_STATIC_LIBRARY})
+      list(APPEND ABSL_BUILD_BYPRODUCTS ${_ABSL_STATIC_LIBRARY})
+    endforeach()
+    foreach(_ABSL_LIB ${_ABSL_INTERFACE_LIBS})
+      add_library(absl::${_ABSL_LIB} INTERFACE IMPORTED)
+      set_target_properties(absl::${_ABSL_LIB} PROPERTIES INTERFACE_INCLUDE_DIRECTORIES
+                                                          "${ABSL_PREFIX}/include")
+    endforeach()
+
+    # Extracted the dependency information using the Abseil pkg-config files:
+    #   grep Requires $PREFIX/pkgconfig/absl_*.pc | \
+    #   sed -e 's;.*/absl_;set_property(TARGET absl::;' \
+    #       -e 's/.pc:Requires:/ PROPERTY INTERFACE_LINK_LIBRARIES /' \
+    #       -e 's/ = 20210324,//g' \
+    #       -e 's/ = 20210324//g' \
+    #       -e 's/absl_/absl::/g' \
+    #       -e 's/$/)/'  | \
+    #   grep -v 'INTERFACE_LINK_LIBRARIES[ ]*)'
+    set_property(TARGET absl::algorithm_container
+                 PROPERTY INTERFACE_LINK_LIBRARIES absl::algorithm absl::core_headers
+                          absl::meta)
+    set_property(TARGET absl::algorithm PROPERTY INTERFACE_LINK_LIBRARIES absl::config)
+    set_property(TARGET absl::any
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::bad_any_cast
+                          absl::config
+                          absl::core_headers
+                          absl::fast_type_id
+                          absl::type_traits
+                          absl::utility)
+    set_property(TARGET absl::atomic_hook PROPERTY INTERFACE_LINK_LIBRARIES absl::config
+                                                   absl::core_headers)
+    set_property(TARGET absl::bad_any_cast_impl
+                 PROPERTY INTERFACE_LINK_LIBRARIES absl::config
+                          absl::raw_logging_internal)
+    set_property(TARGET absl::bad_any_cast PROPERTY INTERFACE_LINK_LIBRARIES
+                                                    absl::bad_any_cast_impl absl::config)
+    set_property(TARGET absl::bad_optional_access
+                 PROPERTY INTERFACE_LINK_LIBRARIES absl::config
+                          absl::raw_logging_internal)
+    set_property(TARGET absl::bad_variant_access
+                 PROPERTY INTERFACE_LINK_LIBRARIES absl::config
+                          absl::raw_logging_internal)
+    set_property(TARGET absl::base_internal PROPERTY INTERFACE_LINK_LIBRARIES
+                                                     absl::config absl::type_traits)
+    set_property(TARGET absl::base
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::atomic_hook
+                          absl::base_internal
+                          absl::config
+                          absl::core_headers
+                          absl::dynamic_annotations
+                          absl::log_severity
+                          absl::raw_logging_internal
+                          absl::spinlock_wait
+                          absl::type_traits)
+    set_property(TARGET absl::bind_front
+                 PROPERTY INTERFACE_LINK_LIBRARIES absl::base_internal
+                          absl::compressed_tuple)
+    set_property(TARGET absl::bits PROPERTY INTERFACE_LINK_LIBRARIES absl::core_headers)
+    set_property(TARGET absl::btree
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::container_common
+                          absl::compare
+                          absl::compressed_tuple
+                          absl::container_memory
+                          absl::cord
+                          absl::core_headers
+                          absl::layout
+                          absl::memory
+                          absl::strings
+                          absl::throw_delegate
+                          absl::type_traits
+                          absl::utility)
+    set_property(TARGET absl::city PROPERTY INTERFACE_LINK_LIBRARIES absl::config
+                                            absl::core_headers absl::endian)
+    set_property(TARGET absl::cleanup_internal
+                 PROPERTY INTERFACE_LINK_LIBRARIES absl::base_internal absl::core_headers
+                          absl::utility)
+    set_property(TARGET absl::cleanup
+                 PROPERTY INTERFACE_LINK_LIBRARIES absl::cleanup_internal absl::config
+                          absl::core_headers)
+    set_property(TARGET absl::compare PROPERTY INTERFACE_LINK_LIBRARIES
+                                               absl::core_headers absl::type_traits)
+    set_property(TARGET absl::compressed_tuple PROPERTY INTERFACE_LINK_LIBRARIES
+                                                        absl::utility)
+    set_property(TARGET absl::container_common PROPERTY INTERFACE_LINK_LIBRARIES
+                                                        absl::type_traits)
+    set_property(TARGET absl::container_memory
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::config
+                          absl::memory
+                          absl::type_traits
+                          absl::utility)
+    set_property(TARGET absl::cord
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::base
+                          absl::base_internal
+                          absl::compressed_tuple
+                          absl::config
+                          absl::core_headers
+                          absl::endian
+                          absl::fixed_array
+                          absl::function_ref
+                          absl::inlined_vector
+                          absl::optional
+                          absl::raw_logging_internal
+                          absl::strings
+                          absl::strings_internal
+                          absl::throw_delegate
+                          absl::type_traits)
+    set_property(TARGET absl::core_headers PROPERTY INTERFACE_LINK_LIBRARIES absl::config)
+    set_property(TARGET absl::counting_allocator PROPERTY INTERFACE_LINK_LIBRARIES
+                                                          absl::config)
+    set_property(TARGET absl::debugging_internal
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::core_headers
+                          absl::config
+                          absl::dynamic_annotations
+                          absl::errno_saver
+                          absl::raw_logging_internal)
+    set_property(TARGET absl::debugging PROPERTY INTERFACE_LINK_LIBRARIES
+                                                 absl::stacktrace absl::leak_check)
+    set_property(TARGET absl::demangle_internal PROPERTY INTERFACE_LINK_LIBRARIES
+                                                         absl::base absl::core_headers)
+    set_property(TARGET absl::dynamic_annotations PROPERTY INTERFACE_LINK_LIBRARIES
+                                                           absl::config)
+    set_property(TARGET absl::endian PROPERTY INTERFACE_LINK_LIBRARIES absl::base
+                                              absl::config absl::core_headers)
+    set_property(TARGET absl::errno_saver PROPERTY INTERFACE_LINK_LIBRARIES absl::config)
+    set_property(TARGET absl::examine_stack
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::stacktrace
+                          absl::symbolize
+                          absl::config
+                          absl::core_headers
+                          absl::raw_logging_internal)
+    set_property(TARGET absl::exponential_biased PROPERTY INTERFACE_LINK_LIBRARIES
+                                                          absl::config absl::core_headers)
+    set_property(TARGET absl::failure_signal_handler
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::examine_stack
+                          absl::stacktrace
+                          absl::base
+                          absl::config
+                          absl::core_headers
+                          absl::errno_saver
+                          absl::raw_logging_internal)
+    set_property(TARGET absl::fast_type_id PROPERTY INTERFACE_LINK_LIBRARIES absl::config)
+    set_property(TARGET absl::fixed_array
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::compressed_tuple
+                          absl::algorithm
+                          absl::config
+                          absl::core_headers
+                          absl::dynamic_annotations
+                          absl::throw_delegate
+                          absl::memory)
+    set_property(TARGET absl::flags_commandlineflag_internal
+                 PROPERTY INTERFACE_LINK_LIBRARIES absl::config absl::fast_type_id)
+    set_property(TARGET absl::flags_commandlineflag
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::config
+                          absl::fast_type_id
+                          absl::flags_commandlineflag_internal
+                          absl::optional
+                          absl::strings)
+    set_property(TARGET absl::flags_config
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::config
+                          absl::flags_path_util
+                          absl::flags_program_name
+                          absl::core_headers
+                          absl::strings
+                          absl::synchronization)
+    set_property(TARGET absl::flags_internal
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::base
+                          absl::config
+                          absl::flags_commandlineflag
+                          absl::flags_commandlineflag_internal
+                          absl::flags_config
+                          absl::flags_marshalling
+                          absl::synchronization
+                          absl::meta
+                          absl::utility)
+    set_property(TARGET absl::flags_marshalling
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::config
+                          absl::core_headers
+                          absl::log_severity
+                          absl::strings
+                          absl::str_format)
+    set_property(TARGET absl::flags_parse
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::config
+                          absl::core_headers
+                          absl::flags_config
+                          absl::flags
+                          absl::flags_commandlineflag
+                          absl::flags_commandlineflag_internal
+                          absl::flags_internal
+                          absl::flags_private_handle_accessor
+                          absl::flags_program_name
+                          absl::flags_reflection
+                          absl::flags_usage
+                          absl::strings
+                          absl::synchronization)
+    set_property(TARGET absl::flags_path_util PROPERTY INTERFACE_LINK_LIBRARIES
+                                                       absl::config absl::strings)
+    set_property(TARGET absl::flags
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::config
+                          absl::flags_commandlineflag
+                          absl::flags_config
+                          absl::flags_internal
+                          absl::flags_reflection
+                          absl::base
+                          absl::core_headers
+                          absl::strings)
+    set_property(TARGET absl::flags_private_handle_accessor
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::config
+                          absl::flags_commandlineflag
+                          absl::flags_commandlineflag_internal
+                          absl::strings)
+    set_property(TARGET absl::flags_program_name
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::config
+                          absl::core_headers
+                          absl::flags_path_util
+                          absl::strings
+                          absl::synchronization)
+    set_property(TARGET absl::flags_reflection
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::config
+                          absl::flags_commandlineflag
+                          absl::flags_private_handle_accessor
+                          absl::flags_config
+                          absl::strings
+                          absl::synchronization
+                          absl::flat_hash_map)
+    set_property(TARGET absl::flags_usage_internal
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::config
+                          absl::flags_config
+                          absl::flags
+                          absl::flags_commandlineflag
+                          absl::flags_internal
+                          absl::flags_path_util
+                          absl::flags_private_handle_accessor
+                          absl::flags_program_name
+                          absl::flags_reflection
+                          absl::strings
+                          absl::synchronization)
+    set_property(TARGET absl::flags_usage
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::config
+                          absl::core_headers
+                          absl::flags_usage_internal
+                          absl::strings
+                          absl::synchronization)
+    set_property(TARGET absl::flat_hash_map
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::container_memory
+                          absl::hash_function_defaults
+                          absl::raw_hash_map
+                          absl::algorithm_container
+                          absl::memory)
+    set_property(TARGET absl::flat_hash_set
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::container_memory
+                          absl::hash_function_defaults
+                          absl::raw_hash_set
+                          absl::algorithm_container
+                          absl::core_headers
+                          absl::memory)
+    set_property(TARGET absl::function_ref PROPERTY INTERFACE_LINK_LIBRARIES
+                                                    absl::base_internal absl::meta)
+    set_property(TARGET absl::graphcycles_internal
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::base
+                          absl::base_internal
+                          absl::config
+                          absl::core_headers
+                          absl::malloc_internal
+                          absl::raw_logging_internal)
+    set_property(TARGET absl::hash_function_defaults
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::config
+                          absl::cord
+                          absl::hash
+                          absl::strings)
+    set_property(TARGET absl::hash
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::city
+                          absl::config
+                          absl::core_headers
+                          absl::endian
+                          absl::fixed_array
+                          absl::meta
+                          absl::int128
+                          absl::strings
+                          absl::optional
+                          absl::variant
+                          absl::utility
+                          absl::wyhash)
+    set_property(TARGET absl::hash_policy_traits PROPERTY INTERFACE_LINK_LIBRARIES
+                                                          absl::meta)
+    set_property(TARGET absl::hashtable_debug_hooks PROPERTY INTERFACE_LINK_LIBRARIES
+                                                             absl::config)
+    set_property(TARGET absl::hashtable_debug PROPERTY INTERFACE_LINK_LIBRARIES
+                                                       absl::hashtable_debug_hooks)
+    set_property(TARGET absl::hashtablez_sampler
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::base
+                          absl::exponential_biased
+                          absl::have_sse
+                          absl::synchronization)
+    set_property(TARGET absl::inlined_vector_internal
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::compressed_tuple
+                          absl::core_headers
+                          absl::memory
+                          absl::span
+                          absl::type_traits)
+    set_property(TARGET absl::inlined_vector
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::algorithm
+                          absl::core_headers
+                          absl::inlined_vector_internal
+                          absl::throw_delegate
+                          absl::memory)
+    set_property(TARGET absl::int128 PROPERTY INTERFACE_LINK_LIBRARIES absl::config
+                                              absl::core_headers absl::bits)
+    set_property(TARGET absl::kernel_timeout_internal
+                 PROPERTY INTERFACE_LINK_LIBRARIES absl::core_headers
+                          absl::raw_logging_internal absl::time)
+    set_property(TARGET absl::layout
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::config
+                          absl::core_headers
+                          absl::meta
+                          absl::strings
+                          absl::span
+                          absl::utility)
+    set_property(TARGET absl::leak_check PROPERTY INTERFACE_LINK_LIBRARIES absl::config
+                                                  absl::core_headers)
+    set_property(TARGET absl::log_severity PROPERTY INTERFACE_LINK_LIBRARIES
+                                                    absl::core_headers)
+    set_property(TARGET absl::malloc_internal
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::base
+                          absl::base_internal
+                          absl::config
+                          absl::core_headers
+                          absl::dynamic_annotations
+                          absl::raw_logging_internal)
+    set_property(TARGET absl::memory PROPERTY INTERFACE_LINK_LIBRARIES absl::core_headers
+                                              absl::meta)
+    set_property(TARGET absl::meta PROPERTY INTERFACE_LINK_LIBRARIES absl::type_traits)
+    set_property(TARGET absl::node_hash_map
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::container_memory
+                          absl::hash_function_defaults
+                          absl::node_hash_policy
+                          absl::raw_hash_map
+                          absl::algorithm_container
+                          absl::memory)
+    set_property(TARGET absl::node_hash_policy PROPERTY INTERFACE_LINK_LIBRARIES
+                                                        absl::config)
+    set_property(TARGET absl::node_hash_set
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::hash_function_defaults
+                          absl::node_hash_policy
+                          absl::raw_hash_set
+                          absl::algorithm_container
+                          absl::memory)
+    set_property(TARGET absl::numeric PROPERTY INTERFACE_LINK_LIBRARIES absl::int128)
+    set_property(TARGET absl::numeric_representation PROPERTY INTERFACE_LINK_LIBRARIES
+                                                              absl::config)
+    set_property(TARGET absl::optional
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::bad_optional_access
+                          absl::base_internal
+                          absl::config
+                          absl::core_headers
+                          absl::memory
+                          absl::type_traits
+                          absl::utility)
+    set_property(TARGET absl::periodic_sampler
+                 PROPERTY INTERFACE_LINK_LIBRARIES absl::core_headers
+                          absl::exponential_biased)
+    set_property(TARGET absl::random_bit_gen_ref
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::core_headers
+                          absl::random_internal_distribution_caller
+                          absl::random_internal_fast_uniform_bits
+                          absl::type_traits)
+    set_property(TARGET absl::random_distributions
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::base_internal
+                          absl::config
+                          absl::core_headers
+                          absl::random_internal_generate_real
+                          absl::random_internal_distribution_caller
+                          absl::random_internal_fast_uniform_bits
+                          absl::random_internal_fastmath
+                          absl::random_internal_iostream_state_saver
+                          absl::random_internal_traits
+                          absl::random_internal_uniform_helper
+                          absl::random_internal_wide_multiply
+                          absl::strings
+                          absl::type_traits)
+    set_property(TARGET absl::random_internal_distribution_caller
+                 PROPERTY INTERFACE_LINK_LIBRARIES absl::config absl::utility
+                          absl::fast_type_id)
+    set_property(TARGET absl::random_internal_distribution_test_util
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::config
+                          absl::core_headers
+                          absl::raw_logging_internal
+                          absl::strings
+                          absl::str_format
+                          absl::span)
+    set_property(TARGET absl::random_internal_fastmath PROPERTY INTERFACE_LINK_LIBRARIES
+                                                                absl::bits)
+    set_property(TARGET absl::random_internal_fast_uniform_bits
+                 PROPERTY INTERFACE_LINK_LIBRARIES absl::config)
+    set_property(TARGET absl::random_internal_generate_real
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::bits
+                          absl::random_internal_fastmath
+                          absl::random_internal_traits
+                          absl::type_traits)
+    set_property(TARGET absl::random_internal_iostream_state_saver
+                 PROPERTY INTERFACE_LINK_LIBRARIES absl::int128 absl::type_traits)
+    set_property(TARGET absl::random_internal_mock_helpers
+                 PROPERTY INTERFACE_LINK_LIBRARIES absl::fast_type_id absl::optional)
+    set_property(TARGET absl::random_internal_nonsecure_base
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::core_headers
+                          absl::optional
+                          absl::random_internal_pool_urbg
+                          absl::random_internal_salted_seed_seq
+                          absl::random_internal_seed_material
+                          absl::span
+                          absl::type_traits)
+    set_property(TARGET absl::random_internal_pcg_engine
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::config
+                          absl::int128
+                          absl::random_internal_fastmath
+                          absl::random_internal_iostream_state_saver
+                          absl::type_traits)
+    set_property(TARGET absl::random_internal_platform PROPERTY INTERFACE_LINK_LIBRARIES
+                                                                absl::config)
+    set_property(TARGET absl::random_internal_pool_urbg
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::base
+                          absl::config
+                          absl::core_headers
+                          absl::endian
+                          absl::random_internal_randen
+                          absl::random_internal_seed_material
+                          absl::random_internal_traits
+                          absl::random_seed_gen_exception
+                          absl::raw_logging_internal
+                          absl::span)
+    set_property(TARGET absl::random_internal_randen_engine
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::endian
+                          absl::random_internal_iostream_state_saver
+                          absl::random_internal_randen
+                          absl::raw_logging_internal
+                          absl::type_traits)
+    set_property(TARGET absl::random_internal_randen_hwaes_impl
+                 PROPERTY INTERFACE_LINK_LIBRARIES absl::random_internal_platform
+                          absl::config)
+    set_property(TARGET absl::random_internal_randen_hwaes
+                 PROPERTY INTERFACE_LINK_LIBRARIES absl::random_internal_platform
+                          absl::random_internal_randen_hwaes_impl absl::config)
+    set_property(TARGET absl::random_internal_randen
+                 PROPERTY INTERFACE_LINK_LIBRARIES absl::random_internal_platform
+                          absl::random_internal_randen_hwaes
+                          absl::random_internal_randen_slow)
+    set_property(TARGET absl::random_internal_randen_slow
+                 PROPERTY INTERFACE_LINK_LIBRARIES absl::random_internal_platform
+                          absl::config)
+    set_property(TARGET absl::random_internal_salted_seed_seq
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::inlined_vector
+                          absl::optional
+                          absl::span
+                          absl::random_internal_seed_material
+                          absl::type_traits)
+    set_property(TARGET absl::random_internal_seed_material
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::core_headers
+                          absl::optional
+                          absl::random_internal_fast_uniform_bits
+                          absl::raw_logging_internal
+                          absl::span
+                          absl::strings)
+    set_property(TARGET absl::random_internal_traits PROPERTY INTERFACE_LINK_LIBRARIES
+                                                              absl::config)
+    set_property(TARGET absl::random_internal_uniform_helper
+                 PROPERTY INTERFACE_LINK_LIBRARIES absl::config
+                          absl::random_internal_traits absl::type_traits)
+    set_property(TARGET absl::random_internal_wide_multiply
+                 PROPERTY INTERFACE_LINK_LIBRARIES absl::bits absl::config absl::int128)
+    set_property(TARGET absl::random_random
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::random_distributions
+                          absl::random_internal_nonsecure_base
+                          absl::random_internal_pcg_engine
+                          absl::random_internal_pool_urbg
+                          absl::random_internal_randen_engine
+                          absl::random_seed_sequences)
+    set_property(TARGET absl::random_seed_gen_exception PROPERTY INTERFACE_LINK_LIBRARIES
+                                                                 absl::config)
+    set_property(TARGET absl::random_seed_sequences
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::inlined_vector
+                          absl::random_internal_nonsecure_base
+                          absl::random_internal_pool_urbg
+                          absl::random_internal_salted_seed_seq
+                          absl::random_internal_seed_material
+                          absl::random_seed_gen_exception
+                          absl::span)
+    set_property(TARGET absl::raw_hash_map
+                 PROPERTY INTERFACE_LINK_LIBRARIES absl::container_memory
+                          absl::raw_hash_set absl::throw_delegate)
+    set_property(TARGET absl::raw_hash_set
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::bits
+                          absl::compressed_tuple
+                          absl::config
+                          absl::container_common
+                          absl::container_memory
+                          absl::core_headers
+                          absl::endian
+                          absl::hash_policy_traits
+                          absl::hashtable_debug_hooks
+                          absl::have_sse
+                          absl::layout
+                          absl::memory
+                          absl::meta
+                          absl::optional
+                          absl::utility
+                          absl::hashtablez_sampler)
+    set_property(TARGET absl::raw_logging_internal
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::atomic_hook
+                          absl::config
+                          absl::core_headers
+                          absl::log_severity)
+    set_property(TARGET absl::scoped_set_env
+                 PROPERTY INTERFACE_LINK_LIBRARIES absl::config
+                          absl::raw_logging_internal)
+    set_property(TARGET absl::span
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::algorithm
+                          absl::core_headers
+                          absl::throw_delegate
+                          absl::type_traits)
+    set_property(TARGET absl::spinlock_wait
+                 PROPERTY INTERFACE_LINK_LIBRARIES absl::base_internal absl::core_headers
+                          absl::errno_saver)
+    set_property(TARGET absl::stacktrace
+                 PROPERTY INTERFACE_LINK_LIBRARIES absl::debugging_internal absl::config
+                          absl::core_headers)
+    set_property(TARGET absl::statusor
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::status
+                          absl::core_headers
+                          absl::raw_logging_internal
+                          absl::type_traits
+                          absl::strings
+                          absl::utility
+                          absl::variant)
+    set_property(TARGET absl::status
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::atomic_hook
+                          absl::config
+                          absl::core_headers
+                          absl::raw_logging_internal
+                          absl::inlined_vector
+                          absl::stacktrace
+                          absl::symbolize
+                          absl::strings
+                          absl::cord
+                          absl::str_format
+                          absl::optional)
+    set_property(TARGET absl::strerror PROPERTY INTERFACE_LINK_LIBRARIES absl::config
+                                                absl::core_headers absl::errno_saver)
+    set_property(TARGET absl::str_format_internal
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::bits
+                          absl::strings
+                          absl::config
+                          absl::core_headers
+                          absl::numeric_representation
+                          absl::type_traits
+                          absl::int128
+                          absl::span)
+    set_property(TARGET absl::str_format PROPERTY INTERFACE_LINK_LIBRARIES
+                                                  absl::str_format_internal)
+    set_property(TARGET absl::strings_internal
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::config
+                          absl::core_headers
+                          absl::endian
+                          absl::raw_logging_internal
+                          absl::type_traits)
+    set_property(TARGET absl::strings
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::strings_internal
+                          absl::base
+                          absl::bits
+                          absl::config
+                          absl::core_headers
+                          absl::endian
+                          absl::int128
+                          absl::memory
+                          absl::raw_logging_internal
+                          absl::throw_delegate
+                          absl::type_traits)
+    set_property(TARGET absl::symbolize
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::debugging_internal
+                          absl::demangle_internal
+                          absl::base
+                          absl::config
+                          absl::core_headers
+                          absl::dynamic_annotations
+                          absl::malloc_internal
+                          absl::raw_logging_internal
+                          absl::strings)
+    set_property(TARGET absl::synchronization
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::graphcycles_internal
+                          absl::kernel_timeout_internal
+                          absl::atomic_hook
+                          absl::base
+                          absl::base_internal
+                          absl::config
+                          absl::core_headers
+                          absl::dynamic_annotations
+                          absl::malloc_internal
+                          absl::raw_logging_internal
+                          absl::stacktrace
+                          absl::symbolize
+                          absl::time)
+    set_property(TARGET absl::throw_delegate
+                 PROPERTY INTERFACE_LINK_LIBRARIES absl::config
+                          absl::raw_logging_internal)
+    set_property(TARGET absl::time
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::base
+                          absl::civil_time
+                          absl::core_headers
+                          absl::int128
+                          absl::raw_logging_internal
+                          absl::strings
+                          absl::time_zone)
+    set_property(TARGET absl::type_traits PROPERTY INTERFACE_LINK_LIBRARIES absl::config)
+    set_property(TARGET absl::utility
+                 PROPERTY INTERFACE_LINK_LIBRARIES absl::base_internal absl::config
+                          absl::type_traits)
+    set_property(TARGET absl::variant
+                 PROPERTY INTERFACE_LINK_LIBRARIES
+                          absl::bad_variant_access
+                          absl::base_internal
+                          absl::config
+                          absl::core_headers
+                          absl::type_traits
+                          absl::utility)
+    set_property(TARGET absl::wyhash PROPERTY INTERFACE_LINK_LIBRARIES absl::config
+                                              absl::endian absl::int128)
+
+    externalproject_add(absl_ep
+                        ${EP_LOG_OPTIONS}
+                        URL ${ABSL_SOURCE_URL}
+                        URL_HASH "SHA256=${ARROW_ABSL_BUILD_SHA256_CHECKSUM}"
+                        CMAKE_ARGS ${ABSL_CMAKE_ARGS}
+                        BUILD_BYPRODUCTS ${ABSL_BUILD_BYPRODUCTS})
+
+  endif()
+endmacro()
+
 macro(build_grpc)
   resolve_dependency(c-ares
                      HAVE_ALT
@@ -2379,62 +3229,10 @@ macro(build_grpc)
   get_target_property(c-ares_INCLUDE_DIR c-ares::cares INTERFACE_INCLUDE_DIRECTORIES)
   include_directories(SYSTEM ${c-ares_INCLUDE_DIR})
 
-  message(STATUS "Building gRPC from source")
-
   # First need to build Abseil
-  set(ABSL_PREFIX "${CMAKE_CURRENT_BINARY_DIR}/absl_ep-install")
-  set(ABSL_CMAKE_ARGS
-      "${EP_COMMON_CMAKE_ARGS}"
-      -DABSL_RUN_TESTS=OFF
-      -DCMAKE_CXX_STANDARD=11
-      -DCMAKE_INSTALL_LIBDIR=lib
-      "-DCMAKE_INSTALL_PREFIX=${ABSL_PREFIX}")
-  set(ABSL_BUILD_BYPRODUCTS)
-  set(ABSL_LIBRARIES)
-
-  # Abseil libraries gRPC depends on
-  # Follows grpc++ package config template for link order of libraries
-  # https://github.com/grpc/grpc/blob/v1.35.0/CMakeLists.txt#L16361
-  set(_ABSL_LIBS
-      statusor
-      status
-      cord
-      str_format_internal
-      synchronization
-      graphcycles_internal
-      symbolize
-      demangle_internal
-      stacktrace
-      debugging_internal
-      malloc_internal
-      time
-      time_zone
-      strings
-      strings_internal
-      throw_delegate
-      int128
-      base
-      spinlock_wait
-      bad_optional_access
-      raw_logging_internal)
-
-  foreach(_ABSL_LIB ${_ABSL_LIBS})
-    set(_ABSL_STATIC_LIBRARY
-        "${ABSL_PREFIX}/lib/${CMAKE_STATIC_LIBRARY_PREFIX}absl_${_ABSL_LIB}${CMAKE_STATIC_LIBRARY_SUFFIX}"
-    )
-    add_library(absl::${_ABSL_LIB} STATIC IMPORTED)
-    set_target_properties(absl::${_ABSL_LIB} PROPERTIES IMPORTED_LOCATION
-                                                        ${_ABSL_STATIC_LIBRARY})
-    list(APPEND ABSL_BUILD_BYPRODUCTS ${_ABSL_STATIC_LIBRARY})
-    list(APPEND ABSL_LIBRARIES absl::${_ABSL_LIB})
-  endforeach()
+  build_absl_once()
 
-  externalproject_add(absl_ep
-                      ${EP_LOG_OPTIONS}
-                      URL ${ABSL_SOURCE_URL}
-                      URL_HASH "SHA256=${ARROW_ABSL_BUILD_SHA256_CHECKSUM}"
-                      CMAKE_ARGS ${ABSL_CMAKE_ARGS}
-                      BUILD_BYPRODUCTS ${ABSL_BUILD_BYPRODUCTS})
+  message(STATUS "Building gRPC from source")
 
   set(GRPC_BUILD_DIR "${CMAKE_CURRENT_BINARY_DIR}/grpc_ep-prefix/src/grpc_ep-build")
   set(GRPC_PREFIX "${CMAKE_CURRENT_BINARY_DIR}/grpc_ep-install")
@@ -2560,10 +3358,19 @@ macro(build_grpc)
                         PROPERTIES IMPORTED_LOCATION "${GRPC_STATIC_LIBRARY_UPB}"
                                    INTERFACE_INCLUDE_DIRECTORIES "${GRPC_INCLUDE_DIR}")
 
+  set(GRPC_GPR_ABSL_LIBRARIES
+      absl::base
+      absl::statusor
+      absl::status
+      absl::cord
+      absl::strings
+      absl::synchronization
+      absl::time)
   add_library(gRPC::gpr STATIC IMPORTED)
   set_target_properties(gRPC::gpr
                         PROPERTIES IMPORTED_LOCATION "${GRPC_STATIC_LIBRARY_GPR}"
-                                   INTERFACE_INCLUDE_DIRECTORIES "${GRPC_INCLUDE_DIR}")
+                                   INTERFACE_INCLUDE_DIRECTORIES "${GRPC_INCLUDE_DIR}"
+                                   INTERFACE_LINK_LIBRARIES "${GRPC_GPR_ABSL_LIBRARIES}")
 
   add_library(gRPC::address_sorting STATIC IMPORTED)
   set_target_properties(gRPC::address_sorting
@@ -2576,7 +3383,6 @@ macro(build_grpc)
       gRPC::gpr
       gRPC::upb
       gRPC::address_sorting
-      ${ABSL_LIBRARIES}
       re2::re2
       c-ares::cares
       ZLIB::ZLIB
@@ -2627,7 +3433,7 @@ macro(build_grpc)
 
   list(APPEND
        ARROW_BUNDLED_STATIC_LIBS
-       ${ABSL_LIBRARIES}
+       ${GRPC_GPR_ABSL_LIBRARIES}
        gRPC::address_sorting
        gRPC::gpr
        gRPC::grpc
diff --git a/cpp/thirdparty/versions.txt b/cpp/thirdparty/versions.txt
index 931979444b9..09fc0295cf8 100644
--- a/cpp/thirdparty/versions.txt
+++ b/cpp/thirdparty/versions.txt
@@ -23,9 +23,8 @@
 # `DEPENDENCIES` array (see the comment on top of the declaration for the
 # format).
 
-# Abseil LTS branch, Sept 2020, Patch 2
-ARROW_ABSL_BUILD_VERSION=0f3bb466b868b523cf1dc9b2aaaed65c77b28862
-ARROW_ABSL_BUILD_SHA256_CHECKSUM=3d74cdc98b42fd4257d91f652575206de195e2c824fcd8d6e6d227f85cb143ef
+ARROW_ABSL_BUILD_VERSION=20210324.2
+ARROW_ABSL_BUILD_SHA256_CHECKSUM=59b862f50e710277f8ede96f083a5bb8d7c9595376146838b9580be90374ee1f
 ARROW_AWSSDK_BUILD_VERSION=1.8.133
 ARROW_AWSSDK_BUILD_SHA256_CHECKSUM=d6c495bc06be5e21dac716571305d77437e7cfd62a2226b8fe48d9ab5785a8d6
 ARROW_AWS_CHECKSUMS_BUILD_VERSION=v0.1.10