Personal Identity Management Market size likely to exceed revenue of USD 34 billion by 2024
Personal Identity Management (PIM) Market size was around USD 6.5 billion in 2015, and is expected to grow at 20% CAGR and reach about USD 34 billion by 2024. Growing concerns for digital data security of personal and professional significance is expected to be the key factor driving growth.
Mobile devices such as smartphones, laptops, tablets, and wearable health devices have penetrated nearly every segment of the global industry. Increasing concern for protection of confidential data from unauthorized users in these mobile devices is expected to propel personal identity management market share. Repeated occurrences of data breaches and security attacks are likely to mandate PIM solutions in every device.
PIM refers to the basic standards, rules and algorithms that enable users to restrict utilization or sharing of data without the consent of the actual user. The key application segment of this industry is the banking sector, where every individual account holder’s information is to be kept confidential. BFSI is forecast to remain witness high growth and remain an attractive part of the global personal identity management market share.
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These solutions can be used to provide better security to companies from cyber-crimes such as viruses, bank robbery, credit card frauds and pornography. Moreover, regulations and government laws pertaining to cyber-crime and data security are expected to fuel industry growth over the next few years. For instance, FISMA (Federal Information Security Management Act) is a U.S. legislation that explains a comprehensive structure to protect government operations, information and assets entertain the usage of these solutions.
Applications of these solutions are likely to mandate the need for secured access in all the domains with particular user names and passwords. Thus, users will have to remember these and follow specific time consuming procedures to gain access to their own data. Moreover, modifications of security codes are becoming increasingly complex and still lack efficient security to malwares, which may hamper growth. Other restraints include the lack of skilled professionals for designing, developing and implementation of complex programs to ensure specific consumer requirements. This in turn may also result in high initial costs of implementation and impact adoption rates in the forecast timeframe.
The dependency of global population on web applications is increasing, resulting in exponential rise in the number of cyber-attacks including APTs (advanced persistent threats). To counter these advanced threats, implementation of UTM (unified threat management) solutions for data security is expected gain prominence. Such cloud based hybrid solutions are likely to trend during the forecast timeline owing to their simple, secured functioning and scalability.
On the basis of application, the industry can be bifurcated into content management and access control. Access control segment is expected to dominate the personal identity management market size during the forecast timeline due to its ability to restrict unauthorized access to confidential information and reduce tampering of critical data. On the basis of end-use, the various segments include telecom & IT, banking, government, energy, manufacturing and healthcare. Moreover, personality identity management market size is bifurcated into on-premises and cloud based on the deployment. Cloud based solutions are likely to dominate due major applications for secured access and control of individual data in the banking domain.
U.S. personal identity management market share is expected to dominate the industry owing to increasing presence of large companies and global financing organization in the region. Asia Pacific is projected to register highest CAGR during the forecast primarily due to steady development in countries such as China, India and South Korea. Europe is anticipated to grow consistently due to maturity in regulatory and technical infrastructure developments.
Key participants include Citrix, Good Technology, IBM, MobileIron and VMware. Other prominent participants consist of Alfresco Software, CA technologies, Colligo Networks, SAP, Symantec Centrify, Fischer International and OneLogin. The global industry is fragmented due to the presence several large and small competitors. The competitive landscape is anticipated to witness several strategies for consolidation such as partnerships, mergers & acquisitions and solution upgrades during the forecast timeframe.
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