According to the latest report by IMARC Group, titled "Personal Identity Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global personal identity management market reached a value of US$ 15.1 Billion in 2021. Personal identity management (PIM) involves numerous algorithms and set of standards that aid in managing the information and resources of a particular organization in a secure manner. The process also helps organizations and individuals in controlling the usage and sharing of sensitive data with third party users. It is usually achieved by using distinct identities and credentials for authentication purposes. PIM ensures efficient detection of unauthorized access and prevents anyone from gaining access to private information without the permission of the original user. Apart from this, the process is also widely used by corporations for monitoring and verification purposes.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Personal Identity Management Market Trends:
The global market is primarily driven by the growing incidences of online security breaches. The rates and severity of cyberattacks across the globe are increasing, which has facilitated rising investments in cybersecurity. In order to safeguard their sensitive data, organizations are therefore increasingly adopting PIM solutions, which is creating a positive outlook for the market. This is further being facilitated by favorable government regulations pertaining to the security of personal data. The growing adoption of the Internet of Things (IoT) across numerous sectors is acting as another major growth-inducing factor. The use of IoT in PIM solutions significantly aids in identifying devices, sensors and monitors, thereby ensuring efficient management of private information, including biometrics, email ID or tokens. Furthermore, large corporations and organizations are adopting PIM as it allows users to access the interconnected systems, even when working remotely. Constant technological advancements, the growing adoption of cloud computing and the advent of automated meter infrastructure are some of the other factors contributing to the market growth. On account of the aforementioned factors, the market is expected to reach a value of US$ 33.7 Billion by 2027, growing at a CAGR of 13.89% during the forecast period (2022-2027).
- Based on the component, the market has been divided into applications (access control and content management) and services (professional and managed services).
- On the basis of the deployment type, the market has been bifurcated into on-premises and cloud.
- On the basis of the data type, the market has been segmented into behavioral, individual identity, derived, and self-identified data.
- Based on the industry vertical, the market has been classified into IT and telecom, banking, financial services, and insurance (BFSI), energy and utilities, consumer goods and retail, and others.
- On the geographical front, the market has been segregated into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been analyzed in the report with the detailed profiles of the key players operating in the market. Some of these players include International Business Machines Corporation, Broadcom Inc., Microsoft Corporation, Oracle Corporation, Okta, Inc., Hitachi Id Systems, Inc. (Hitachi Ltd.), Dell Technologies Inc., Micro Focus International plc, SailPoint Technologies Inc., OneLogin, Inc., Delinea, Experian PLC and Kaspersky Lab.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter : @imarcglobal