Information Rights Management Market size is forecast to reach $2.57 billion by 2025, estimated to grow at a CAGR of 9.3% during 2020-2025. With the growing need for enhanced data protection and securing the files and keep them private are driving the information right management market. furthermore, the need for making the data accessible only for the required group or paying users are surging the demand for the information right management market size during the forecast period 2020-2025.
Vertical – Segment Analysis
Banking, Financial Services and Insurance segment held the largest market share in the Information Right Management market in 2019. The BFSI companies look forward for enhanced methods in order to secure online documents and E-mail. The organizations are also increasingly adopting digital right management solutions for protecting sensitive information and complying with the government regulations. These significant factors are highly driving the demand for the information right management market in the BFSI sector.
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Geography – Segment Analysis
In 2019, North America dominated the Information right Management market with a share of more than 46%, followed by Europe and APAC. The presence of majority of vendors in the US such as Adobe, Microsoft, Nextlabs and so on which is enhancing the growth of the market in this region. The early adoption of digital technology in order to secure digital media and for data security are driving the growth of the information right management market in North America.
Drivers – Information Right Management Market
Increasing dependency on digital documents for business-critical transactions
The rising demand of digital documents in organizations for performing business-critical transactions is highly propelling the information right management market. Additionally, the users in any organizations accesses to files and documents while at home and traveling, on PCs and mobile devices, and online and offline. This leads to the serious security issues and posing numerous risks. Thus, the information right management provides enhanced solution to the organizations for controlling the content and handling the transaction from any remote location.
Rising need for the protection of data
The rapid use of big data, IoT and other advanced technology has led to the use of several connecting devices which creates huge amount of data. Thus, in order to secure the data collected from these devices has raised the demand for information right management system. This system protect the data from various cyber vulnerabilities, and also make them available only for certain group of people who are provided with right to access the particular data or content. . The information right management also helps to secure the income streams and allow the paying users to access the content and makes it accessible to certain audience. Hence, the increasing volume of data and the growing need to protect that data will propel the growth of the information right management market.
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Challenges – Information Right Management Market
Lack of Authentication
The major challenge that is imposing a threat to the growth of Information right management market is the authentication restrictions. The authentication restriction results in inhibiting the initial access to the information that allows access based on the user’s device. This allowance also involves high transaction costs as it require the authorization of device, domain, or subscriber identification. This also leads to limit the demand for digital right management system and further results in lack of authentication of data hampering the market growth.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Information Right Management market. In 2019, the market of Information Right Management has been consolidated by the major players – Adobe, Citrix, Covertix, Fasoo, Oracle, Network Intelligence, Opentext, Gigatrust, Infosaas and Microsoft.
In 2020, Manpower Group launched Talent Solutions, that inc RPO (Recruitment Process Outsourcing), TAPFIN MSP (Managed Service Provider) and Right Management. This solution offers innovative solutions and end-to-end, data-driven capabilities across the talent lifecycle.
In 2019, the Information Right Management market was dominated by North America owing to the presence of major vendors such as Oracle, Microsoft, Adobe and so on.
With the use of digital technology in the BFSI sector are highly enhancing the information right management market for ensuring the safety of data.
The increasing dependency of organizations on digital documents for business critical transaction are highly creating demand for information right management.
The lack of authentication restrictions to the user for the assessment of data and leading to high cost are hindering the market growth
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