The Global Personal Identity Management Market is estimated to reach $19.4 billion by 2025, growing at a CAGR of 16.9% from 2020 to 2025. The personal identity management solutions are the standards and algorithms through which confidential information can be shared with other individuals and organizations by employees of an organization or the organization itself. Through the use of personal identity, management mediators are unable to access all the private data and information without the knowledge of the actual user. The ever-increasing threat of data exfiltration, rising governmental regulatory requirements affecting companies of all sizes and rising adoption of cloud-based networking are driving the growth of the market.
Personal Identity Management Market Segment Analysis – By Deployment
By Deployment Personal Identity Management Market is segmented as Cloud and On-premises. Cloud computing is the primary means of delivering applications and services in businesses. Cloud-based applications store identity information and authenticate the users in an organization. Furthermore, the cloud-based deployments are increasingly being adopted as the identities are being stored in the cloud and identity services are increasingly cloud-based nowadays as well. Businesses generally become safer and more secure through cloud as it provides improved infrastructure security. Furthermore, cloud-based deployment is cost-effective owing to which it is adopted by most of the organizations. The growth in cloud computing globally is one of the predominant factors leading to growth of the market. These factors are deriving the growth of the market.
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Personal Identity Management Market Segment Analysis – By End Users
By End Users the market is segmented into BFSI, IT & Telecommunications, Energy and Utilities, Consumer goods, Retail, Manufacturing, Education, Public Sector, Others. The BFSI segment is witnessing significant growth in the market as the PIM tools are widely used in banking sector for storing confidential data for instance information related to the account holder. The PIM tools used in banking store account holders data in compliance with the local law. Moreover, they enhance the risk and compliance initiatives in more effective and efficient ways owing to which they are used in BFSI. Furthermore, they manage project risk and govern investments. In the modern banking and financial system the PIM tools are implemented as they improve internal control, continuous audit and fraud prevention. These factors are positively effecting the growth of the market.
Personal Identity Management Market Segment Analysis – By Geography
Global Personal Identity Management Market is dominated by North America region with a market share 38% in 2019. The developed economies and the huge BFSI sector in the North America region are more vulnerable towards the data theft, cyber-attacks and other financial data stealing. These factors have projected the demand for installation of PIM tools in these these enterprises. The increased regulations and new expectations for corporate governance are also continuously fueling the growth of PIM tools in the North America region. PIM supports top-line growth and business expansion by enabling better and more efficient product information, which in turn creates better customer and brand experiences across all sales channels. The emerging enterprises have a demand to tackle overall business complexity, desire to reduce cost, demand to avoid ethical and reputational scandals owing to which PIM tools are positively adopted in this region as they help to reduce these complexities and help in overall business functions thereby driving the growth of the market.
Personal Identity Management Market Drivers
Rise in adoption of more secure and integrated software technologies for business applications:
Rise in adoption of more secure and integrated software tools for personal identity management are driving the growth of the market. Increasing number of breaches, accessibility of personal data, sophistication of cyber criminals and corporate risk aversion are driving the growth of integrated software technologies for business applications. The banking and financial sector is adopting the PIM tools to keep account holders financial data records and secure their audit by protecting their data from risk and theft efficiently. Rapid transactions, low infrastructure cost along with reduced cost of ownership are also driving the market growth. Furthermore, the increase in usage of PIM tools as they are replacing spreadsheets and other manual documentation eliminating the inaccuracies for keeping financial records predominantly in the BFSI sector is also boosting the growth of the market.
Growth in cyber threats and cyber-crime and risks along with growth in cloud computing:
The upsurge in cyber threats and cyber-crime has increased the implementation of risk management, security management and vulnerability management. According to the International Trade Administration In 2018, 50% of enterprises with more than 1000 users are using products provided by Cloud Access Security Broker (CASB) to monitor and manage their use of software as service and forms of public cloud in United States. The use of cloud computing has increased the risk of vulnerability threats over the cloud networks. Owing to the use of cloud based networking there is an increase in growth of cyber threats and cyber risks. To eliminate the personal data from the cyber-attacks in the cloud the PIM tools are adopted by most of the end users. These factors are driving the growth of the market.
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Personal Identity Management Market Challenges
Requirement of skilled person for installation of PIM:
The personal identity management services comprise of complex programming owing to which very skilled personnel are required for installation of such complex programming tools. The desired level of safety of personal data and information can be procured only through the installation of PIM tools with whole set of programming instructions which can’t be possible without professionals with high level of intelligence. This is hindering the growth of the market.
Personal Identity Management Market Landscape
Personal Identity Management Market is dominated by major companies such as IBM Corporation, Oracle Corporation, Microsoft Corporation, CA Technologies, Okta Inc., OneLogin Inc., Expterian Inc., Kaspersky Lab, VMWare Inc, Centrify Corporation among others.
May 5, 2020- Widen launched Personal Identity Management solution combined with DAM solution. It accelerates the product launches and ensures the accuracy of product listings of the end use industries for instance consumer goods and retail around the web.
November 15, 2018- Duality Software launched HandyPIM. This product is mostly used by small and medium enterprises as a personal information management tool.
Rise in cyber-attacks, cyber threats, APIs, Trojans and other malicious software that steal private data have led to the upsurge of PIM tools by the various enterprises.
Cloud based PIM solutions are dominating the market owing to the rise in cloud networking and cloud based mobile apps integration globally.
North America is witnessing a significant growth in the market due to the adoption of PIM tools in BFSI sector. Furthermore, increasing penetration of high speed internet and growth of smart and connected devices for growing security needs have driven the market growth in this region.
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