Personal Identity Management Market Outlook: 2022
Personal Identity Management Market was valued at $7,896, and is expected to reach $23,039 million by 2022, supported by a CAGR of 16.7%. The personal identity management market helps organizations in securing and managing huge digital and non-digital data of customers and employees. Personal identity management systems store customer profile data and enable organizations in marketing their products and services and also provide a secure, unified, and enhanced customer experience.
Personal identity management solutions are applicable for securing and maintaining customer profile database, authentication while accessing services of a company by customers, and others. The global personal identity management industry has witnessed rapid growth in the recent years, owing to rise in the utilization of mobile devices including smartphones, laptops, and tablets. In addition, data security initiatives taken by governments across the world and increasing cyber threats the contribute to the market growth. However, complex and time consuming security procedures hamper the market growth. Moreover, upsurge in IoT (Internet of Things) trends among organizations and growing demand from various industry verticals such as education, public sector, media & entertainment, and healthcare are expected to create numerous opportunities for the market during the forecast period.
The global personal identity management industry is expected to grow at a prominent rate during the forecast period. Technological advancements, including automated meter infrastructure, cloud computing, modern electric meters, and real-time data access facility to customers, drive growth of the personal identity management market in energy and utility sector. Stringent government policies and demand for securing confidential data from cyber-attacks are major factors that drive the market growth in North America. There is continuous economic development among various countries such as India, China, Malaysia, and Singapore, which is expected to provide numerous growth opportunities in Asia-Pacific region.
The prominent players profiled in the report include IBM Corporation, VMware, Inc., CA Technologies, Microsoft Corporation, Oracle Corporation, OneLogin, Inc., Centrify Corporation, CA Technologies, Experian Inc., and Kaspersky Lab.
Segment Overview
The global personal identity management market is segmented on the basis of application, service, deployment, data type, industry vertical, and geography. Based on application the market is divided into content management and access control. Professional services including implementation, training & support, and consulting and managed services are provided in the personal identity management market. Based on the type of deployment, the market is further categorized into cloud and on premise. The personal identity management market is segmented on the basis of data type as behavioral data, individual identity data, derived data, and self-identified data. The industry vertical segment of the market includes IT & telecom, banking, financial services, and insurance (BFSI); energy & utility; consumer goods & retail; and others (manufacturing, education, public sector, and media & entertainment). The personal identity management market is segmented based on four regions, which include North America, Europe, Asia-Pacific, and LAMEA.
In 2015, the BFSI segment dominated the global personal identity management market owing to rapid utilization of biometrics and unique identification code at ATMs and financial companies for preventing cyber frauds. Retail & consumer goods industry vertical is expected to grow at the fastest rate during the forecast period primarily due to the increasing interaction of end-users in this sector through various methods, including web browser, mobile browser, and mobile apps. In addition, North America generated the highest revenue in the global personal identity management market in 2015, owing to the stringent government policies and demand for securing confidential data in the region.
Factors affecting the growth of the personal identity management market include growing utilization of mobile devices, increasing threats of cyberattack, and stringent government regulation for data security. Now-a-days variety of services offered by companies, application, and functions are available on mobile devices. Thus, sensitive data including credit card numbers, user names, and passwords are being stored on mobile devices which require effective personal identity management solutions for the protection of critical information. Government mandates are also supplementing the utilization of personal identity management solutions in organizations in various regions across the world including North America, Europe, Asia-Pacific, Africa, and others. There is huge increment in data theft cases which propel the growth of the market. However, difficult, complex, and time-consuming process for users to access their own information restrict the adoption of the market. Moreover, emerging trend of IoT (Internet of Things) among various industries including banking, IT & telecom, retail, energy & power has made devices and applications more vulnerable to cyberattacks which is likely to provide huge growth opportunities to the personal identity management industry. Each factor has its definite impact on the personal identity management market.
Key Benefits
- The study provides an in-depth analysis of the personal identity management market along with current and future trends to elucidate the imminent investment pockets.
- Information regarding key drivers, restraints, and opportunities along with their impact analysis on the personal identity management industry is discussed.
- Porter’s Five Forces analysis of the personal identity management industry illustrates the potency of buyers and suppliers participating in the personal identity management market.
- The quantitative analysis of the market from 2014 to 2022 is provided to elaborate the personal identity management market potential.
- The market shares and key strategies of market players has been comprehensively analyzed in the report.
Personal Identity Management Market Report Highlights
| Aspects | Details |
 By APPLICATION |
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 By SERVICE |
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 By DEPLOYMENT TYPE |
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 By DATA TYPE |
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 By INDUSTRY VERTICAL |
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 By GEOGRAPHY |
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 Key Market Players | CENTRIFY CORPORATION, OKTA INC, ONELOGIN, INC, MICROSOFT CORPORATION, EXPERIAN INC, KASPERSKY LAB, ORACLE CORPORATION, VMWARE, INC, CA TECHNOLOGIES, IBM CORPORATION |
Analyst Review
The personal identity management market offers services and solutions that help to manage identity content such as usernames, passwords, and other personal information of individuals and employees in an organization. The personal identity management solutions are applicable across several industry verticals such as IT & telecom, BFSI, retail & consumer goods, energy, manufacturing, media & entertainment, and others. The personal identity management solution is utilized by financial companies to manage customers’ data and control their access to resources offered to them. Moreover, the need to strengthen authentication processes for customers in the BFSI sector is expected to boost the adoption of personal identity management market. For instance, in April 2015, Jyske Bank adopted Omada Identity Suite, an identity management solution offered by the company named Omada A/S, which manages and automates all processes for access requests, provisioning of access rights, and approval procedures in the bank.
However, complex and time-consuming security procedures limit the growth of the personal identity management industry. Upsurge in Internet of Things (IoT) trends among organizations and growth in demand for identity management solution from various industry verticals such as education, public sector, and healthcare are expected to drive the market growth. Leading players in the personal identity management market have collaborated with other companies to enhance their product portfolios and to increase their market potential. North America generated the maximum revenue in the global personal identity management industry owing to rapid technological advancement and government expenditure for securing confidential data from cyber-attacks.
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