Personal Identity Management Market

Global Personal Identity Management Market Size (2024 to 2029)

The size of the global personal identity management market is predicted to reach USD 19.73 billion in 2024 and USD 38.53 billion by 2029, growing at a CAGR of 14.32 % during the forecast period.

Personal identity management protects an organization's or individual's resources and data from theft and exploitation. Organizations must use digital credentials to identify and authenticate their employees' user profiles so that unauthorized individuals cannot access sensitive information or data. Its primary goal is to address organizations' and employees' data protection and security concerns. Many data breaches and security attacks in various key organizations in recent times, as well as growing concern about the growing digital footprints of organizations and individuals, are expected to drive market growth.

Global Personal Identity Management Market Drivers:

Due to the increasing use of cloud technologies, there has been a consistent rise in cybercrime and fraudulent activities, pushing organizations worldwide to incorporate these IAM solutions in their systems. These technologies help monitor suspicious activities and prevent the exploitation of confidential data and identity theft. The government has also established various rules and regulations, increasing the need for businesses to comply with them. As a result, companies are investing in these solutions to mitigate risk and ensure compliance while providing assurance of safety and privacy to their customers and competing in the market, which are expected to boost global market growth.

Large organizations accumulate and generate massive amounts of data over time, which must be extensively managed to enable easy data retrieval whenever needed. This Market also provides solutions that aid in data management, so it is one of the opportunities available to market players. The growing number of cybercrimes and data thefts has spotlighted all critical players in the IT, BFSI, and retail sectors on investing in technologies to protect themselves against cybercrime, hackers, and other fraudulent activities. These two factors have created a massive potential for this Market to grow over the forecast period. 

Organizations invest in cloud computing, data encryption, PIM solutions, etc. Governments worldwide also implement stringent rules and regulations to counteract cybercrime and improve data security, positively influencing market dynamics. Markets for IoT monetization and digital Identity Management Systems also assist market growth by verifying credentials and identifying and authenticating users of various information. There is also a trend in the industry to integrate various advanced technologies, such as blockchain and AI, which will further boost market growth. PIM solutions are also viewed as a profitable investment option by companies that compete solely on providing security and addressing their customers' privacy concerns, such as IT and banking. Taking advantage of the benefits of identity authentication and secure access is becoming increasingly popular and is esteemed to drive market growth during the forecast period.

Global Personal Identity Management Market Restraints:

The growing use of BYOD policies across organizations. Like any other technology, cloud technologies have limitations and are vulnerable to hackers and data breaches. These concerns may limit market growth in the future.

Impact of the COVID-19 on the global personal identity management market:

COVID-19 has had a major impact on all industries and many businesses. Many businesses were required to move their operations online, work remotely, and use cloud technology. As a result of rising identity thefts and fraud in data management, people are more concerned about the privacy and security of their information. Adopting a new approach such as BYOD, also known as the bring your device approach, increased privacy concerns and likely boosted the market growth in the future. Many identity management solutions have emerged in the Market, and businesses worldwide are increasingly adopting them, so this Market is expected to grow during the forecast period.

REPORT COVERAGE:

This research report on the global personal identity management Market has been segmented and sub-segmented based on the Component, Deployment, Organisation size, Industry Vertical, and region. 

Global Personal Identity Management Market - By Component:

• Provisioning
• Directory Services
• Single sign-on
• Password management
• Advanced authentication
• Audit, Compliance
• Governance
• Others 

Due to the numerous functionalities, the Provisioning segment has the highest growth on a component basis. However, the Single Sign-on segment is expected to raise at the fastest CAGR during the forecast period. Many organizations are investing in solutions that allow users to sign in to multiple devices using a single set of credentials.

Global Personal Identity Management Market - By Deployment:

• Cloud
• On-Premises 

IT companies are expected to dominate this segment as they have already adopted or plan to adopt cloud-based solutions. Small businesses also lean heavily toward cloud-based solutions, which will drive this segment's growth during the forecast period.

Global Personal Identity Management Market - By Organisation Size:

• Small
• Medium
• Large

Large enterprises are expected to dominate and hold the largest market share created by Organization Size. They have sufficient resources to invest in this sector and compete to provide superior security and protection to their customers. They have a wide range of products with various requirements for Data protection. 

Global Personal Identity Management Market - By Industry Vertical:

• BFSI
• Healthcare & Life sciences
• Manufacturing
• Retail and Consumer Packed goods
• IT & Telecom
• Government Education
• Energy & Utilities

This market is expected to be dominated by the healthcare and life science industries, with increased digitalization of the healthcare industry and a large number of patient identities to safeguard. There is also an increase in digital payment systems and e-wallets in the retail and banking sectors, which will drive market growth to ensure compliance with security regulations.

Global Personal Identity Management Market Segmentation - By Region:

• North America
  • The United States
  • Canada
  • Rest of North America
• Europe
  • The United Kingdom
  • Spain
  • Germany
  • Italy
  • France
  • Rest of Europe
• The Asia Pacific
  • India
  • Japan
  • China
  • Australia
  • Singapore
  • Malaysia
  • South Korea
  • New Zealand
  • Southeast Asia
• Latin America
  • Brazil
  • Argentina
  • Mexico
  • Rest of LATAM
• The Middle East and Africa
  • Saudi Arabia
  • UAE
  • Lebanon
  • Jordan
  • Cyprus

North America is expected to dominate this Market due to the improved acceptance of remote work, cloud technologies, and cybercrime. Most of the major players in this region, including HP, Oracle, IBM, and Microsoft, are developing advanced technologies to provide effective identity and access management solutions. However, Europe is expected to grow significantly due to the increased number of Laws and regulations in European countries. During the forecast period, Asia Pacific will grow at the fastest rate. There is a growing digital transformation and increased internet saturation in developing economies such as India and China.

KEY MARKET PARTICIPANTS:

The major companies operating in the global personal identity management market include IBM Corporation, Microsoft Corporation, Broadcom Inc., Oracle Corp., Okta Inc., Hitachi Id Systems Ltd., Dell Inc., OneLogin Inc., Micro Focus International plc, SailPoint Technologies Inc., Delinda, Experian PLC, Kaspersky Lab.

RECENT HAPPENINGS IN THE MARKET:

• Centrify and Thycotic released a new cloud solution in May 2021 that manages IAM accounts, AWS billing accounts, etc.
• British IT consulting and Beta Systems collaborated in August 2019 to promote beta systems and their identity and access management solutions.
• Janrain Inc. was acquired by Akamai Technologies in January 2019 to provide security solutions to CIAM customers. They intend to create a safe platform for collecting and storing sensitive data.
• In December 2019, IBM Corporation used artificial intelligence (AI) to improve risk detection in their existing IAM solutions.