Increase in the utilization of devices such as smartphones, tablets, and laptops fueled the growth of the personal identity management trend. In addition, rise in incidents of cyberattacks and data security initiatives taken by governments are expected to drive the personal identity management market growth. However, complex and time-consuming security procedures restrain the growth of personal identity management solutions. A rise in the trend of the internet of Things (IoT) among industries such as media & entertainment, banking, manufacturing, IT & telecom, and others is expected to provide numerous opportunities for the growth and development of the global personal identity management market.
Key industry players such as – IBM Corporation, VMware, Inc., CA Technologies, Microsoft Corporation, Oracle Corporation, OneLogin, Inc., Centrify Corporation, CA Technologies, Experian Inc., and Kaspersky Lab.
The global market generated a revenue of $7,896 in 2015, and is expected to garner $23,039 million by 2022, growing at a CAGR of 16.7%.
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In 2015, BFSI segment generated the maximum revenue owing to the surge in demand for identity management solutions from finance companies to secure customer data and frequent incidents of Internet frauds during financial transactions worldwide. The retail & consumer goods segment is expected to grow at the fastest rate during the forecast period due to an increase in interaction of end-users in this sector through various methods, including web browsers, mobile browsers, and mobile apps. The access control application segment of the global personal identity management market is projected to show highest growth rate, registering a CAGR of 17.5%. The on-premise deployment type segment is expected to generate the highest revenue throughout the forecast period. The self-identified data type is anticipated to grow at the fastest rate during the study period.
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In 2015, North America dominated the personal identity management market. Asia-Pacific is expected to grow at the fastest rate during the forecast period due to an increase in incidents of cyberattacks and continuous economic development among various countries such as India, Malaysia, China, and Singapore.
Key drivers that are propelling the growth of the market included in the report. Additionally, challenges and restraining factors that are likely to curb the growth of the market are put forth by the analysts to prepare the manufacturers for future challenges in advance.
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