Growth of Personal Identity Management Market Backed by the Rising Popularity and Adoption of Cloud

Many organizations rely on Personal Identity Management solutions to secure their enterprise data from identity thefts. Security applications, such as access control and content management, help organizations to define access rights for employees, business partners, and customers, while meeting compliance requirements. There has always been more emphasis on securing industrial sensitive information from external attacks and threats. This rising concerns to secure enterprise data and prevent identity thefts within enterprises encourage them to adopt powerful Personal Identity Management solutions. MarketsandMarkets expects the global Personal Identity Management market size to grow from USD 7.37 billion in 2016 to USD 12.76 billion by 2021, at a compound annual growth rate (CAGR) of 11.61% from 2016 to 2021.

With the increasing proliferation of cloud, the deployment of Personal Identity Management solutions on cloud is preferred by most of the organizations. This helps in better management and maintenance of business data and applications, while ensuring robust security. Due to this, many verticals such as telecom & IT, BFSI, government, retail, energy & utilities, education, manufacturing, and healthcare & life sciences are increasingly adopting Personal Identity Management solutions. Also, companies are opting for cloud-based Personal Identity Management solutions as it is cost effective and offers better management.

Access control, an application of Personal Identity Management, is expected to play a key role in changing the identity management landscape and grow at the highest rate during the forecast period. The increasing trend of Bring Your Own Device (BYOD) in enterprises poses many security challenges for the enterprise. An access control solution enables secure access to enterprise data and applications in mobile devices that employees bring to the corporate premises.

Among the verticals, the energy and utilities is expected to grow at the highest CAGR during the forecast period. The energy and utilities vertical includes sectors as petroleum, oil & gas, and other critical infrastructure. The companies involved in the oil and gas vertical are the target for high security risks and breaches. The major vendors in the Personal Identity Management market include IBM, VMware, Okta, and others.

Asia-Pacific (APAC) is expected to grow at the highest CAGR from 2016 to 2021 in the Personal Identity Management market. The increasing penetration of the internet and smart & connected devices has led to growing security needs. Also, rapid economic growth in the developing APAC countries along with improving regulatory reforms and economic stability are driving the growth of the Personal Identity Management market in the region. In Latin America, SMEs as well as enterprises belonging to a range of verticals such as public utilities and many others are expected to increase investments in Personal Identity Management security solutions.

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