Technavio, a leading provider of market research reports, has released its latest study on Personal Identity Management Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.
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The market size is estimated to grow by USD 13770.6 million, at a CAGR of 14.52% during the forecast period. In the realm of Personal Identity Management, biometric technologies have emerged as a key driver for market growth. With increasing concerns surrounding data privacy and cybersecurity, the adoption of advanced biometric solutions is on the rise. Notable developments include Mastercard Inc.'s collaboration with transport operators to create biometric ticketing systems, enabling automatic passenger identification through face and gait scanning technology. Furthermore, Mastercard is exploring the integration of innovative behavioral biometrics, such as gait, face, heartbeat, and veins, to bolster the security of future payment systems. Vendors in the Personal Identity Management market are also introducing new products to cater to this growing demand for secure and efficient identity management solutions.
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The Personal Identity Management (PIM) market is a critical business solution that enables organizations to securely manage and protect employee and customer identities. By implementing PIM systems, businesses can ensure compliance with data privacy regulations, mitigate identity-related risks, and enhance overall security. These solutions offer features such as multi-factor authentication, access management, and identity governance to streamline operations and boost productivity. Investing in PIM technology is essential for companies seeking to safeguard sensitive information and maintain a robust digital infrastructure.
The Personal Identity Management (PIM) market is experiencing significant growth due to technological advancements in various industry verticals, including modern electric meters, healthcare, entertainment, media, public sector, education, and industry. The integration of cloud computing and automated meter infrastructure in PIM solutions is revolutionizing the way organizations manage and secure customer profile data. PIM systems enable authentication and access control for both digital and non-digital data on tablets, laptops, mobile devices, and customer profile databases. In the age of IoT, PIM solutions are essential for managing the vast amounts of data generated by connected devices and ensuring data security initiatives are in place to protect against cyber threats. PIM solutions are not just limited to employee identity management but also extend to customer identity management. These solutions offer a superior customer experience by providing secure and convenient access to products and services while ensuring data privacy and security. The market for PIM solutions is expected to grow exponentially as more organizations recognize the importance of securely managing their digital and non-digital data.
The Personal Identity Management (PIM) market falls under the broader IT consulting and other services sector, encompassing firms that specialize in IT strategy, system integration, application development, data processing, business process outsourcing, infrastructure services, and Internet services. According to Technavio, the global IT consulting and other services market encompasses organizations delivering IT consulting and information management solutions, with market size determined by the consolidated revenue generated from contracts in all IT consulting and data management domains. Key growth drivers for this market include substantial government investments in modernizing IT infrastructure, necessitating the expertise of IT consulting firms to execute these projects. - The Personal Identity Management Market is experiencing significant growth, fueled by the Rapid growth of IoT networks | Need to comply with regulatory requirements related to personal identity management | Increase in data thefts globally. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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