Personal Identity Management (PIM) applications are used to manage identities and personal information associated with individuals and employees within an organization. PIM applications help organizations to handle security issues efficiently along with lowering the cost associated to identities and credentials. PIM applications, access control and content management, enable organizations to define access rights for employees, business partners, and customers, while meeting compliance requirements. In this report, MarketsandMarkets forecasts the PIM market size to grow from USD 7.37 Billion in 2016 to USD 12.76 Billion by 2021, at a CAGR of 11.61%. As the number of cyber threats and attacks are increasing day-by-day, the need for PIM solutions is growing rapidly.
The key players in the this market include IBM Corporation (U.S.), VMware (U.S.), CA Technologies (U.S.), Microsoft (U.S.), Oracle (U.S.), and others. These players have adopted various strategies such as partnerships, collaboration, agreements, mergers and acquisitions, and new product launches to achieve growth in the global PIM market.
Partnerships, agreements, and collaborations are some of the strategies adopted by the key players in the PIM market from 2013 to 2016. For instance, IBM partnered with E8 Security to launch ‘E8 Security App for IBM QRadar’ which allows QRadar administrators to identify user and computing devices across the networks. Similarly, CA Technologies partnered with Simeio Solutions where CA Technologies integrated its solutions in Simeio’s new launch of Identity-as-a-Service (IDaaS) solution.
The industry key players also adopted the strategy like mergers and acquisitions to increase their geographic presence and expand their product portfolio in untapped markets. For example, VMware acquired AirWatch, which enabled VMware to enhance its portfolio for enterprise mobile management and security solutions. Likewise, IBM acquired CrossIdeas, which, as part of IBM’s identity and access management portfolio, delivers identity and access governance capabilities.
The key security vendors are also focusing on launching new products and further developing existing products and solutions in order to expand their share in the PIM market. For instance, IBM launched a new security solution for cloud, namely, Cloud Security Enforcer, which safeguards increasing use of external cloud apps by employees via their mobile devices at workplace. Furthermore, VMware unveiled ‘Workspace ONE’, a new platform that delivers a secured digital workspace, integrating identity, device management, and application delivery.
Personal Identity Management Market by Application (Access Control and Content Management), Service (Professional Services and Managed Services), Deployment Type (On-Premises and Cloud), Vertical, and Region - Global Forecast to 2021
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