Personal Identity Management Market to register a healthy CAGR for the forecast period 2015-2023

Personal Identity Management (PIM) refers to the rules, standards and algorithms by which individuals and any organization controls share and use confidential information with other individuals and organizations. As the people are increasingly leaving their digital footmarks across various media and channels, the companies are able to leverage this data to as a part of their marketing strategy (for targeted marketing) or for verification and monitoring applications. This however violates the privacy and relevant rights of individuals, giving rise to demand for security solutions, which allow users/customers to manage the digital footprints created by them as part of daily internet based activities.

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In personal identity management, people can create policies stating out to any organization commitment to storing only those data which is needed and trying to keep those data safe to the best of its ability. PIM opposes the third party user in gaining access to all the private data and information without the consent of the actual user. In this way it puts controls over the management of their identities.

One of the main factors which are boosting the market growth is the cyber crime which is gradually increasing with the advanced communications in various information technology sectors. Companies are looking for various ways to stop the cyber crime which includes hacking, virus/worms, bank robbery, pornography, credit card frauds, etc. Governments too have framed laws and regulations pertaining to personal data security and cyber crime, which are playing prominent role in increasing the importance of this market in various sectors. The prime application of personal identity management can be seen in banking sector where the information of the account holder is the most important confidential thing that the banks have to keep secured. Also, this market is playing a key role in providing data management services to various firms who are in marketing field where commitment to data security is very important for gaining trust.

Personal identity management can be divided based on data type into behavioral data, individual identity data, derived data and self-identified data. Behavioral data comprises of web browsing history, transactional data and location data. Individual identity data has user full name, driving license number, credit card number, date of birth and IP address. Derived data consists of methodically modeled attributes such as credit score, propensity and personas. Self identified data includes user prepared data like product views, purchase intent, social media “likes”, LinkedIn groups and Quora responses. Geographically, this market has strong global presence, with Asia Pacific emerging as fast growing market whereas North America and Europe seeing relatively higher maturity due to developed regulatory and technical infrastructure.

One of the major drawbacks in designing such kind of systems is their complex programming which needs professionals with high level of consumer intelligence in order to meet the desired level of safety of personal data and information. Further, the users have to remember various usernames and passwords in order to gain access to their own information while working on various applications. The opportunity of this market lies in various public complexes (hyper and super markets), tourist places, museum and education institutes and science labs which are vulnerable to terrorist attacks happening around the world. The key players of this market are Acxiom Inc., Azigo Inc., Bluekai Inc., Experian Inc., Merkle. Inc., Mydex Data Services.Inc., Signature Systems Inc., McAfee Inc., Quick Heal Technologies (P) Ltd., and Kaspersky Lab.