Information Rights Management Market: Introduction
- Information rights management (IRM) is a type of IT security solution designed to prevent unauthorized access to documents containing confidential information. Unlike traditional digital rights management (DRM), which is applied to mass-produced media such as songs and movies, IRM is applied to human-made documents, spreadsheets, and presentations. Information rights management prevents files from unauthorized viewing, copying, printing, deletion, forwarding, and editing.
- Information rights management (IRM) usually encrypts files to enforce access policies. After encryption, further information rights management rules can be applied to a file to deny/ allow certain activities.
- In some cases this means that files can only be viewed and the user cannot copy/paste the content in the document. In other cases, the information rights management rule can avoid a user from taking screenshots, editing, or printing the document.
- Organizations can generate and apply custom information rights management (IRM) rules at the company, department, group, or user level based on data governance, compliance, and security requirements.
- One of the most commonly cited benefits of IRM is that it maintains this protection even if files are shared with a third party. A user can be outside the corporate network, but IRM rules still protect the document. This means that IRM-stamped documents remain safe in any case where it is accessed.
- IRM is an important aspect of monitoring business document files, including Excel spreadsheets, Word documents, and PowerPoint presentations.
Global Information Rights Management Market: Dynamics
Global Information Rights Management Market: Key Drivers
- The global information rights management (IRM) market is expected to experience rapid growth in the coming years due to the increasing demand for digital content management and security.
- Additionally, digital content theft and digital piracy have increased with the expansion of technology and its accessibility, which is expected to propel the information rights management market during the forecast period.
- In addition, strict regulations and compliance along with the introduction of digital rights management solutions in various vertical lines, increased use of wireless smart devices, and enhanced use of the Internet will further amplify the growth of the information rights management market.
- The use of cloud-based and artificial intelligence technologies in various market sectors is expected to create lucrative opportunities for the information rights management (IRM) market.
- However, this market is scarce due to the fact that unified solutions are offered, so end-users have to choose multiple solutions for complete security, which translates into high initial investment and high after-sales maintenance.
Impact of COVID-19 on the Global Information Rights Management Market
- COVID-19 is having a huge impact on the global economy and on all industries around the world. Most companies had to cease all manufacturing operations, but lockdowns have now been lifted in many parts of the world. Many recovery regimes have been tried to find a reliable treatment for COVID-19. Currently, the approaches used by authorities are not mandatory by the WHO.
- During the lockdown, adoption of IoT connections increased across sectors such as manufacturing, utilities, healthcare, and transportation. Therefore, demand for professional IoT services is growing. All of these factors are likely to drive the global information rights management market during the COVID-19 pandemic.
North America to Hold Major Share of the Global Information Rights Management Market
- The global information rights management market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- North America is expected to have the largest share of the information rights management market during the forecast period. Companies in North America are expected to adopt information rights management solutions quickly due to the increase in information breaches and data loss. Growing research and development (R&D) activities and technology-based companies in the region have also created substantial opportunities for information solutions.
- The market in Asia Pacific (APAC) is expected to expand at the highest CAGR during the forecast period, and several factors are expected to drive the impressive growth of the market in the APAC region.
Global Information Rights Management Market: Competition Landscape
- Various key players such as Oracle Corporation and FileOpen are active in the information rights management market.
- Oracle IRM delivers an information security solution that uses encryption to "seal" emails and documents. Access to decryption keys is controlled so that only legal end-users can access and use sealed emails and documents, regardless of where they are saved or used.
- FileOpen Document Rights Management is an elastic SaaS system for authenticating and encrypting digital documents on a large scale.
Key players operating in the global information rights management market include:
- Adobe Inc.
- Microsoft Corporation
- Oracle Corporation
- OpenText Corporation
- Vitrium Systems Inc.
- Citrix Systems, Inc.
- Intralinks Holdings, Inc.
- LockLizard Limited
- FileOpen Systems Inc.
- Seclore Technology
Global Information Rights Management Market: Research Scope
Global Information Rights Management Market, by Component
Global Information Rights Management Market, by Deployment
Global Information Rights Management Market, by Enterprise Size
- Small and Medium Enterprise
- Large Enterprises
Global Information Rights Management Market, by End-user
- Banking, Financial Services, and Insurance (BFSI)
- Research and Publications
- Healthcare and Pharmaceuticals
- Software and Technology
- Others (Retail, and Media & Entertainment)
Global Information Rights Management Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- South America
- Rest of South America
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