Personal Identity Management Market: Snapshot
Personality Identity Management or PIM indicates to a set of standards, algorithms, and rule by which the any individuals and organizations control the use and sharing of confidential information with other organizations or individuals. As the people are growingly leaving their digital imprints across various channels and media, the companies are able to take advantage of this data and use it as a part of targeted marketing or other marketing strategies. The information can also be used for any monitoring or verification purpose. This however can lead to the violation of privacy and relevant rights of a person, giving rise for the safety and security solutions, which allows the customers or users to manage the digital imprints created by them as a part of their regular internet activities.
In the field of personal identity management, people are able to create policies stating out to any company commitment for storing only that information which is required and trying to keep that information safe to the best of its capacity. PIM opposes any third party user to gain access to any private information or data without the consent of the original user. In this way, it tries to put some check over the management of the identities of the users.
One of the chief reasons for driving the growth of the global market for persona identity management is the growth in the rate of cyber crime which slowly increasing on account of advanced degrees of communications in several sectors of information technology. Companies are now looking for several ways of stopping cyber crime which includes virus, bank robbery, hacking, credit card frauds among others. Governments too have put up regulations and laws associated with security of personal data and thus helping in the overall growth of the global market for personal identity management.
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.
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.
This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
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