Mobile Identity Management Market Growth & Trends
The global mobile identity management market size is expected to reach USD 16.97 billion by 2030 and grow at a CAGR of 26.6% from 2023 to 2030, according to a recent report from Grand View Research, Inc. Mobile Identity Management (MIM) solutions are becoming increasingly important as more employees use mobile devices to access company data and applications. With the advent of mobile workforces and Bring Your Own Device (BYOD) regulations, MIM solutions provide organizations with a secure and practical approach to managing user identities and accessing company resources on mobile devices.The increased adoption of mobile devices and the necessity for safe access to corporate resources from these devices are projected to drive demand for MIM solutions. Furthermore, as more organizations migrate to cloud-based services, MIM solutions will safeguard access to such services.
Mobile device management (MDM) capabilities, which are frequently included in MIM systems, enable organizations to put security limits on mobile devices, such as mandating encryption and limiting access to applications and data. An essential security component of Mobile Identity Management (MIM) is two-factor authentication (2FA), which adds an extra layer of security on top of a username and password. 2FA provides additional security to guard against unauthorized access to sensitive data or systems by providing an additional layer of authentication. Cyber dangers are more likely to affect mobile devices than traditional desktop or laptop PCs. MIM provides security features, including multi-factor authentication, mobile device management, and secure data transit to guard against these risks.
Additionally, mobile device management (MDM) includes several features that let businesses control and safeguard mobile devices. MIM systems frequently incorporate MDM capabilities like remote wipes, device encryption, and app management to improve mobile device security and compliance. Organizations make sure that users may safely access resources from their devices thanks to the development of remote work and bring-your-own-device (BYOD) rules. MIM systems offer the necessary security components for supporting BYOD guidelines and remote work. Security threats, complexity, device fragmentation, user privacy concerns, and regulatory requirements are some of the difficulties organizations encounter while implementing MIM systems. MIM solutions can be challenging to deploy and manage when connected with other systems like identity and access management (IAM) and mobile device management (MDM).
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Mobile Identity Management Market Report Highlights
The services segment is anticipated to observe a CAGR of 27.5% during the forecast period. The need for mobile identity management services is projected to rise owing to the growing demand among enterprises to manage the complexity of resources accessing mobile devices
The cloud segment is anticipated to observe a CAGR of 28.0% during the forecast period. Cloud-based MIM solutions offer organizations a secure and flexible way to manage and secure essential data. With the growing benefits among enterprises for adopting cloud-based solutions, such as improved scalability, cost-effectiveness, and accessibility, they are likely to turn to cloud-based MIM solutions to manage their mobile content, boosting the market growth
Small and medium-sized enterprises (SMEs) are anticipated to observe a CAGR of 27.3% during the forecast period. As mobile identity management influences small and medium-sized businesses (SMEs) to adopt secured identity management solutions, to the growing importance of secured mobile devices, the SMEs surge to grow over the forecast period
The retail segment is anticipated to observe a CAGR of 30.9% during the forecast period The growing demand among retailers to adopt MIM solutions for digital transformation and users’ & vendors’ data accessibility is fueling the demand for the market
Asia Pacific region is expected to grow with the fastest CAGR of 28.9% from 2023 to 2030, owing to the increasing adoption of mobile technologies and the growing digitalization of businesses in the region. Countries such as China, India, Japan, and South Korea have implemented privacy legislation and data protection that force enterprises to build robust identity and access management solutions
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