The global mobile identity management (MIM) market will reach $16,97-billion by 2030 and grow at a CAGR of 26,8% from 2024 to 2030, according to a new report by Grand View Research.
Mobile identity management 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 organisations 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 organisations migrate to cloud-based services, MIM solutions will safeguard access to such services.
With the proliferation of smartphones and tablets, the need to protect user identities and ensure secure access to services and data has become paramount.
This market encompasses a range of solutions such as biometric authentication, mobile single sign-on, mobile device management (MDM), and mobile application management (MAM) catering to diverse industry verticals including finance, healthcare, government, and more. As businesses and consumers increasingly rely on mobile devices for various tasks, the mobile identity management market continues to grow to meet the evolving security needs.
Mobile identity management solutions often include robust authentication and verification mechanisms to ensure that only authorised users gain access to sensitive information and applications. This can involve various methods such as passwords, PINs, biometric authentication, and multifactor authentication (combining two or more authentication factors for added security).
Security threats, complexity, device fragmentation, user privacy concerns, and regulatory requirements are some of the difficulties organisations 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).
Additional highlights of the report include:
* The services segment is anticipated to observe a CAGR of 27,6% 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 28,1% during the forecast period. Cloud-based MIM solutions offer organisations 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 and boosting the market growth.
* Small and medium-sized enterprises (SMEs) are anticipated to observe a CAGR of 27,4% during the forecast period. As mobile identity management influences small and medium-sized businesses (SMEs) to adopt secured identity management solutions due to the growing importance of secured mobile devices, SMEs surge to grow over the forecast period.
* The retail segment is anticipated to observe a CAGR of 31,1% during the forecast period. The growing demand among retailers to adopt MIM solutions for digital transformation, and users’ and vendors’ data accessibility is fueling the demand for the market.
* Asia Pacific region is expected to grow at the fastest CAGR of 29,1% from 2024 to 2030 owing to the increasing adoption of mobile technologies and the growing digitalisation of businesses in the region. Countries such as China, India, Japan, and South Korea have implemented privacy legislation and data protection that forces enterprises to build robust identity and access management solutions.