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(Wireless-NewsWire.Com, March 02, 2021 ) As per report "Information Rights Management Market by Component (Solutions (Integrated with EFSS & Integrated with DLP) and Services), Organization Size (SMEs & Large Enterprises), Deployment Type (On-premises & Cloud), Vertical, and Region - Global Forecast to 2023", the information rights management market size is expected to grow from USD 913.5 Million in 2018 to USD 1,885.5 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 15.6% during the forecast period. Increasing concerns about information loss and theft, the upward trends of Bring Your Own Device (BYOD) and enterprise mobility, and stringent regulations and compliance are expected to drive the growth of the information rights management market. However, high installation and integration costs may hinder the market growth.
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Among solutions, the integrated solutions segment is expected to have a higher CAGR during the forecast period. Integrated offerings enable enterprises to enjoy the facilities of information rights management as well as other systems. These additional facilities may include manual rights application, consistent policies application, and maintaining current business workflows while also protecting sensitive information.
Among verticals, the BFSI vertical is estimated to have the largest market share in the information rights management market in 2018, due to the secured and confidential data features this vertical has. As huge sums of money and critical business data are at stake, well-informed decisions must be taken by enterprises in the BFSI vertical. Information rights management solutions help BFSI firms manage and maintain the rights of all the financial information.
North America is expected to have the largest market size in the information rights management market during the forecast period, as a majority of vendors, such as Adobe, Microsoft, Oracle, and Seclore, are based in North America. The region is also expected to account for the major market share and is considered to be the most advanced region in terms of the adoption of data and information protection tools.
Asia Pacific (APAC) is expected to witness the highest CAGR in the global information rights management market during the forecast period. With diversified geographic areas and a high customer base, the APAC region is expected to exhibit strong growth in the information rights management market. The growth in this region is primarily driven by the presence of many data-centric enterprises that are gradually embracing the adoption of advanced technologies, such as information rights management. The market in the developing regions, such as the Middle East and Africa (MEA) and Latin America, is expected to grow steadily, due to the increasing trends of BYOD and enterprise mobility.
The key players in the information rights management market include include Adobe (US), Microsoft (US), Oracle (US), Seclore (US), Vaultize (US), NextLabs (US), OpenText (Canada), Vitrium (Canada), Citrix (US), Copyright Clearance Center (US), Intralinks (US), Locklizard (UK), Sealpath (Spain), TransPerfect (US), Vera Security (US), Covertix (Israel), FinalCode (US), Fasoo (US), FileOpen (US), GigaTrust (US), InfoSaaS (England), Network Intelligence (India), Skyhigh (US), Traxion (Netherlands), and Trunomi (US).
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