Mobile Identity Management Market Size, Share, Industry, Forecast and Outlook (2024-2031)

Global Mobile Identity Management Market is segmented By Authentication (Single-Factor Authentication, Multi-Factor Authentication), By Component (Biometric, Non-biometric), By Deployment (Cloud, On-premise), By Enterprise Size (Small and medium-sized enterprises, Large enterprises), By Application (IT & Telecom, Retail, Healthcare, Government and Defense, Banking, Travel, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030.

Mobile Identity Management Market Overview

Global Mobile Identity Management Market reached USD 45.5 billion in 2022 and is expected to reach USD 82.7 billion by 2030, growing with a CAGR of 7.6% during the forecast period 2023-2030. 

Technological advancements in mobile identity management sensors help to boost market growth. The increase in the adoption of biometric authentication methods, such as fingerprint scanning and facial recognition further helps to boost market growth. Biometrics offers a high level of security and user convenience, making them a key trend in the MIM market. An increase in the merger and acquisition strategies by major key players helps to boost the market growth of the mobile mapping system market. 

For instance, on February 14, 2022, HUMBL entered into an acquisition agreement with BizSecure. HUMBL will form a new commercial division called HUMBL Blockchain Services which will deliver blockchain corporate and governmental solutions. The acquisition contributes to the assumption of an existing U.S. Air Force contract for mobile identification and flying card testing on blockchain.

Asia-Pacific is the fastest growing region in the global mobile identity management market covering about 1/4th of the market in 2022. With increased internet penetration, the region is well regarded for being the fastest adoption of technology. According to Cisco forecasts, internet user penetration will reach 72% in 2023, up from 52% in 2018. Furthermore, broad average speeds can reach 157.1 Mbps, boosting industry development.

Mobile Identity Management Market Scope and Summary

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Mobile Identity Management Market Dynamics and Trends

Rising Instances of Security Breaches and Identity Related Fraud

Businesses and individuals suffer financial losses due to security breaches and fraud. Mobile Identity Management solutions provide mechanisms to prevent unauthorized access and financial fraud.The evolving threat landscape includes cyberattacks, phishing, identity theft and data breaches. The threats underscore the urgency for more secure and advanced identity management solutions.

On June 16, 2023, Invisible robbers stealing millions in phone porting scam that is labelled as terrifying. Scammer took USD 3,500 in the first hit and USD 5,000 in the next hit. There are around 7000 similar cases. According to the Australian Communications and Media Authority (ACMA), these type of scams cost Australian victims an average of USD 28,000.

Growing Digital Transformation 

Businesses are undergoing digital transformation, adopting mobile-centric operations and offering services through various digital channels. Mobile identity management is critical to secure these interactions and enable seamless user experiences. Digital transformation involves adopting mobile-first strategies, where mobile devices play a central role in accessing services, applications and data.

Mobile identity management systems provide convenient and secure authentication methods like biometrics and single sign-on, which correspond with the goals of improved user experiences. Businesses interact with clients through a variety of channels, including websites, mobile apps, social media and IoT devices. It ensure consistent and secure user identities across these diverse touchpoints. On August 12, 2023, Life Insurance Corporation of India focussed on the digital transformation product mix to boost growth.

Rising Adoption of Biometric Authentication

Biometric authentication methods, such as fingerprint recognition, facial recognition and iris scanning, provide a higher level of security compared to traditional password-based methods. The heightened security helps prevent unauthorized access and data breaches. Biometric identifiers are unique to each individual, ensuring accurate user verification and minimizing the risk of identity fraud or impersonation.

Biometric authentication offers a seamless and user-friendly experience. Users can access applications, services and devices using their physiological features, eliminating the need to remember complex passwords. Biometric authentication adds an extra layer of access control by requiring a unique physiological attribute for authentication, reducing the chances of unauthorized access.

Complex Implementation 

Implementing robust mobile identity management solutions requires integrating various technologies, such as biometrics, multi-factor authentication and secure APIs. Organizations might find the implementation process complex and resource-intensive. Complex implementation can lead to resistance and reluctance from users, especially if the new processes disrupt their workflow or are difficult to understand. 

User buy-in is crucial for the success of identity management solutions. Setting up and configuring mobile identity management solutions requires specialized technical knowledge. Organizations lacking in-house expertise may struggle to effectively deploy and maintain these solutions.

Mobile Identity Management Market Segmentation Analysis

The global mobile identity management market is segmented based on authentication, component, deployment, enterprise size, application and region.

Increasing Adoption of Biometric Components

In 2022, biometric component is expected to be the dominant segment in the global market covering around 1/3rd of the market. Biometric authentication, such as fingerprint scanning, facial recognition and iris scanning, provides a higher level of security compared to traditional password-based methods. It helps prevent unauthorized access and data breaches, boosting confidence in mobile identity management solutions. Biometric identifiers are unique to individuals, ensuring accurate user verification. 

According to the news published on October 26, 2022, over half of the consumers use biometrics to secure mobile devices. 55% of the consumers are using biometric authentication factors like face scan or fingerprint to unlock their mobile screen. According to the report published by The Digital Identity Services by iProov, around 16,000 consumers in eight countries assessed their attitudes to digital identity and online security including facial verification use.

Mobile Identity Management Market Geographical Penetration

Rising Product Launches in North America 

North America is the dominant region in the global mobile identity management market covering more than 1/3rd of the market in 2022. The increase in the adoption of smartphones and tablets has increased the demand for secure and convenient authentication methods for services, accessing apps and data on these devices. The growing number of cyber threats and data breaches there's an increased focus on enhancing mobile identity and digital security management solutions offer an added layer of protection. 

An increase in product launches by major key players in the region helps to boost market growth over the forecast period. On March 20, 2023, Ping Identity, an American software company launched the identity management solution PingOne Neo for the companies. It helps to improve privacy and data security and control for individuals while reducing resources. 

Also, on June 22, 2023, IDEMIA Identity & Security USA LLC, launched a next-generation handheld device that enables law enforcement to identify potential suspects in the field. IDent 2.0 is a compact handheld device that captures the biometrics of potential suspects and delivers real-time identification in the field.

Mobile Identity Management Market Companies

The major global players include OneLogin, Thales Group, IDEMIA, Okta, SecureAuth Corporation, Trend Micro Incorporated, F-Secure, Sophos Ltd., Telesign and Regula.

COVID-19 Impact on Mobile Identity Management Market 

The pandemic accelerated digital transformation initiatives as businesses adapted to remote work and online interactions. It led to an increased demand for secure mobile identity management solutions to manage remote access and ensure data security. The surge in online shopping, banking and other digital transactions created a need for enhanced identity verification and authentication mechanisms. MIM solutions played a crucial role in ensuring secure and seamless online experiences.

The healthcare sector witnessed an increased adoption of telemedicine and e-health platforms. Secure mobile identity management solutions were essential to protect patients' medical records and ensure secure communication between patients and healthcare providers. The financial sector experienced higher usage of mobile banking and digital payment services. MIM solutions helped secure financial transactions and protect sensitive customer data.

Russia-Ukraine War Impact Analysis

The ongoing conflict between Russia and Ukraine creates geopolitical uncertainties, which might affect business relationships, trade and investments in the region. Companies operating in the affected areas may temporarily delay or scale down technology initiatives, including mobile identity management adoption.

Geopolitical conflicts heighten concerns about data security and protection. Organizations may prioritize securing sensitive data and identities, potentially leading to increased demand for mobile identity management solutions that offer robust security measures. Geopolitical tensions often lead to economic disruptions. Businesses facing economic challenges might defer technology investments, including identity management solutions until the situation stabilizes.

Key Developments

• On February 27, 2023, Route Mobile, a cloud communication solution provider launched Trdigital identity and security service for the telcos enterprises. TrueSence is built on using technologies like artificial intelligence and machine learning.
• On December 28, 2022, CloudIBN, launched Identity and Access Management (IAM) Offerings to the businesses to keep it safe. It helps to manage user access control across the organization. It is beneficial for various industries like healthcare and finance.
• On October 24, 2022, Prove Identity, Inc., an identity verification company announced the launch of Prove Auth to deliver next-generation passwordless identity authentication. The newly launched product helps companies to depend on one-time passcodes and promote employees to frictionlessly authentication.

Why Purchase the Report?

• To visualize the global mobile identity management market segmentation based on authentication, component, deployment, enterprise size, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous data points of mobile identity management market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global mobile identity management market report would provide approximately 53 tables, 52 figures and 208 pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies