Mobile Identity Management Market Size

Mobile Identity Management Market size was valued at USD 3.27 billion in 2023 and is anticipated to grow at a CAGR of over 27.2% between 2024 and 2032. Increasing reliance on smartphones for various tasks including communication, financial transactions, and access online services is driving the demand for mobile identity management solutions. Additionally, corporates are adopting Bring Your Own Device (BYOD) policy, which is further driving the need for advanced MIM solutions.

MIM solutions ensures that only authorized person can access the sensitive data on the device through authentication methods such as biometrics, multi-factor authentications, secure single-sign on. To cater to this demand technology companies are offering services on these devices which identify and manage identities securely. For instance, in June 2024, IDMERIT launched a video KYC solution for institutes such as banks, fintech companies, etc.

Governments and regulatory bodies worldwide impose stricter guidelines and regulations concerning data privacy and security. Regulations such as the General Data Protection Regulation in Europe and similar laws in other regions mandate organizations to implement robust MIM for data protection measures. MIM solutions help businesses comply with these regulations by providing secure methods for managing & verifying user identities, this reduces risks of data breaches and ensures user privacy. For instance, the European Union is providing digital identity to citizens for offline/online and private/public services.

User privacy is a major challenge in the MIM market, as MIM solutions collect & store user data such as credentials, biometrics, and even location data, raising concerns about who has access to these data and how it is used. Increasing data breach cases and growing awareness about data privacy issues have amplified these concerns. Users are afraid that their data personal data could be used by unauthorized parties, for potential identity theft and misuse of it. To gain user trust, MIM providers need to be transparent about data practices, secure user information, and comply with regulations, while users must be aware of the data collection involved to make informed decisions.