Information Rights Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Information Rights Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Information Rights Management Market is expected to register a CAGR of approximately 15.5% during the forecast period (2021 - 2026). The continuous evolution of the internet as a platform for business and trade and monetizing digital content are driving the market’s growth.

Key Highlights

• Several organizations worldwide are focusing on rapidly making their presence across various social networking sites and other digital marketing platforms. This is further allowing companies to exhibit and sell their products online by utilizing a content marketing strategy.
• As a result, companies are planning to implement intellectual property (IP) rights. This is expected to drive the demand for information rights management and licensing. The increasing usage of digital documents, such as PDFs, word documents, and emails, is assumed to stimulate the market’s growth.
• The market is further witnessing significant growth in enterprises, owing to the rising importance of enterprise file safety in the current market scenario of rapid consumerization of information technology, free consumer file sharing solutions (like Dropbox), and bring-your-own-device (BYOD), as perimeter-based security is witnessing a decline in the demand. Such events are creating internal threats that can lead to inadvertent data leakage.
• The outbreak of novel coronavirus led to lockdown in many countries to contain the virus for citizens' security. This led to an increase in OTT Viewership since OTT players are re-vamping their content plans to meet every need from every genre. People are also increasingly working from home on their remote devices and networks, leading to an increase in the use of IRM for the past few days.

Key Market TrendsBFSI Industry Expected to Hold Significant Share

• The BFSI industry is most vulnerable to data loss, and due to the sensitive nature of the information, BFSI firms must be protected. According to Gizmodo, in 2019, First American Financial Corp. had 885 million records exposed online, including bank transactions, social security numbers, and more. To cater to such issues, BFSI firms can keep their most sensitive data under their control with enterprise information rights management solutions.
• A typical large bank or credit card company collaborates with more than 20,000 third parties and partners. The challenge with outsourcing and external collaboration is still there, as once these third parties receive sensitive information, the bank loses all control over it. In some cases, the third-party partners and outsource organizations may not possess sufficient security apparatus and infrastructure.
• Hence, the demand for IRM is expected to increase as it will enable the banking and financial institutions to mitigate security risks and collaborate with external parties. Players such as Seclore’s Enterprise Digital Rights Management (EDRM) ensures end-to-end protection of information shared within and outside the enterprise.
• Due to digital transformation, several BFSI industry market players are also innovating new technology to provide a high-security platform. For instance, a South Korean bank, the Nonghyup Bank, recently rolled out a new mobile employee ID service using blockchain-based identification technology. This will tighten the security around the personal data. Hence, similar initiatives, coupled with the trends, are expected to boost the IRM market's adoption over the forecast period.

North America Expected to Dominate

• The consumption of digital media content and the practice of digitization of enterprises in North America, especially in the United States, is increasing tremendously, owing to the rapid adoption of technological advancements in the region.
• The increasing speed of internet speeds, coupled with the increase in the number of devices supporting the access of digital media, has increased the freedom of consumers to access media content anywhere and anytime. Such trends are expected to boost the dominance of the region in the adoption of IRM solutions.
• Mobile internet usage in the country has also seen tremendous growth with the greatest number of mobile wireless connections. According to a survey of Facebook users in the United States, by Audience Project, 76% of the respondents claimed that they accessed the social media platform via mobile.
• Also, 41% of the respondents who were U.S. YouTube users claimed that they accessed the video platform through a tablet device. Hence, the growth of the use of mobile devices has grown significantly, which will further necessitate the deployment of enhanced IRM solutions across various consumers.

Competitive Landscape

The competitive landscape of the Information Rights Management Market is fragmented owing to the presence of several IRM solution providers. The market players are extending partnerships and collaborating with several companies in different end-users to boost their market presence. The companies are also making efforts to provide innovative solutions and offerings in the market.

• July 2020 - Tech Mahindra Ltd., a provider of digital transformation, consulting and business reengineering services and solutions, launched a new digital platform, branded as ‘Blockchain-based Contracts and Rights Management System’ (bCRMS) for the global media and entertainment industry. The platform is designed to enable production houses and content creators to track revenue, royalty payments, manage rights, and address content piracy by leveraging IBM blockchain.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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