The global information rights management market is anticipated to grow at a significant CAGR during the forecast period. Information rights management is a subset of digital rights management. Information rights management is a technology or service that can protect sensitive information from unauthorized access. Information rights management solutions and services are used for the encryption of confidential and sensitive data to prevent unauthorized access. 

Increasing demand from the BFSI industry is estimated to drive the growth of the global information rights management market. The BFSI industry deals with huge amounts of money and critical business data. This data needs to be kept secure and confidential and the information rights management solutions and services enable the BFSI companies to maintain and manage the rights of all these confidential financial data. 

The rising concern for information loss or theft is the major factor driving the information rights management market. According to the 2020 Q3 Data Breach QuickView Report, 36 billion sensitive data, including credit card numbers, home addresses, phone numbers, and other highly sensitive information has been breached in 2020 through 2,953 publicly reported breaching cases. According to the report published by IBM in 2020, the average cost of a data breach is $3.86 million. This cost is highest in the US and is highest in the healthcare sector. It takes around 280 days to identify and contain a data breach. This loss of data due to breaching or hacking causes huge losses to the organizations, due to which these organizations search for an information rights management system to secure the sensitive data of the organization. 

Impact of COVID-19 Pandemic on Global Information Rights Management Market

With the increasing use of e-commerce, travel, health, banking, education, social media platforms, the demand for information rights management systems is growing. The COVID-19 pandemic had boosted the cyber-attacks through coronavirus-themed spam, especially on personal computers as lots of organizations had imposed work from home. To increase the security of sensitive data, various organizations are now rapidly adopting the information rights management system which has become a major factor for market growth during the forecast period.  

Segmental Outlook 

The global information rights management market is segmented based on the component and deployment type. Based on the component, the market is segmented into solutions (such as integrated with EFSS & integrated with DLP) and services. The services segment contributes a prominent share in the global information rights management market. Such services enable the organization to understand their exact need for information rights management and accordingly deploy the correct solution for that requirement. Based on deployment type, the market is sub-segmented into on-premises and cloud. 

Cloud-Based Information Rights Management Solutions to Exhibit Considerable Growth in the Global Information Rights Management Market

Cloud-based information rights management solutions are projected to exhibit significant growth in the market during the forecast period. The rising digitalization is the major factor that is influencing the segmental growth of the market. The COVID-19 pandemic had forced several organizations to work from home that surged the demand for an information rights management solution that can protect the rights of the sensitive data that in turn, has given a significant surge to the cloud-based solutions segment in the information rights management market.

Regional Outlooks

The global information rights management market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, and Others), and the Rest of the World (the Middle East and Africa, and Latin America).  

Global Information Rights Management  Market Growth, by Region 2021-2027

North America Holds the Major Share in the Global Information Rights Management Market

The American region holds a major share in the global information rights management market. The rapid adoption of data and information protection tools is one of the major driving factors for the regional growth of the market. Additionally, the large number of market players associated with the region gives significant strength to the market growth. The Latin American region is expected to show slow and steady growth in the information rights management market, due to the rising trends of BYOD (bring your device) and enterprise mobility.

Market Players Outlook

Some of the major companies operating in the global information rights management market include Hop-on, Inc., Oracle Corp., Adobe Inc., and others. The market players are considerably contributing to the market growth by adopting various strategies including mergers and acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in August 2021, Hop-on, Inc. collaborated with Ntconsult Technology and Consulting. This will enable the Hop-on's to protect content and digital rights through NTconsult services on their Digitalage decentralized social media platform.

The Report Covers

• Market value data analysis of 2020 and forecast to 2027.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global information rights management market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-s in the market.