Information Rights Management Market Size

Information Rights Management Market Analysis

The Information Rights Management Market size is estimated at USD 2.34 billion in 2024, and is expected to reach USD 5.43 billion by 2029, growing at a CAGR of 18.31% during the forecast period (2024-2029).

Enterprises worldwide are increasingly using online platforms to communicate their business information due to the digitalization of business processes, which need encrypted access rights for security purposes of the document, creating an opportunity for the IRM software market vendors.

• IRM frequently encrypts files to impose access controls, and extra IRM rules can be used to allow/deny specific actions after a document has been encrypted. This can result in a user only being able to view material from a document, not copy or paste it. In other circumstances, users may be prohibited by the IRM rule from printing, editing, or taking screenshots of the document. This drives the market adoption of IRM solutions because it enables a company to share information files with advanced securities.
• IRM is a subset of Digital Right Management, and companies are adopting DRM tools because, through this, digital media assets are protected by the use of an encryption program, which limits access to particular individuals, times, or devices and imposes a limit on the number of times the content can be installed or opened. DRM material is typically used by corporations to protect confidential data, especially during product design papers and M&A (merger and acquisition) processes. With efficient digital rights management software, a firm may quickly launch new campaigns and product concepts while keeping in compliance with regulatory obligations.
• It can stop competitors from obtaining trade secrets or intellectual property. Consider a pharmaceutical organization. For instance, these IRM tools may be working on a patent for a new medicine, but the absence of IRM controls may allow a rival to steal useful informations. Additionally, private information about a bank under investigation internally might be made public, harming the bank's standing in the market. This road application of IRM across various end-user industries creates a demand for market growth.
• The absence of standard practices is one of the main issues organizations face with adopting information-proper management tools. Lack of uniformity in strategy, digitization documents, automating procedures, managing the growing volume, safeguarding information access, reducing information silos, integrating with legacy systems, and removing low-quality data are common information management difficulties.
• The COVID-19 pandemic caused many worldwide to move online, accelerating a long-term digital transformation. Several people began working from home, children with at-home Internet connections started attending classes online, and numerous businesses adapted digital business models to continue operating and keep certain revenue streams. In the meantime, researchers used artificial intelligence (AI) to underastand the virus and hasten the search for a vaccine. Mobile applications were created to help "monitor and trace" the growth of the pandemic, which has increased the demand for IRM software across various end users due to an increase in the volume of online content.