Identity and Access Management Market Foresees Skyrocketing Growth in the Coming Years
On the basis of geography, the global identify and access management market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America held a dominant position in the market and is estimated to retain its dominance throughout the forecast period. Increasing penetration of IoT devices among various verticals, growing adoption of bring your own device (BYOD) trend, and enterprise mobility requirements are some of the factors bolstering growth of the identify and access management market over the forecast period. According to Coherent Market Insights, in 2017, it is calculated that 9.2 billion units of IOT devices have installed in North America and is projected to reach 33.9 billion units by 2025. Moreover, digitalization of processes among various enterprises in sectors such as BSFI and telecom & IT has led to increasing risk of data breaches. According to ITRC (Identity Theft Resource Center) Organization’s analysis, in 2016, around 454 data breaches were recorded in the U.S. Therefore, to decrease the risk associated with data breaches and reduce the vulnerabilities, demand for IAM solutions to combat malicious attacks is expected to increase in large and small and mid-sized companies. This is anticipated to drive growth of the identity and access management market in the near future. Additionally, growing awareness of security breaches has led to adoption of these services by various government agencies such as such as Department of the Interior, Transportation, and Veteran Affairs, U.S. for implementing high authentication measures, thus aiding in growth of the market.
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Identity access management (IAM) is a security framework, which ensures secure access to end users across multiple applications. The basic functionality of IAM includes authorized user access requests, automated provisioning of accounts among heterogeneous systems, password management, control over user access to target systems via automated policies & workflows and access certification processes, which help organisations to protect IT infrastructure. The identity and access management solutions protect organisations’ valuable information and applications with the help of security policies, context-based access control, and business-driven identity governance, which is expected to be factors fuelling growth of the market.
Cloud-based IAM solution provides growth opportunity to the market
Cost-effectiveness feature of the cloud-based IAM service is one of the major driving factors for growth of the market. Enterprises are adopting cloud-based applications at a large scale, which in turn increase the cloud traffic. For instance, according to Coherent Market Insights’ analysis, global cloud IP traffic is expected to reach 14 ZB by the end of 2020, up from 4 ZB per in 2015. Moreover, the adoption of cloud based IAM will help enterprises in terms of cost cutting of infrastructure and minimize complexity in managing access controls and compliance for users by preventing data breach issues. Another factor aiding in growth of the market is emergence of identity-as-a-service (IDaaS), which is a security verification solution developed and controlled by a third-party service provider that allows employees to access cloud-based applications through a single sign-on (SSO) process.
BFSI segment is expected to account for the largest market share during the forecasted period
On the basis of verticals, the BFSI segment is expected to hold the largest market share during the forecasted period. Bank and financial institutions’ operations are operated in secure environment. The BFSI sector is increasingly implementing IAM solutions to improve risk management and fraud detection, as these solutions help in preventing online fraud transactions, credit card-related functions, and insurance claims. Hence, several large financial institutions are replacing conventional solutions and investing significantly in integrating the IAM solutions to streamline their workflows. The acceptance of hybrid deployment models for cost-effective functioning is also another factor leading to high adoption of IAM in the BFSI sector
Identify and access management: Competitive Background
Some of the leading players in the identify and access management include Amazon Web Services, CA Technologies, Centrify Corporation, Dell Emc, ForgeRock Inc., Hewlett Packard, HID Global Corporation, Hitachi Id Systems, Inc., IBM Corporation, Intel Corporation, McAfee, and Oracle Corporation.
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