The global identity and access management (IAM) market size is expected to reach USD 24.12 billion by 2025, at a CAGR of 13.1% over the forecast period according to a new report by Grand View Research, Inc. Proliferation of cloud services and Bring Your Own Devices (BYOD) within the organization have raised concerns and provided a potentially gateway for threats. However, IAM has potentially reduced the complexity and risk of managing identities by providing robust controlling access to its user.
Stringent compliance by the government bodies to curb theft of sensitive and identity information has compelled the organizations to substantially improve their spending on IT security. Moreover, the growth of web-based applications, risk management such as policy-based compliance and audit management are anticipated to be the key factors driving IAM demand. Additionally, the growing popularity of connected devices and the Internet of Things (IoT) are expected to create a substantial demand for IAM solutions within organizations.
Adoption of cloud deployment in the sizes of the organization is rapidly growing owing to the cost-effectiveness and flexibility in carrying out the business functions. Moreover, it also offers an organization the opportunity to digitally transform their IT infrastructure, thereby gaining a competitive edge in the market. However, cyberspace networks are increasingly getting vulnerable to cyber and malware attacks. Thus, IAM provides a unified view into security policy coupled with auditing to ease compliance processes within the organization.
In the digitally advanced cyberspace, managing access control and identities for enterprise applications act as one of the significant challenges faced by IT. As on-demand computing services are anticipated to become more prominent, incorporating cloud-based identity services would ensure robust security in the long run.
Moreover, adoption of cloud platforms such as Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and, Software as a Service (SaaS) have necessitated the IT departments to improve the organization’s IAM. Thus, improved IAM practices and processes are expected to help the cloud services provider to deliver robust services and provide scalability for the user. Furthermore, utilizing cloud-based services has put the IT security function as a significant concern for the organization. Thus, enterprises are expected to adopt IAM solutions to curb advanced cyber-attacks over the forecast period.
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Further key findings from the report suggest:
Provisioning component segment accounted for highest market share of 30.71% in terms of revenue in 2018
Multifactor authentication component segment is anticipated to witness the highest CAGR of 17.0% over the forecast period
On-premise deployment segment led the identity and access management market and was valued at USD 5.28 billion in 2018
BFSI end use segment is anticipated to witness the highest CAGR of 14.7% over the forecast period
Asia Pacific is expected to expand at the highest CAGR of 15.6% over the forecast period
Oracle, IBM Corporation, CA Technologies, NetIQ Corporation, HID Global Corporation and others accounting for the majority share of the market in 2018
Grand View Research has segmented identity and access management market on the basis of component, deployment, end-use, and region:
Identity and Access Management (IAM) Component Outlook (Revenue, USD Million, 2015 - 2025)
Audit, Compliance & Governance
Identity and Access Management (IAM) Deployment Outlook (Revenue, USD Million, 2015 - 2025)
Identity and Access Management (IAM) End Use Outlook (Revenue, USD Million, 2015 - 2025)
Energy, Oil & Gas
Telecom & IT
Public sector & utilities
Identity and Access Management (IAM) Regional Outlook (Revenue, USD Million 2015 - 2025)
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