Press Release

Fatpos Global

Identity and Access Management Market is expected to CAGR of 14.5% in 2030.

April 6th, 2021 10:52 AM

Identity and Access Management Market to surpass USD 26.6 billion by 2030 from USD 10.32 billion in 2019 at a CAGR of 14.5% throughout the forecast period, i.e., 2020-30. The emergence of cloud-based identity and access management software has fueled the market growth. The introduction of mandatory policies by national governmental cyber authorities to avoid data loss and enhance protection is a major factor driving the growth of the identity and access management solution industry. Besides, IAM solutions have been needed by the proliferation of Bring Your Own Devices (BYOD), the Internet of Things (IoT), mobility, and remote workers to be adopted by organizations, driving growth. Besides, the ongoing possibility of cyber-attacks to steal confidential company data is helping the market to thrive over the coming years.

Identity and Access Management (IAM) ensures that only legally approved workers have access to the right tools in a highly heterogeneous technological environment. It is a solution that controls access to resources for companies. This primarily ensures that staff, partners, and clients have convenient and safe access to the appropriate applications. Businesses use IAM systems to safely initiate, store and manage user identities and permissions for entry. It offers the versatility that companies need to respond to the new technology and developments, expanding their businesses beyond the typical perimeter.

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  • Market size & share analysis
  • Top market players with sales, revenue, and business strategies analysis
  • Market growth drivers and restraints
  • Market opportunities & challenges
  • Research methodology\

Identity and Access Management Market: Key Players

  • SailPoint Technologies Holdings, Inc.
  • Centrify Corporation
  • Dell Inc.
  • IBM Corporation
  • Microsoft Corporation
  • ForgeRock
  • CA Technologies
  • Crossmatch
  • Gemalto
  • IWelcome
  • Okta, Inc.
  • Oracle
  • Ping Identity
  • Symantec Corporation

Identity and Access Management Market: Segments

Cloud deployment to grow with the highest CAGR of 15.9% during 2020-30

Identity and Access Management Market is segmented by deployment into cloud and on-premise. On-premise solutions based on deployments, led the market in 2019, accounting for over 52.7 % of the market share. Large organizations benefit from cost savings associated with automated user provisioning, as well as enhanced audit capabilities and compliance with their entire portfolio of Software as a Service (SaaS), WebEx, Google Apps, and Box.net. Whereas, the cloud segment is projected to record enormous growth over the forecast period. Due to its cost-effectiveness and economies of scale, rising cloud model adoption by different organizations is one of the primary factors contributing to segment growth. To optimize cloud advantages, a greater number of IT, sales, and business functionality are moving to the cloud. With no software or hardware deployment, cloud-based IAM services and products have many benefits, such as simplified management and reduced costs.

BFSI segment to grow with the highest CAGR during 2020-30

Identity and Access Management Market is segmented by Vertical as BFSI, telecom and IT, energy, oil and gas, education, public sector and utilities, healthcare, and manufacturing, and others. IT and Telecom accounted for the higher market share in 2018, as IT companies offering IT solutions & services to financial organizations are expanding their IT security capabilities through strategic partnerships. The BFSI segment is expected to record the highest CAGR over the forecast period. This sector holds critical customer data that needs a high degree of security. Companies in this sector are adopting IAM technology to boost performance, ensure compliance, and reduce the cost of IT management. Logical and physical securities are likely to continue to converge into coherent solutions against the backdrop of rapidly advancing mobile banking applications. Biometric authentication at the ATM and switch to EMV debit and credit cards are also expected to increase identity and access control demand at the same time.

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Identity and Access Management Market: Market Dynamics

Drivers

Substantial growth in data breaches, identity theft, and hacking incidents

Identity and access management market growth is attributed to the rising risks of data exposure, data loss, data leakage, insider attacks, and unsafe use. These cyber-attacks are motivated by the rapid introduction of emerging technology such as cloud-based applications, the Internet of Things (IoT), and Bring Your Own Devices (BYOD) by organizations. Strict regulations are imposed by governments around the world to protect the digital identity of users and prohibit unauthorized access. This would boost the quality of security, reduce insider attacks and improve the organizational effectiveness of businesses and government agencies.

Increasing need for IAM for IoT

IAM’s IoT involvement is expanding like never before. IAM focuses on finding people and ensuring access to different data forms. IAM helps to separate devices while also managing users’ access to data, thus protecting against breaches and malicious activities. IoT generates the need for exponential handling of more identities than what the existing IAM systems need to maintain. IAM offers many IoT benefits to provide a stable environment for users, such as how a user can manage access to all linked items and the data they hold and how they can control what people or devices can do. Therefore, IAM solutions allow global SMEs and large businesses to provide a secure, frictionless, and improved user experience, driving the growth of the global IAM market.

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Restrain

Lack of standards and budgetary limitations in the implementation of IAM solutions

The growing environment of cyber threats is one of the biggest challenges for businesses across market verticals. The growth of the IAM industry is limited by the lack of identity requirements and insufficient budgetary resources, combined with the high cost of installing IAM solutions. The initial investment and maintenance costs for using IAM systems are considerable because of the need to implement robust security technologies. Inadequate budgets continue to be a crucial obstacle to IAM professionals conducting IT security operations effectively. Budgetary constraints have been found in major economies, such as in some areas of APAC, the MEA, and Latin America, where companies are either bootstrapped or run-on limited capital.

Identity and Access Management Market: Regions

The identity and Access Management Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA.

Identity and Access Management Market in North America held the largest market share of 38.2% in the year 2018 and it is expected to continue its market dominance in the future as a favorable regulatory scenario is a primary factor stimulating regional growth. Several U.S. federal agencies, such as hardware-based personal identity identification cards, have incorporated stringent authentication requirements for their employees for accessing government IT infrastructure and networks. Asia Pacific (APAC) has seen advanced and dynamic adoption of new technologies and is expected to record the highest CAGR in the worldwide IAM industry during the forecast period. APAC’s major economies, such as China, Japan, Australia, and India, are expected to experience strong IAM business growth rates. Industries such as financial institutions, the public sector, healthcare, retail, education, telecommunications, manufacturing, energy and utilities, transport and logistics, hospitality, media, and entertainment are expected to introduce the highest level of IAM solutions in the region.

Identity and Access Management Market Segments:

  • By Component:
    • Solutions
      • Data Directory
        • Storage
        • Synchronization/Meta directories
        • Virtualization/Virtual directories
      • Identity Lifecycle Management
        • Provisioning
        • De-provisioning
      • Authentication
        • Single Factor Authentication
        • 2-Factor Authentication
        • Multi-Factor Authentication
      • Verification
      • Password Management
        • Self-service Password Reset (SSPR)
        • Password Reset
        • Password Synchronization
      • Access Management, and authorization
      • Audit, Compliance, and Governance
    • Services
      • Integration and Deployment
      • Support and Maintenance
      • Consulting
  • By Deployment Type:
    • On-premises
    • Cloud
  • By Organization Size:
    • Large Enterprises
    • Small and Medium-sized Enterprises (SMEs)
  • By Vertical:
    • BFSI
    • IT & Telecom
    • Public Sector and Utilities
    • Healthcare
    • Education
    • Manufacturing
    • Retail
    • Others

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Fatpos Global stands for “Failures Are The Pillar of Success”. We are a rapidly-growing global management consulting, advisory, and market research services provider that aims to aid businesses with bold decisions that help them embrace change for their sustainable growth. With the help of our experts and industry veterans and their years of expertise across different industry verticals, we aid businesses with solutions that help in their efficient decision making and Developing executable strategies. With a vibrant ecosystem of robust digital innovation and a vision for the delivery of management consulting, advisory, and market research services and solutions in better, faster, and transformational growth strategies, we thrive to enable our extraordinary thought leadership processes into our services with the equitable analytical tools and experiences that help us make our clients achieve their goals turn into a reality

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