Identity and Access Management Market Growth By Leading Vendors: IBM Corporation, Symantec, SailPoint Technologies Holdings, Gemalto, Oracle, CA Technologies, Ping Identity, ForgeRock, Net IQ, HID Global Corporation, Dell

The growing expansion of data theft among organizations worldwide is primarily driving the identity and access management market demand. Stolen employee access identification is a leading parameter of data breach and system hacking is projected to cost businesses around USD 2 trillion by 2019. They are responsible for about 88% of cyberattacks and will hamper the organizational functioning. In 2016, the total cost related to identity theft was USD 16 million and is anticipated to grow due to the rising crime rates. Hence, to curb the growing identity theft, companies are investing funds and entering into strategic partnerships and acquisitions to improve their security portfolio.

Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/176

The prominence of compliance management in the identity and access management market is growing rapidly as it demonstrates the technologies and processes required to provide a more secure environment. IAM solutions are used for used for meeting multiple compliance requirements, accelerating the market growth. For instance, the Sarbanes-Oxley (SOX) of 2002 assists in making the corporate governance practices highly transparent by focusing on two parameters, the financial disclosure and corporate governance. The adoption of the solutions by organizations assists them in providing direct assistance for meeting SOX requirements for policy enforcement, fraud reduction, compliance auditing and reporting, and risk assessment. Furthermore, increased mobile penetration, rising employee mobility software demand, and increasing prominence of mobility service management are also driving the identity and access management market size.

With the advent of advanced connectivity and the accompanying security risks that come with it, organizations are increasingly implementing formal IAM policies and procedures to address the need for account provisioning, review and revocations. New accounts need to be provisioned correctly and must be ready on time to make sure the user can be granted the access then needed. There are auditors, contractors and third-parties that require different access to an organization’s system and network, presenting the necessity of IAM for risk assessment and assigning suitable access rights. The identity and access management industry assists in coordinating the process of new user account creation, giving added access to temporary employees, authorized emails and access to other physical resources.

The advanced authentication segment held around 23.7% of the identity and access management market share in 2017, mainly due to factors such as increase in cybercriminal activities, rising security threats, BYOD policy in enterprises, and supportive government regulations. Increased usage of advanced authentication in various verticals, mainly BFSI, IT & telecom, and healthcare, also contributes to the identity and access management market growth. Furthermore, the centralized policy engine in these systems assists in providing flexibility and consistency in authentication, fueling their market demand.

Identity and Access Management (IAM) Market was estimated to be over USD 9.5 billion in 2017 and is set to exceed USD 18.9 billion by 2024 to grow at a CAGR of over 10.4% from 2018 to 2024.

Growth drivers

• Substantial growth in data breaches, identity theft and hacking incidents among organizations
• Enhanced prominence of compliance management
• Rising demand for mobility and remote workforce IAM
• Increasing adoption of connected technology including IoT, cloud computing and BYOD
• Challenges related to employee on-boarding and off-boarding

Make an Inquiry for purchasing this report @ https://www.gminsights.com/inquiry-before-buying/176

The BFSI sector is rising at the fastest rate in the identity and access management market and is projected to grow at a CAGR of 13.1% over the forecast timespan. These solutions play a vital role in creating secured and reliable IT security in the banking sector. Around 90% of the financial institutions are affected by data breach, out of which 60 percent are cases of identity abuse. For instance, in 2014, the JPMorgan Chase banks suffered a data breach that leaked around 7 million business accounts and 76 million personal contacts causing huge losses to the bank. Hence, it is imperative for the banks to protect their networks with enhanced authentication measures. One of the drivers that is mainly important for the financial sector is compliance. Regulatory departments, such as the Australian Prudential Regulation Authority (APRA) and U.S. Security and Exchange Commission (SEC), have set strict regulations, enforcing the financial institutions to comply with the security requirements. Hence, major financial institutions have made substantial investments in implementing the enhanced IAM solutions, driving the identity and access management market value.

Market expansion and extended business partnerships are the main strategies adopted by the enterprises operating in the identity and access management market. The prominent companies functioning in the identity and access management market include CA Technologies, Centrify Corporation, Crossmatch, Dell Inc., ForgeRock, Gemalto, IBM Corporation, iWelcome, Microsoft Corporation, Okta, Inc., Oracle, Ping Identity, SailPoint Technologies Holdings, Inc., and Symantec.

Browse Full Report: https://www.gminsights.com/industry-analysis/identity-and-access-management-market

In the U.S., almost 16 million people were working in retail as of November 2017, representing every one in ten workers in the country, including establishments like big private sector players, small businesses, gas stations and bowling alleys. The retail sector has further transformed to a great extent with the advent of ecommerce, bringing into focus latest businesses management techniques. The identity and access management industry enables the provision of IDs and access to data such as customer orders, warehouse locations and customer’s delivery address to delivery persons. Adopting the smartphone technology to track and report everyday operations has also allowed businesses to let their employees access remotely, greatly altering the IAM requirements and making the identity and access management industry more relevant.

The Latin American identity and access management market is anticipated to grow at a CAGR of 13.1% over the forecast timespan. Due to the increasing connectivity in personal, urban, and corporate environments, the dependence on technology and associated vulnerabilities has increased in this region giving rise to cyberthreats. Over the last decade, this region has witnessed huge digitalization with an enhanced adoption of big data, cloud computing, and IoT solutions, accelerating the identity and access management market demand.

Browse Related Report:

Chatbot Market Application, Growth and Forecasts by 2024

Some of the key players operating in the chatbots market are Baidu, Babylon Health, Google, Microsoft, Kik, Poncho, ReplyYes, LivePerson, Slack Technologies, and WeChat.

https://www.gminsights.com/industry-analysis/chatbot-market

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

Contact Us:

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: www.gminsights.com

This release was published on openPR.