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Global Identity and Access Management Market Trends and Forecasts 2018-2024 By Key Players are Dell, ForgeRock, Gemalto, IBM Corporation, HID Global Corporation, iWelcome, Microsoft Corporation, Net IQ, Okta, Ping Identity, Technologies Holdings

10-16-2018 09:45 AM CET | IT, New Media & Software

Press release from: Global Market Insights, Inc.

Identity and Access Management (IAM) Market

Identity and Access Management (IAM) Market

According to Global Market Insights, Inc., Identity and Access Management (IAM) Market is projected to surpass USD 18.9 billion by 2024. IAM products deliver role-based access control, allowing system administrators to regulate access to networks based on the role of the employees within the organization. It majorly focuses on ensuring that the partners, employees, and customers receive secure and simple access to the applications without compromising on security.

The major benefits associated with the installation of IAM systems for the enterprises include reduced data breaches, centralized access control, reduced IT cost, and improved user experience. These systems assist the organizations in keeping up with staff moving across various roles in an enterprise. As these solutions deliver secure ways to authorize, authenticate, and manage users without negotiating on usability and convenience, their usage is increasing rapidly in the IAM market.

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The cloud-based IAM provides the organizations with a single password to log-in into enterprise extensive systems and applications on which the employee is provisioned to log-in. It connects the enterprises to the cloud-based applications while offering required security services to various industry verticals including healthcare, BFSI, IT & telecom, retail, and public utilities. They manage security by permitting user access with a multi-factor authentication, user provision, and access management services, thereby safeguarding the important customer financial and other related corporate data. Due to this, the cloud-based IAM model is largely adopted by SMEs, large organizations, and the government sector. Moreover, as these cloud-based models provide various benefits such as reduced costs, economies of scale, simplified management, and no hardware deployment, their adoption is rising as compared to the traditional on-premise deployment model.

The BFSI segment is growing at the fastest rate as the banks and financial institutions carry sensitive customer information, ensuring an extremely secure environment as any kind of security breach can be costly and devastating. To improve the IAM security, the BFSI industry is adopting an efficient process by integrating multi-factor authentication into their networks users account. Various steps are taken to safeguard the online transactions due to the rise in the adoption of mobile banking. Fingerprint activated payment systems are being installed in smartphones to safeguard online banking.

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.

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

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North America is projected to dominate the market as IAM solutions have gained importance in different sectors such as BFSI, healthcare, telecom, and utilities in this region. Furthermore, technological advancements in the IoT and cloud computing technologies followed by increased usage of smartphones are also driving the identity and access management market growth. Asia Pacific is the fastest growing region in the IAM market, expected to generate a revenue of approximately USD 3.9 billion by 2024 due to the rising increase in the rate of cybercrime and emergence of SMEs in this region. Furthermore, as the industries functioning in this region are also facing increasing scrutiny regarding security measures, the demand for IAM solutions is rising at a fast pace.

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.

Some of the leading vendors functioning in the identity and access management market include IBM Corporation, Symantec, SailPoint Technologies Holdings, Inc., Gemalto, Crossmatch, Okta, Inc., Oracle, CA Technologies, OpenText Corp., Ping Identity, ForgeRock, OneLogin, Inc., Net IQ, HID Global Corporation, OneLogin Inc. and Dell, Inc.

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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

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