11-05-2018 02:35 PM CET - IT, New Media & Software

Identity and Access Management Market Global Industry Analysis on ForgeRock, Gemalto, IBM Corporation, HID Global Corporation, iWelcome, Microsoft Corporation, Net IQ, Okta, Inc, Ping Identity, and SailPoint Technologies Holdings

Press release from: marketstudyreport.com

The Identity and Access Management market is relatively large, as the demand of white marble is increasing in the whole world. And the global output of Identity and Access Management remained a relatively high growth during the last few years; the Identity and Access Management market is up to a double-digit growth, mainly due to the fast development of IT and Telecommunications industry.

The companies operating in the IAM market are investing funds to enter into strategic partnerships and collaborations and develop innovative solutions, gaining a competitive edge in the market. Some of the major vendors operating in the IAM market are Dell, Inc., ForgeRock, Gemalto, IBM Corporation, HID Global Corporation, iWelcome, Microsoft Corporation, Net IQ, Okta, Inc, Ping Identity, and SailPoint Technologies Holdings, Inc.

The cloud-based deployment model is projected to grow at the fastest rate due to the rising demand for cost-effective, scalable, and flexible IAM solutions. The growing trend of BYOD and various enterprise mobility solutions has also resulted in a large cloud IAM adoption rate by enterprises to manage remote access services. The enterprises also suffer through huge losses due to cyberattacks, increasing the demand for cloud-based solutions delivering enhanced IAM security. For instance, in September 2017, Nexus Group, an identity and security company partnered with Morphean, a video surveillance vendor for enabling cloud-based access control. This partnership will allow Morphean to remotely manage access control events with video along with easy management of Nexus card readers and order access cards providing customers and service providers an ease to manage, audit, and communicate with the physical access control.

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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 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 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 network?s user?s account. For instance, in March 2016, HSBC bank started using voice recognition and fingerprint scanning along with the standard password authentication technology to protect the online user accounts. 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.

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 trend of connected devices such as BYOD is rapidly increasing, offering enhanced productivity, reduced hardware cost for organizations, and improved employee satisfaction. Moreover, increased mobile penetration, rising employee mobility software demand, and the increasing prominence of mobility service management are also driving the demand for IAM solutions. Employees, partners, and contractors are carrying personal devices to the workplace to connect with the corporate network. Around 70% of the organizations have adopted the BYOD trend, which is anticipated to rise over the forecast timeline. However, the rising adoption of the connected technology also has resulted in increased threats of cybercrimes. This necessitates the deployment of effective IAM solutions to prevent unauthorized access to the company?s data, accelerating the market growth.

The provisioning solution dominates the IAM market and held around 40.7% of the market share in 2017. This solution delivers employees, clients, and other stakeholders with enhanced IAM features to manage the provisioning and de-provisioning of various computing resources. The rising demand for reliable provisioning solutions and the increasing traction of risk mitigation and security also have a positive impact on the market growth. Provisioning solutions are adopted in diverse industrial application to support digital identity creation, validation, approval, change, termination, propagation, and communication.

Complete report for 2018-2024 on Identity and Access Management market is now available at www.marketstudyreport.com/reports/identity-and-access-man...

Related Report:

Physical Identity and Access Management (PIAM) Market 2018 by Manufacturers, Countries, Type and Application, Forecast to 2023

Physical Identity and Access Management Market research report is added by Market Study report by covering all major market aspects. The report also touches the key scenarios like top players, competition, types, applications, regions, recent developments and future market predictions.


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