Identity and Access Management Market Rising at 10.4% CAGR During 2018-2024: Analysis of Key Players IBM Corporation, Symantec, Dell, Inc, Gemalto, Crossmatch, Oracle, CA Technologies, OpenText Corp., Ping Identity, ForgeRock, OneLogin, Inc., Net IQ, HID

Market Study Report adds 2018-2024 Global Identity and Access Management market report that offers an exhaustive coverage of the industry with brief analysis, data charts, figures, statistics that help take business decisions, company profiles and more.

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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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 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.

The audit, compliance, and governance solution is anticipated to grow at the fastest rate with a CAGR of around 16.1% over the forecast period. The implementation of regulatory compliance by governments across various industry verticals including BFSI, healthcare, retail, and IT & telecom has enabled the organizations to adopt the audit, compliance and governance solutions. For instance, The Health Insurance Portability and Accountability Act (HIPPA) act was passed in 1996 to assure that the individual?s health data is protected while permitting the flow of data as per requirement to promote high-quality healthcare and protect public well-being. The non-compliance to follow these standards results in a huge penalty; hence, organizations have increased their adoption of auditing, compliance, and governance solutions.

The on-premise deployment model dominates the IAM market with a market revenue of USD 8.08 billion in 2017 anticipated to reach USD 14.6 billion by 2024. The on-premise delivers continuous and secured access to various applications throughout the enterprise. These solutions perform various tasks such as securing identity and attribute stores, identity data synchronization, external access control for applications, and user provisioning, driving their growth in the market. However, as this model is mainly suitable for large organizations, which have enterprise-wide entitlements and applications, enterprises are now shifting toward the cloud-based IAM models.

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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 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.

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.

Table of Content:

Chapter 1. Methodology and Scope

Chapter 2. Executive Summary

Chapter 3. IAM Market Industry Insights

Chapter 4. Competitive Landscape

Chapter 5. IAM Market, By Solution

Chapter 6. IAM Market, By Deployment Model

Chapter 7. IAM Market, By Application

Chapter 8. IAM Market, By Region

Chapter 9. IAM Market Company Profiles

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Global Identity and Access Management-as-a-service (IDaaS) Market 2018 by Manufacturers, Countries, Type and Application, Forecast to 2023
Strict regulatory compliance and increased budgets by government organizations and large-scale enterprises can augur market growth. Rise of web applications, emphasis on risk management, and cost containment are factors expected to drive market volume. In addition, popularity of Bring Your Own Devices (BYOD) and Internet of Things (IoT) can positively impact the market. Continuous innovation in technologies have led to developers building solutions such as secure print authentication and access to electric vehicle (EV) charging access. The market can experience an uptick in demand owing to application in sectors such as healthcare, education, manufacturing, etc. Cloud and hybrid solutions are expected to have an impact in the market owing to negligible error rate and advanced security features. Wide availability of IAM options and demand for solutions to preserve and protect data of individuals can lead to its implementation by large-scale enterprises. The Americas is expected to be the major revenue contributor to the market by 2023. The region has witnessed emergence of IT and business infrastructure, and IT security compliance and governance regulations, which has led to the increasing demand for cloud-based IT security solutions and services which will subsequently drive demand for IDaaS adoption.

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