Identity & Access Management Market 2018-2024 Key Players like HID Global, Gemalto, ForgeRock, Dell, Centrify Corporation, CA Technologies, Hitachi, IBM, Microsoft, OpenText, Oracle, Siemens, Symantec, SailPoint, Okta, Inc., Ping Identity

Identity & Access Management Market in Latin American 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. The U.S. dominates the North American identity and access management market as security is a major parameter for the companies operating in this region. The country has encountered a large number of data breaches and hence the U.S. companies have largely increased their cybersecurity budgets, ensuring the safety and security of their information. Furthermore, the country is home to the leading IAM solution providers including companies such as IBM, Microsoft, Oracle, Dell, and Symantec.

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The Asia Pacific identity & access management market is growing at the fastest pace and is projected to grow at a CAGR of 15.6% over the forecast timeline due to the rapid increase in cybercrimes, increased penetration of smartphones, growing demand for cloud-based solutions, substantial development in the industrial sector, and rising adoption of BYOD. The IoT adoption in 2013 was around 12 percent, which reached around 36 percent in 2017. Furthermore, as the region showcases huge growth potential, various companies operating in the IAM market are expanding their presence in this region to gain a higher customer base.

Identity & Access Management (IAM) Market size is set to exceed USD 18.9 billion to grow at a CAGR of over 10.4% from 2018 to 2024. 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.

outlook & SWOT analysis:

1. CA Technologies
2. Centrify Corporation
3. Dell
4. Gemalto
5. HID Global
6. Hitachi
7. IBM
8. Microsoft
9. OpenText
10. Oracle
11. Siemens
12. Symantec
13. HID Global
14. Okta, Inc.
15. SailPoint
16. ForgeRock

The prominence of compliance management in the identity & 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.

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The audit, compliance, and governance solution are rising at the fastest rate and is projected to grow at a CAGR of 16.1% over the forecast period. The increasing concerns regarding data breach and theft of sensitive enterprise information are the major factors driving the identity & access management market revenue. Furthermore, the rapid technological developments in cloud computing, IoT, and big data & its implementation across enterprise compliance and governance also resulted in the greater adoption of the audit, compliance, and governance solutions.

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.

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.

Browse key industry insights spread across 200 pages with 210 market data tables & 39 figures & charts from the report, Identity and Access Management (IAM) Market in detail along with the table of contents:

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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 sector is rising at the fastest rate in the identity & 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.

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 & access management market. The prominent companies functioning in the identity and access management market are CA Technologies, Centrify Corporation, Dell, ForgeRock, Gemalto, HID Global, Hitachi, IBM, Microsoft, OpenText, Oracle, Siemens, Symantec, SailPoint, Crossmatch, HID Global, iWelcome, Net IQ, Okta, Inc., OneLogin, and Ping Identity.

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