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

Identity and Access Management Market to grow at 10%+ CAGR from 2018 to 2024 and is set to exceed USD 18.9 billion by 2024. Increasing adoption of IoT technologies across businesses has apportioned massive earnings for the identity and access management (IAM) market, with enterprise operations becoming more digitized and data-driven. The deeper the digitization of an organization’s functioning, the more susceptible it is to data breaches, security leaks, inside attacks and privacy threats. Consequently, the need for regulated data access and digital identification to comply with security mandates and eliminate various risks has created an ideal demand for the identity and access management industry.

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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. These companies are involved in strategic partnerships and collaborations to expand their market presence and deliver enhanced security services to their customers. In March 2018, Biometric Signature ID (BSI), a U online biometric multi-factor authentication provider based in the U.S. partnered with companies including ICSynergy, ForgeRock, and Okta. This partnership will allow BSI customers to buy BioSig-ID software licenses, enabling them to authenticate and protect users and their online data.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic 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 Asia Pacific identity and access management (IAM) 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.

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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.

Companies in the retail sector are particularly subject to tremendous amount of personnel changes over a year and warrant significant revenue contribution towards the identity and access management market. Provisioning in the retail segment plays an important role in allotting identities to the staff as well as third-party logistic partners throughout stores where they do not have IT staff present on site and there is frequent turnover.

With constant staff turnover, regional legislations and a vast number of seasonal workers, the fast moving retail sector is vulnerable to risks. However, provisioning solutions help protect customer confidence, revenue and the brand reputation. Also, retail is a data driven industry, and the services offered by identity and access management market allow for easier tracking of provided access and how they are handled.

The rapidly escalating growth in the telecom & IT sector is certain to impel identity and access management market. As the IT & telecom industry works with a large user base, it is essential for the service providers to maintain the security of the sensitive user data. According to a survey by The Communications Fraud Control Association (CFCA), the telecommunications industry experienced $38.1 billion in fraudulent charges in 2016. As per CFCA, cyber fraudsters are seemingly working to develop new ways to siphon money from renowned, well-established organizations of various sectors.

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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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.

The Internet of Things has already redefined the concept of identity management. As IoT moves beyond consumer mainstream wearables and into massive enterprise deployments, IT teams are paying more attention towards securing access to the networks that connect to valuable products, including smart grid hardware, factory equipment, and more. IAM and privileged access management (PAM) demands are expected to become more complicated, with tougher obstacles and exponentially more endpoints. In consequence, the requirement of a strong IAM solution would become more commonplace, thereby augmenting the overall identity and access management market.

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.

These companies are often found conducting mergers and acquisitions to increase their business reach and expand their customer base. For instance, Marsh, a global leader in insurance broking and innovative risk management solutions, recently announced a collaboration with IBM Corp. to provide clients with a wider access to blockchain solution for ensuring proof of insurance.

Browse Related Reports: https://www.gminsights.com/industry-analysis/electronic-document-management-system-market

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