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What's driving the Identity and Access Management market Share? Centrify Corporation, Crossmatch, Dell Inc, ForgeRock, Gemalto, HID Global Corporation, Hitachi Id Systems, Inc, IBM Corporation, iWelcome, Microsoft Corporation, Net IQ, Okta Inc, OneLogin I

05-23-2019 06:42 AM CET | IT, New Media & Software

Press release from: marketstudyreport.com

/ PR Agency: Identity and Access Management market
What's driving the Identity and Access Management market Share?

The global identity and access management (IAM) market has garnered significant impetus in the last few years mainly driven by the quick adoption of advanced technologies such as Bring Your Own Device (BYOD), Internet of Things (IoT), and cloud computing across enterprises. Additionally, the soaring digitalization trend has encouraged businesses to create data-driven corporate model, making them more scalable and agile. However, such advancements sprout many challenges including privacy and security threats. For instance, data leakage, local exposure, insecure usage, data loss, and insider attacks are counted among the top threats. Amid these concerns, establishments across the world are adopting IAM solutions to evade technology-related risks. In a recent turn of events, Deloitte, a leading accounting firm has reportedly entered into a partnership gig with Attest Inc, an identity management corporation, targeting the development of a digital identity system powered by the blockchain technology. The partnership between Attest Inc and Deloitte is anticipated to provide a governmental digital identity solution based on the existing offerings of Attest to be utilized by Deloitte’s clientele.

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Notable Identity and Access Management (IAM) market players comprise of CA Technologies, Centrify Corporation, Crossmatch, Dell Inc, ForgeRock, Gemalto, HID Global Corporation, Hitachi Id Systems, Inc, IBM Corporation, iWelcome, Microsoft Corporation, Net IQ, Okta Inc, OneLogin Inc, OpenText Corp, Oracle, Ping Identity, SailPoint Technologies Holdings Inc, Siemens AG, Symantec

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.

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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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.
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.

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. Company Profiles
Outer scope of this report The budding trend of employee mobility and increasing use of web-applications has made secured employee connectivity with corporate resources a major challenge. These days, enterprises have started hosting critical applications on the cloud, making it imperative to manage authentication and authorization for several web applications and business data. Driven by the consistently increasing dependency on cloud-based identity and access management services, the growth of this vertical is certain to surge in the ensuing years.

Related Reports: -

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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