Identity and Access Management Market expected to be $14.82 billion by 2021

According to a new market research report "Identity & Access Management Market by Component (Provisioning, Directory Services, Password Management, SSO, and Audit, Compliance, and Governance), Organization Size, Deployment Type, Vertical (BFSI, Telecom & IT), and Region - Global Forecast to 2021", published by MarketsandMarkets(TM), the identity & access management market estimated to grow from $8.09 billion in 2016 to $14.82 billion by 2021, at a CAGR of 12.9% between 2016 and 2021.

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The market is primarily driven by the increase in security concerns among organizations and the demand for mobility solutions. Moreover, rise in awareness about compliance management across various industries has driven the adoption of identity & access management solutions for security purposes. Furthermore, the trend of mobility is gaining traction and has become a crucial part of the present-day business strategy. Increasing number of mobile apps has further accentuated the challenge of maintaining the security of the information, and enterprises as well as customers expect seamless yet secure access to the web, mobile web, and native mobile applications.

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Based on component, the audit, compliance, & governance segment is expected to grow at the highest CAGR during the forecast period

Based on component, the identity & access management market has been segmented into provisioning, single sign-on, advanced authentication, audit, compliance, and governance, directory services, and password management. The audit, compliance, and governance segment is expected to grow at the highest CAGR between 2016 and 2021. These solutions provide comprehensive support for auditing, including re-certification, and central analysis of identity-related audit data. It includes revenues from technologies used for monitoring, logging, and reporting access information as well as governance-related solutions. This factor is driving the growth of the audit, compliance, and governance segment of the identity & access management market.

Based on vertical, the BFSI segment accounted for the largest share of the identity & access management market in 2016

Based on vertical, the identity & access management market has been segmented into BFSI, telecom and IT, healthcare and life sciences, retail and CPG, public sector and utilities, energy, manufacturing, education, and others. The BFSI segment accounted for the largest share of the identity & access management market in 2016. Rise in deployment of identity & access management solutions has enabled line-of-business managers to make quick decisions. Additionally, smart banking, internet banking, and mobile banking are the factors that have driven the BFSI sector to focus more on cybersecurity. Cybercriminals attack organizations that hold financial information and payment tools. This has resulted in increased adoption of security technologies such as One-Time- Password (dynamic token), identity grid, and risk-based authentication by the BFSI industry.

Based on organization size, the SMEs segment is projected to grow at the highest CAGR during the forecast period

Based on organization size, the identity & access management market has been segmented into large enterprises and SMEs. The SMEs segment of the identity & access management market is estimated to grow at the highest CAGR during the forecast period due to industrial growth in the Asia-Pacific, and the Middle East & Africa regions.

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Asia-Pacific identity & access management market estimated to grow at the highest CAGR during the forecast period

The identity & access management market has been studied for North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. The highest growth rate of the Asia-Pacific region can be attributed to the increasing adoption of identity & access management solutions in the significantly growing industrial sector in the region. Moreover, the BFSI sector is spearheading technology implementation, in terms of mobility, cloud computing, and hosting services for growing branch offices, ATM centers, cash depots, and data centers in Asia Pacific region. This has led to increase in customer base and internet users, eventually leading to the urgent need to deploy identity & access management solutions.

Major players in this market include IBM Corporation (U.S.), Oracle Corporation (U.S.), CA Technologies (U.S.), Microsoft Corporation (U.S.), Dell EMC (U.S.), NetIQ Corporation (U.S.), Okta, Inc. (U.S.), Hitachi ID Systems, Inc. (U.S.), and SailPoint Technologies (U.S.), among others.

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