Identity and Access Management (IAM) Market Size to hit $20bn by 2025
Published Date: October 14, 2019 Authors: Ankita Bhutani, Preeti Wadhwani
Identity and Access Management (IAM) Market size is set to cross USD 20 billion by 2025; according to a new research report by Global Market Insights, Inc.
The IAM market is estimated to register substantial growth from 2019 to 2025 due to growing cases of identity thefts, data leakages & losses, and unauthorized access. The market growth is attributed to rapid advancements in the IT infrastructure, rising security concerns among organizations due to an increase in data breaches & identity thefts, rising growth of web-based applications, enhanced adoption of the IDaaS platform, and favorable government initiatives. The UK government passed the GDPR law effective from May 2018, which will assist businesses to enhance their cybersecurity portfolio, improve data management, and provide enhanced user experience by maintaining the data security of their customers.
Increasing use of social media platforms by enterprises to accelerate demand for IAM solutions
Organizations adopt social media platforms to network with their clients and boost brand awareness. However, legal & public, regulatory, and compliance issues are key social media risks that cause loss of customer data and a substantial reduction in the IAM market share & revenue for businesses. identity and access management solutions help organizations to secure their social media solutions and protect their users’ identity & account-related information. It provides multi-factor authorization and sends notifications of unsuccessful login attempts & any attempts to authenticate from any regions recognized as sources for frequent attacks.
Browse key industry insights spread across 245 pages with 237 market data tables and 32 figures & charts from the report, “Identity and Access Management (IAM) Market Size By Solution (Provisioning; Password Management; Directory Services; Advanced Authentication; Single Sign-On; Audit, Compliance & Governance), By Deployment Model (On-premise, Cloud), By Application (BFSI, IT & Telecom, Healthcare, Education, Public Sector & Utilities, Manufacturing, Retail), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, China, Japan, Australia & New Zealand (ANZ), South Korea, Singapore, India, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa), Growth Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
Employee on-boarding & off-boarding to augment IAM solution demand
The adoption of IAM solutions will reduce the time for on-boarding process by automatically applying applicable IT guidelines to each new identity that is added to the system and then provisioning them with appropriate permissions. IAM solutions grant permissions based on the roles of employees and assist the IT team to monitor, gauge, and grant or reject access requests of individuals.
Offboarding requires a complete elimination of employee logins and accounts, which remains a challenge for enterprises. According to industry experts, around one-third of the employees have access to the employer’s network even after they leave the organization. This acts as a major threat to the organization and is expected to be eliminated by adopting IAM solutions. They implement single-sign-on, assisting the IT department during the employee offboarding process and providing them with a single login to terminate.
Password management solution is projected to grow at over 13% CAGR
The password management segment in identity and access management (IAM) market is projected to grow at over 13% CAGR over the forecast timeline. The major factors driving the growth of password management solutions include the rising demand by SMEs, increasing stringent regulatory compliance, and risk management environment. These solutions also offer the convenience of usage as users can reset their passwords without the intervention of IT staff, save their time, offer enhanced security, and save additional costs. Employees working both in SMEs and large enterprises require numerous passwords to use personal and enterprise applications. These passwords must also be changed regularly for security and regulatory compliance.
Manufacturing application to witness a growth rate of more than 9% globally
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The deployment of IAM solutions in manufacturing applications is estimated to grow at more than 9% over the forecast timeline due to increasing unauthorized access and insider attacks. Companies in the manufacturing industry operate in a highly competitive environment with thin margins. These firms face challenges in maintaining compliance with industry regulations, such as Sarbanes-Oxley, to enhance efficiency and reduce user administration costs. IAM solutions support these manufacturing firms to reduce operational costs along with protecting user identity and restraining unauthorized access. The customers, suppliers, partners, and employees of firms require efficient automated processes with system access to improve productivity and mitigate any insider attack risks.
Growing usage of cloud services, robust IT infrastructure accelerating market in the North America region
North America is projected to dominate the identity and access management market over the forecast timeline with a share of above 45% due to growing usage of cloud services, robust ICT infrastructure, and increasing trends of BYOD. Governments across the region formulated stringent programs and invested hefty funds in R&D to explore the best systems for protecting their user data. The advent of cloud based IAM solutions acts as a prominent parameter for market growth. The Canadian IAM market is projected to grow at more than 11% CAGR over the forecast timeline. Digital technology plays a crucial role in the everyday functioning of Canadians and has far-reaching economic, security, and social impacts. Enterprises operating in Canada are gaining funds from investors to develop innovative IAM solutions to protect user identity. For instance, in July 2018, LoginRadius, a Canadian cloud-based customer identity management platform, received USD 17 million in its series A funding round from Microsoft and ForgePoint. This funding will enable the company to deliver enhanced customer identity security platform, keeping the compliance regulations and privacy in place.
Market players operating in the identity and access management market are focusing on offering new products and services to gain market share. Aggressive pricing strategy and innovations in IAM solutions are anticipated to be key strategies for market players to gain competitive advantage. Some key players include SailPoint Technologies Holdings, Inc., Centrify Corporation, Dell Inc., IBM Corporation, Microsoft Corporation, ForgeRock, CA Technologies, Crossmatch, Gemalto, iWelcome, Okta, Inc., Oracle, Ping Identity, and Symantec Corporation.