North America is projected to dominate the identity and access management 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 identity and access management 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.
A robust increase in the adoption of advanced technologies such as cloud computing and IoT will drive the identity and access management market in the upcoming years. IAM apparently makes businesses more agile, efficient and scalable, and also offers them considerable benefits such as reduced risk of data breaches, centralized access control, ensured regulatory compliance, improved user experience, and a significant reduction in IT costs. This has quite overtly led to a spurt in investments in identity and access management market from venture capitalists and enterprise organizations.
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Identity and access management market has also received a considerable boost from robust investments in new artificial intelligence and machine learning solutions that are being undertaken for managing the rapid proliferation of identities and achieving least privileged access. For instance, recently Google established a collaboration with Facebook to develop their artificial intelligence to offer users a much better work experience.
Proliferation of workplace mobility is a major factor that would propel identity and access management market. Global acceptance of workplace mobility by businesses has empowered employees to work from anywhere, at any time and from any device. As per sources, by 2020, mobile workforce will reach to about 105.4 million people, that translates to roughly 72.3% of the total workforce in the U.S. On a global scale, the number is set to reach 1.87 billion by 2020, or 42.5% of the worldwide workforce. These statistics provide vital evidence to the fact that identity and access management market share is likely to soar in the years to come.
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.
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The companies operating in the identity and access management market are investing funds to enter into strategic partnerships and collaborations and develop innovative solutions, gaining a competitive edge in the market. Some of the major vendors operating in the IAM market are Dell, Inc., ForgeRock, Gemalto, IBM Corporation, HID Global Corporation, iWelcome, Microsoft Corporation, Net IQ, Okta, Inc, Ping Identity, and SailPoint Technologies Holdings, Inc.
Glimpse of Table of Content (ToC)
Chapter 3. Identity and Access Management Market Insights
3.2. IAM industry segmentation
3.3. IAM industry landscape, 2013 – 2024
3.4. IAM industry ecosystem analysis
3.5. IAM industry evolution
3.6. IAM industry architecture
3.7. IAM life cycle
3.8. Market news
3.9. Regulatory landscape
3.9.1. Australian Prudential Regulation Authority (APRA)
3.9.2. U.S. Security and Exchange Commission (SEC)
3.9.3. General Data Protection Regulation (GDPR)
3.9.4. Health Insurance Portability and Accountability Act (HIPAA)
3.9.5. Gramm-Leach-Bliley Act (GLBA)
3.9.6. Payment Card Industry Data Security Standards (PCI DSS)
3.9.7. Sarbanes-Oxley Act (SOX)
3.10. Technology & innovation landscape
3.10.1. Cloud computing and IoT
3.10.2. Blockchain technology
3.11. Industry impact forces
3.11.1. Growth drivers
22.214.171.124. Substantial growth in data breaches, identity theft and hacking incidents among organizations
126.96.36.199. Enhanced prominence of compliance management
188.8.131.52. Rising demand for mobility and remote workforce IAM
184.108.40.206. Increasing adoption of connected technology including IoT, cloud computing and BYOD
220.127.116.11. Challenges related to employee on-boarding and off-boarding
3.11.2. Industry pitfalls & challenges
18.104.22.168. Lack of knowledge about IAM solutions
22.214.171.124. Independent processes throughout the organization
126.96.36.199. Higher reliance on users to protect their ID and password
3.12. Growth potential analysis
3.13. Porter’s analysis
3.14. PESTEL analysis
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