Global Market Insights, Inc. has recently added a report on identity and access management market which provides a succinct analysis of the market size, revenue forecast, and the regional landscape of this industry. The report also highlights the major challenges and current growth strategies adopted by the prominent companies that are a part of the dynamic competitive spectrum of this business sphere.
Identity and Access Management Market has 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. A robust increase in the adoption of advanced technologies such as cloud computing and IoT will drive the IAM 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 IAM market from venture capitalists and enterprise organizations.
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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 identity and access management market. 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.
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.
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.
North America identity and access management market 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.
IAM solutions have proven to be effective in reducing challenges faced by organizations with regard to security and privacy such as data loss, data leakage, insecure usage, and insider attacks. IAM also decreases burden on the IT departments due to its self-service functionality. Driven by the fact that IAM delivers secure ways for authentication, authorization, and management of users without compromising on convenience and usability, the global identity and access management market share is anticipated to grow at a CAGR of 10.4% over 2018-2024.
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