The worldwide size for identity & access management (IAM) market was estimated to be at USD 9.03 billion in 2017 and is anticipated to grow at a CAGR of 12.1% during the forecast period. Identity & access management solutions enable various organizations to manage security by allowing people and the employees to gain access with a multi-factor verification, access authentication and similar other services, thus helping in safeguarding the critical information of the company. As a result, these IAM services are being widely used in large establishments, SMBs and government organizations. This has fueled the market significantly and is estimated to reach USD 25.15 billion by 2026.
IAM helps efficiently to re-configure the traditional IT security framework by offering IAM services over the cloud and also on-premise. Currently, the collaboration of IAM with cloud is picking up pace due to its minimal effort and upgraded security. Cloud IAM offers a range of services, for example, client provisioning, access monitoring, multi-factor verification, directory administration, single sign-on, compliance administration and password management. Many companies are seen to be implementing IAM to enhance their security framework. A well installed cloud IAM framework avoids information security break and thus decreases the financial misfortune occurring due to the same.
Companies install cloud and hybrid applications at a huge scale attributable to the decrease in the rates of transmission capacity and bandwidth. It has been assessed that an organization can save over 30% of the yearly cost by the use of cloud IAM applications. The overhead expenses for the companies are increasing because of growing complexities of digital threat and for the recovery of the data. This has led to extension of the IAM market size with installations in numerous companies. The growing awareness of Bring Your Own Device (BYOD) and other similar trends in organizations have increased the security concerns. Organizations in the BFSI sector are implementing the digital security services for screening and identifying the threats. A few stringent government regulations are being directed to address their safety measures. For instance, under the HIPAA law, medical services associations are required to guarantee the transportability of healthcare coverage and the protection of patient records. It expects associations to prepare representatives who will efficiently look after security measures.
Asia-Pacific identity and access management market is expected to grow at a high rate because of the increasing implementations of IAM systems for tackling growing attacks on critical infrastructures. MEA region is additionally foreseen to pick up pace with huge development over the forecast period. North America and Europe’s identity and access management industry is presumed to contribute extensively due to the increasing regulatory norms. The U.S. government has issued over 300 administrative approaches identified with cyber security, which is presumed to impel the development throughout this region.
North America & Europe Identity & Access Management market is projected to show potential development due to the expanding applications in the oil refinery and processing of raw petroleum and gas items. The region is expected to develop at a considerable growth rate over the forecast years. Increase in demand for cloud-based services in the manufacturing sector and other similar sectors is anticipated to drive the Identity & Access Management market.
Industry players are putting resources into R&D to discover new innovations for upgrading the system based security. Strategic acquisitions and partnerships are being experienced for business extension. Strengthening security of basic information, adaptability, mobility, and easy validation & authorization are the key procedures adapted by industry participants with a view to gain interface with cloud-based environment.
Major industry players include HP, Intel Corporation, Okta, Inc., Microsoft, Dell, Oracle, Inc, Siemens and NetIQ Corporation among others.