According to a report by Grand View Research, Inc.; the identity and access management (IAM) market is estimated to attain a valuation of around USD 24.55 billion by 2022. The market is predicted to grow at about 13.7% CAGR during the forecast period (2017 to 2022). Growing necessity for advanced cyber security to safeguard important data and information in enterprises owing to rising cases of cyber-crimes can fuel demand.
Growing adoption of access management coupled with cost containment is anticipated to propel growth of the market for identity and access management (IAM). Rising demand for risk management in enterprises and governmental organizations can further spur market growth. Stringent governmental compliances and increased spending by large scale organizations is likely to stimulate growth of the market. Increasing use of internet of things (IoT) and bring your own devices (BYOD) can also foster market growth. Capabilities such as entitlement management and logical access control are expected to impel market growth during the forecast period.
Browse In-depth Insights: www.grandviewresearch.com/industry-analysis/identity-and-access-management-iam
Time-incentive processes such as provisioning and manual approval are presumed to hinder growth of the market in the coming years. In addition, growing necessity for collaborations and information sharing across international borders can further obstruct the growth of the market for identity and access management during next few years.
Increasing focus on R&D investments by leading organizations to offer high-end IAM solutions that are easy to use and meet process requirements for organizations can create lucrative opportunities. In addition, favorable government initiatives and investments in cyber security can further propel demand.
The worldwide identity and access management market can be segregated on the basis of deployment type, application, and regions. Based on deployment type, the market can be divided into hybrid, cloud, and on-premise. In 2016, on premise solutions dominated the market with around 55.5% of overall revenue share. On the other hand, hybrid model contributed for about 30.7% of revenue share. Cloud IAM segment is expected to grow significantly over other deployment modules during the forecast period. Benefits such as simplified management and low cost are presumed to foster demand in the coming years.
Based on application, the IAM market can be classified as energy, banking, financial services & insurance (BFSI), oil and gas, education, healthcare, telecom & IT, public sector and utilities, and manufacturing. In 2016, utilities and public sector dominated the market and accounted for nearly 25% of overall revenue. However, BFSI contributed for 12.7% of overall revenue in the same year. Increasing adoption of IAM solutions in BFSI sector to reduced IT management costs, ensure compliance, and increase productivity can fuel demand.
Regional segmentation includes Europe, North America, Asia Pacific, Latin America, and MEA. In 2014, North America accounted for 37.7% of overall market. While in 2016, the region contributed for maximum revenue share owing to favorable government regulations. The U.S. government has issued around 400 regulatory policies related to cyber security. This is likely to impel market. Moreover, several federal organizations in the U.S. are likely to allow their workers to use hardware based personal identification verification card or another form of strong identification while using government networks or IT infrastructure.Various federal agencies such as transportation and veteran affairs and Department of Interior are expected to implement tough identification measures that can propel demand for advanced IAM solutions.
Asia Pacific accounted for around 22.2% of overall identity and access management market in 2016. It is expected to grow at a remarkable rate in the forthcoming years owing to increasing cases of cyber threats for important infrastructure. The MEA region is anticipated to gain traction owing to its substantial growth over the forecast period.
Some of the leading companies offering identity and access management solutions are IBM, Amazon Web services, CA Technologies, Dell Software, and Oracle. Increasing adoption of mobile devices and cloud-based solutions and strict compliance requirements owing to increasing cyber threats are expected to propel demand for IAM solutions in IT companies. To cater to rising demand, most leading companies are focusing on innovative solutions to support security needs and business practices of consumers.
Browse Press Release of this Report: https://www.grandviewresearch.com/press-release/global-identity-access-management-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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