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Identity and Access Management Market to see 10%+ CAGR till 2024 | IBM, Microsoft, Oracle, Siemens, Symantec and 15 Other Companies Profiled
Identity and Access Management Market in BFSI sector is rising at the fastest rate and is projected to grow at a CAGR of 13% over the forecast timespan
Identity and Access Management Market is driven by the rapid increase in the adoption of advanced technologies including Internet of Things (IoT), Bring Your Own Device (BYOD), and cloud computing in enterprises. 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 IAM solutions.
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.
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Global Identity and Access Management (IAM) Market is projected to surpass USD 18.9 billion by 2024. IAM products deliver role-based access control, allowing system administrators to regulate access to networks based on the role of the employees within the organization. It majorly focuses on ensuring that the partners, employees, and customers receive secure and simple access to the applications without compromising on security.
The cloud-based deployment model is projected to grow at the fastest rate due to the rising demand for cost-effective, scalable, and flexible IAM solutions. The growing trend of BYOD and various enterprise mobility solutions has also resulted in a large cloud IAM adoption rate by enterprises to manage remote access services. The enterprises also suffer through huge losses due to cyberattacks, increasing the demand for cloud-based solutions delivering enhanced IAM security.
Identity and access management market in BFSI segment is growing at the fastest rate as the banks and financial institutions carry sensitive customer information, ensuring an extremely secure environment as any kind of security breach can be costly and devastating. To improve the IAM security, the BFSI industry is adopting an efficient process by integrating multi-factor authentication into their network’s user’s account. Various steps are taken to safeguard the online transactions due to the rise in the adoption of mobile banking. Fingerprint activated payment systems are being installed in smartphones to safeguard online banking.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. CA Technologies
2. Centrify Corporation
5. HID Global
13. HID Global
14. Okta, Inc.
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North America is projected to dominate the market as 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 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.
The prominent companies functioning in the identity and access management market are CA Technologies, Centrify Corporation, Dell, ForgeRock, Gemalto, HID Global, Hitachi, IBM, Microsoft, OpenText, Oracle, Siemens, Symantec, SailPoint, Crossmatch, HID Global, iWelcome, Net IQ, Okta, Inc., OneLogin, and Ping Identity.
Browse key industry insights spread across 200 pages with 210 market data tables & 39 figures & charts from the report, Identity and Access Management (IAM) Market in detail along with the table of contents:
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