London, Nov. 30, 2022 (GLOBE NEWSWIRE) -- An alarming rise in number of cybersecurity threats are primarily driving the expansion of identity and access management market worldwide. Growing ubiquity of work from home/remote/hybrid work models have further been influencing the performance of market recently, suggests a recently released study of Fairfield Market Research. These models however question the security of both employers, and employees, marks the report. This is where the critical need for effective, and efficient identity and access management arises, which in turn accelerates expansion of global identity and access management market. BFSI sector will be the top adopter of identity and access management solutions according to the report, followed by healthcare industry. Toward the end of forecast period 2021 – 2026, global identity and access management market is expected to reach US$24.8 Bn.
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Key Research Insights
- The market recorded revenue of over US$10 Bn in 2019 and is all set for staggering 2.4x expansion by the end of 2026
- Cloud-based deployment remains preferred with over 75% revenue share
- Identity lifecycle management solutions remain most sought-after, accounting for more than 19% market value share
- North America retains lead with more than 29% revenue share in global identity and access management market
Insights into Segmental Analysis
Contributing the revenue of around US$7.5 Bn in 2019, cloud registered its lead in identity and access management market with a market share of more than 3/4th of the overall revenue. On the other hand, the report reveals that BFSI sector will remain the leading vertical segment, representing over 29% market value share. IT, and ITeS follow, recording market share of more than 27%, and 15%, respectively. Market analysis also shows that the demand for identity lifecycle management solutions will be the maximum, closely followed by the next key segments, i.e., access management and authorization, authentication, data directory, and password management solutions.
Key Report Highlights
- In addition to the rocketing number of instances related to cybersecurity breaches, the market will receive a strong impetus from growing emphasis on compliance management
- Rising integration of next-generation technologies like AI, machine learning, Blockchain, and biometrics will heavily contribute toward market growth. Advent of cloud-based identity and access management solutions, and surging popularity of hybrid-cloud further heighten market prospects
- The market will continue to face a massive cybersecurity talent gap in long term
Insights into Regional Analysis
North America has been witnessing exponential rise in cybersecurity threats and will remain at the forefront of demand generation in global identity and access management market. The market here will continue to benefit from an established cybersecurity infrastructure, and strong active presence of some of the globally leading vendors of the cybersecurity space. Asia Pacific is all set for an excellent prospect on the back of deepening Internet and smartphone penetration, and growing stringency of compliance regulation. The report anticipates fastest growth of identity and access management market in Asia Pacific, led by China, India, Japan, and Singapore. The SME world spread across the region reportedly employs over 70% of the total regional population and thus it becomes imperative for businesses to prioritize investments in reliable measures like identity and access management solutions and services. Expensive capital investments however remain the key factor challenging rapid expansion of the market in Asia Pacific.
Key Companies in Global Identity and Access Management Market
Microsoft Corporation, IBM Corporation, Oracle Corporation, Micro Focus (NetIQ Corporation), Centrify Corporation, Dell Emc, Okta, Inc., CA Technologies, Hitachi Id Systems, Inc., Sailpoint Technologies, Inc., Archer Daniels Midland Company
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2020 | |
| Forecast Year | 2021 – 2026 | |
| Market Size in 2019 | US$10.1 Bn | |
| Estimated Market Size in 2026 | US$24.8 Bn | |
| CAGR | 14.8% | |
| Key Players | Microsoft Corporation, IBM Corporation, Oracle Corporation, Micro Focus, Centrify Corporation, Dell Emc, Okta, Inc., CA Technologies, Hitachi Id Systems, Inc., Sailpoint Technologies, Inc. | |
Market Segmentation
Deployment Coverage
- Cloud
- On-premises
Components Coverage
- Solutions
- Services
Verticals Coverage
- BFSI
- Travel and Hospitality
- Healthcare
- Retail and eCommerce
- IT and ITeS
- Education
- Others (Energy and Utilities, Telecommunication, Other Citizen Services)
Solution Coverage
- Data Directory
- Identity Lifecycle Management
- Provisioning
- De-provisioning
- Authentication
- Password Management
- Access Management and Authorization
- Audit, Compliance, and Governance
Geographical Coverage
- North America
- Europe
- Latin America
- Middle East & Africa
- Asia Pacific
Leading Companies
- Archer Daniels Midland Company
- Microsoft Corporation,
- Sailpoint Technologies, Inc.,
- Oracle Corporation,
- DELL
- IBM
- HITACHI
- CA Technologies
- Okta
- Centrify Corp
- Micro Focus
Report Inclusions
- Market Estimates and Forecast
- Market Dynamics
- Industry Trends
- Competition Landscape
- Deployment-wise Analysis
- Component-wise Analysis
- Vertical-wise Analysis
- Solution-wise Analysis
- Region-wise Analysis
- Country-wise Analysis
- Key Trends Analysis
- COVID-19 Impact Analysis
About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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