Identity and Access Management Market Rising at 13.2% CAGR

Pune, India, June 28, 2021 (GLOBE NEWSWIRE) -- The global identity and access management market size is projected to reach USD 24.76 billion by 2026, exhibiting a CAGR of 13.2% during the forecast period. Increasing implementation of blockchain for IAM operations will be a game-changer for the market, states Fortune Business Insights™ in its report, titled “Identity And Access Management Market Size, Share and Industry Analysis By Component (Provisioning, Directory Services, Single Sign-On, Others), By Deployment Model (Cloud, On-Premises), By Enterprise Size (Large Enterprises, Small and Medium Enterprises), By Industry Vertical (BFSI, IT and Telecom, Retail and Consumer Packed Goods, Others) And Regional Forecast 2019-2026”. The rising trend of bring your own device (BYOD) is expected to drive the global market.

Identity access management or an IAM system offers framework for businesses to effectively manage and access user identities via an automated system. Furthermore, IAM involves functions such as character creation for different systems, robust authentication service, and securely exchange data and information. Installing an IAM system allows companies to manage users with respect to their identities and access permission.

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As per the report findings, the global market value was at USD 9.53 billion in 2018. The report also contains the following:

An exhaustive study of all the factors driving and restraining the market
A thorough analysis of the various market segments
Detailed examination of the regional developments shaping the market
Microscopic research into the competitive landscape of the market

Market Driver:

Increasing Instances of Identity Thefts to Accelerate Market Growth

The identity and access management market growth is set to surge on account of a steady climb in the incidence of identity thefts. According to the US Federal Trade Commission (FTC) Consumer Sentinel Network, 650,572 reports of identity theft were filed across the country in 2019. The FTC also highlighted that among these thefts, credit card frauds topped the list, with over 270,000 reports from people claiming that their credit information was being misused for transactions or for opening new accounts. In 2019, Symantec stated in its Internet Security Threat Report that approximately 10% of people are victims of identity frauds annually and 21% of these have been defrauded several times previously. As a result, the demand for identity and access management tools is escalating as the majority of people have a virtual presence and are frequently transacting online.

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Regional Insights:

North America to Have Commanding Market Presence; Asia Pacific to Witness Steady Growth

With a market size of USD 3.65 billion in 2018, North America is poised to lead the global market during the forecast period owing to the massive generation, storage, and exchange of data in the region. Besides this, the region is home to some largest tech companies in the world, which are constantly engaged in introducing advanced security solutions for companies and individuals.

In Asia Pacific, lucrative opportunities await the market players as countries such as India and China are aggressively digitizing their citizen databases and rapidly adopting online channels for business transactions. Thus, the demand for secure IAM services will enable the region to tighten its grip on the identity and access management market share in the coming years.

Cloud Computing to Transform the Business Operations, Moves the Market Upwardly

Cloud computing plays a significant role in the IAM market as the adoption of this technology helps businesses to improve the complex identification process of users. The rising adoption of risk management solutions such as audit management and policy-based compliance for cost control is driving the market. The emergence of digitization has compelled organizations to develop data-driven business solutions, ensuring more scalability and agility.

A lead analyst at Fortune Business Insights says, “The trend of bring your own device (BYOD) concept in several organizations is likely to gain popularity in the coming years.” He added, “This is further pushing organizations to implement IAM services.” Increasing remote workforce and adoption of the Internet of Things (IoT) also act as potential growth enablers in the market. Rising research and development (R&D) activities and strong investments are expected to accelerate development of IAM tools to fulfil customer requirements. This is anticipated to boost the market during the forecast period.

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Competitive Landscape:

Okta Joined Hands with Stormpath to Improve its Identity Services

In order to stay ahead of competition, companies are offering new IAM solutions to help their consumers keep pace with the rapidly changing technologies. Moreover, identity access management providers are likely to adopt acquisition, partnership, and other strategies to expand their product profile and establish a strong market position. For instance, Okta Inc., joined forces with Stormpath SDK in 2018 to expand their line of businesses. With the help of Stormpath, the company can offer several solutions to developers. These solutions include user management, authentication, and authorization into mobile apps and web. In 2017, Google acquired Bitium to enhance its cloud identity management capabilities and offer better security solutions.

Focus on Innovation be the Key Strategy for Market Companies

Large, global players in the tech world such as Google and Microsoft are ramping up their investments in innovation and developing next-gen IAM technologies to address the pestering menace of identity frauds worldwide. Many new companies are also entering the fray and trying to establish themselves through novel ideas and launch of comprehensive solutions.

Industry Developments:

June 2020: US-based IAM specialist ForgeRock strengthened its Identity Platform by equipping it with cloud and AI capabilities to provide its customers with a more simplified, smooth, and secure digital experience. The advanced platform has been designed to ensure an organization’s data security and protect an individual’s privacy.
February 2020: Amazon Web Service’s AWS Identity and Access Management introduced a new control for access to requests made by AWS on behalf of the users. Using this control, customers can now grant indirect access to their IAM principals to launch the Amazon Elastic Compute Cloud (EC2).

List of Players Profiled in the IAM Market Report:

ForgeRock
Crossmatch
Cyberark
CA Technologies
Symantec
Gemalto
Siemens AG
Oracle
HP Development Company L.P.
Amazon Web Services Inc.
Fischer Identity
Core Security
Centrify
Beta Systems
Avatier
IBM Corporation
Microsoft
Akamai Technologies

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Major Table of Contents:

Introduction
- Research Scope
- Market Segmentation
- Research Methodology and Assumptions
Executive Summary
Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends of Market
Key Insights
- 4.1.Macro and Micro Economic Factors
- 4.2. Key Technological Developments
- 4.3. Industry SWOT Analysis
Global Identity and Access Management Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Component
  - Provisioning
  - Directory Services
  - Single Sign-On
  - Password Management
  - Advanced Authentication
  - Audit, Compliance, and Governance
- Market Analysis, Insights and Forecast – By Deployment
  - Cloud
  - On-Premises
- Market Analysis, Insights and Forecast – By Organization Size
  - Small and Medium Enterprises (SMES)
  - Large Enterprises
- Market Analysis, Insights and Forecast – By Vertical
  - BFSI
  - IT and Telecom
  - Retail and Consumer Packaged Goods
  - Government
  - Energy and Utilities
  - Education
  - Manufacturing
  - Healthcare and Life Sciences
  - Others
- Market Analysis, Insights and Forecast – By Region
  - North America
  - Europe
  - Asia Pacific
  - Middle East & Africa
  - Latin America

TOC Continued…!

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