Pune, Dec. 03, 2020 (GLOBE NEWSWIRE) -- The global identity and access management (IAM) 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”.
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The creation of virtual identities has become commonplace in today’s technology-dependent world, with vast volumes of identity-related data being uploaded daily on the internet. Blockchain technology, which uses cryptography to store and transmit data, has emerged as an efficient solution for identity and access management as it can track and detect thefts and fraudulent activities such as wrongful banking transactions. As a result of its proven efficacy, many governmental and private organizations are actively adopting blockchain to secure their databases. For example, in the Swiss city of Zug, the local government is using Ethereum’s blockchain platform to create digital identities of citizens for availing government services. Thus, leveraging of blockchain for identity management activities is fueling the IAM market growth.
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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; and
- Microscope research into the competitive landscape of the market.
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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.
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.
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Competitive Landscape
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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Detailed Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology and Assumptions
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends of Market
- Key Insights
- Macro and Micro Economic Factors
- Key Technological Developments
- 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
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