Identity and Access Management Market to grow at 10

Identity and Access Management Market to grow at
10% CAGR till 2025: Global Market Insights Inc.
Identity and Access Management (IAM) Market driven by Increasing adoption of
connected technology including IoT, cloud computing and BYOD in the world to
surpass USD 20 billion by 2025 and will witness 10% CAGR over 2025.
Due to the growing need to curb the increasing identity theft, firms are investing
funds and focusing on strategic alliances to improve their security portfolio. For
instance, in June 2018, Ping Identity entered into a strategic partnership with
SailPoint Technologies to provide secured access to various on-premise and hybrid
IT applications. This partnership will enable the companies to deliver simplified
identity access and governance solutions to various enterprises, providing secured
access to the right people.
Identity and Access Management Market
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Some major findings of the Identity and Access Management (IAM) market report
include:
‣ The demand for IAM solutions is increasing due to the growing trend of
BYOD, need for enhanced productivity, and reduced hardware costs for
organizations.
‣ IAM solutions offer enhanced productivity and improve employee satisfaction
‣ Public-private partnership in developing countries is strengthening data &
identity security at a reduced cost
‣ Major players operating in the bike-sharing market are IBM Corporation,
Oracle Corporation, CA Technologies, Symantec Corporation, etc.
‣ The rapid increase in cybercrime, proliferation of smartphones, substantial
development in industrial sectors, and the rising adoption of BYOD are the
prominent factors contributing to the burgeoning demand for IAM solutions in
the Asia Pacific region
‣ Rapid digitalization coupled with sustainable economic development in Latin
America and MEA is propelling market growth
The growing demand for connected workplaces across several end-use sectors to
enhance productivity and improve employee satisfaction is proliferating market
growth. For instance, in May 2018, Okta entered into a cloud identity partnership with
VMware, an enterprise cloud infrastructure & workplace software provider. Okta
identity cloud solutions will be integrated with VMware Workplace ONE to facilitate
secure cloud migration. This will help to mitigate issues surrounding IAM security on
the cloud, benefiting organizations through connected workplace and enhanced
productivity.
The public sector and utilities held over 23% of the market share in 2018 due to the
rapid increase in cyberattacks and digital transformations such as cloud computing,
real-time data access to customers, and automated infrastructures. The utility sector
also needs to protect its power generation, transmission, and circulation by
controlling physical and logical access to its resources including equipment,
buildings, IT, and operational technology. It also needs to authenticate authorization
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of individuals to devices, providing access rights with an enhanced degree of
certainty. It needs to enforce access policies uniformly, consistently, and quickly
across all resources, increasing the adoption of IAM solutions. The integration of
logical and physical security & identity authentication parameters has resulted in
protecting both the person’s physical identity credentials and digital identity from data
loss or potential fraud.
The Latin American IAM market is estimated to grow at more than 13% CAGR over
the forecast timeline. Due to the increasing connectivity in personal, urban, and
corporate environments, the dependence on technology and associated
vulnerabilities has increased in this region, giving rise to cyberthreats. Over the last
decade, this region has witnessed huge digitalization with an enhanced adoption of
big data, cloud computing, and IoT solutions, accelerating the market demand.
The growing adoption of cloud based IAM has created huge opportunities for
companies operating in the market. For instance, in July 2018, Okta, Inc. entered
into a strategic partnership with Bitglass aimed at bringing real-time threat and data
protection to companies moving to the cloud. This partnership will fuel the company’s
cloud customer base, providing its customers with a secure way of conducting
business with ease and agility.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market
research and consulting service provider; offering syndicated and custom research
reports along with growth consulting services. Our business intelligence and industry
research reports offer clients with penetrative insights and actionable market data
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reports are designed via a proprietary research methodology and are available for
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energy and biotechnology.
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