SecurityWorldMarket

10/11/2019

IAM market set to hit US $20 billion

Selbyville, De (USA)

North America IAM Market Size, By Application, 2018 (USD Million). Manufacturing application to witness a growth rate of more than 9% globally.

The Identity and Access Management (IAM) Market size is set to cross USD 20 billion by 2025, according to a new research report by Global Market Insights, Inc.

The IAM market is estimated to register substantial growth from 2019 to 2025 due to growing cases of identity theft, data leakage & loss, and unauthorised access. The market growth is attributed to rapid advancements in the IT infrastructure, rising security concerns among organisations due to an increase in data breaches & identity theft, rising growth of web-based applications, enhanced adoption of the IDaaS platform, and favourable government initiatives. The UK government passed the GDPR law effective from May 2018, which will assist businesses to enhance their cyber security portfolio, improve data management, and provide enhanced user experience by maintaining the data security of their customers.

Identity and access management solutions help organisations to secure their social media solutions and protect their users’ identity & account-related information. They provide multi-factor authorisation and sends notifications of unsuccessful login attempts & any attempts to authenticate from any regions recognised as sources for frequent attacks.

The researchers predict that employee on-boarding and off-boarding will augment IAM solution demand. The adoption of IAM solutions will reduce the time for on-boarding process by automatically applying applicable IT guidelines to each new identity that is added to the system and then provisioning them with appropriate permissions. IAM solutions grant permissions based on the roles of employees and assist the IT team to monitor, gauge, and grant or reject access requests of individuals.

Offboarding requires a complete elimination of employee logins and accounts, which remains a challenge for enterprises. According to industry experts, around one-third of the employees have access to the employer’s network even after they leave the organisation. This acts as a major threat to the organisation and is expected to be eliminated by adopting IAM solutions. They implement single-sign-on, assisting the IT department during the employee offboarding process and providing them with a single login to terminate.

The password management segment within the identity and access management (IAM) market is projected to grow at over 13% CAGR over the forecast timeline. The major factors driving the growth of password management solutions include the rising demand by SMEs, increasing stringent regulatory compliance, and risk management environment. These solutions also offer the convenience of usage as users can reset their passwords without the intervention of IT staff, save their time, offer enhanced security, and save additional costs. Employees working both in SMEs and large enterprises require numerous passwords to use personal and enterprise applications. These passwords must also be changed regularly for security and regulatory compliance.

The deployment of IAM solutions in manufacturing applications is estimated to grow at more than 9% over the forecast timeline (as illustrated above) due to increasing unauthorised access and insider attacks. Companies in the manufacturing industry operate in a highly competitive environment with thin margins. These firms face challenges in maintaining compliance with industry regulations, such as Sarbanes-Oxley, to enhance efficiency and reduce user administration costs. IAM solutions support these manufacturing firms to reduce operational costs along with protecting user identity and restraining unauthorised access. The customers, suppliers, partners, and employees of firms require efficient automated processes with system access to improve productivity and mitigate any insider attack risks.

Geographically, North America is projected to dominate the identity and access management market over the forecast timeline with a share of above 45% due to growing usage of cloud services, robust ICT infrastructure, and increasing trends of BYOD. Governments across the region formulated stringent programmes and invested hefty funds in R&D to explore the best systems for protecting their user data. The advent of cloud based IAM solutions acts as a prominent parameter for market growth.

The Canadian IAM market is projected to grow at more than 11% CAGR over the forecast timeline. Digital technology plays a crucial role in the everyday functioning of Canadians and has far-reaching economic, security, and social impacts. Enterprises operating in Canada are gaining funds from investors to develop innovative IAM solutions to protect user identity. 

Market players operating in the identity and access management market are focusing on offering new products and services to gain market share. Aggressive pricing strategy and innovations in IAM solutions are anticipated to be key strategies for market players to gain competitive advantage. Some key players include Sailpoint Technologies Holdings, Inc., Centrify Corporation, Dell Inc., IBM Corporation, Microsoft Corporation, Forgerock, CA Technologies, Crossmatch, Gemalto, Iwelcome, Okta, Inc., Oracle, Ping Identity, and Symantec Corporation.


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