SecurityWorldMarket

10/07/2019

ID & access management market to surpass 24B USD by 2025

San Francisco, Ca

The global Identity and Access Management (IAM) market size was recently valued by Grand View Research at USD 9.90 billion in 2018 and is expected to expand at a CAGR of 13.1% from 2019 to 2025 taking it to USD 24.12 billion. Increased spending on security solutions by government bodies and large-scale enterprises to curb identity theft and to adhere to regulatory compliance are the prominent factors analysts expect to boost the growth.

Increasing web-based applications, risk management solution such as policy-based compliance, and audit management combined with cost control measures are the key factors driving the IAM demand. Moreover, proliferation of Bring Your Own Devices (BYOD), Internet of Things (IoT), mobility, and remote workforce has necessitated organisations to adopt IAM solutions, thereby driving the growth.

IAM solutions have potentially curbed identity theft through the risk-based programme with features that focus on implementing logical access control and entitlement management. With the adoption of IAM, enterprises have started to realise the benefits not only from their IAM costs, but face the challenges to manage time-incentive processes including manual approval and provisioning. Identity administration functions continue to be delivered in enterprise silos, leading to users with the inefficient process, excessive access, and higher costs of provisioning and de-provisioning.

Multifactor authentication is anticipated to witness a high CAGR of 17.0% over the forecast period. Stringent compliance and policies for internet banking such as self-created passwords and OTP tokens are potential factors anticipated to boost the growth of multifactor authentication application. Moreover, integration of physical and logical security such as the use of traditional password along with newer technologies such as biometrics and smart cards is anticipated to boost the adoption of multifactor authentication segment.

In terms of deployment, the cloud segment is projected to register tremendous growth over the forecast period. Increasing adoption of cloud model among different organisation owing to its cost-effectiveness and economies of scale is one of the key factors contributing to the segment growth. In order to leverage cloud benefits, a greater number of IT, sales, and business functions are moving to cloud. Cloud-based IAM services and products provide various benefits such as simplified management and reduced costs, with no software or hardware deployment.

On the basis of end use, the identity and access management market is segmented into BFSI, telecom and IT, energy, oil and gas, education, public sector and utilities, healthcare, and manufacturing. Other end uses include defence, logistics, and home safety and security. Public sector and utilities segment led the market valuing at USD 2.49 billion in 2018.

Grand View says that North America led the market with a market share of over 38% in terms of revenue. Favorable regulatory scenario is the primary factor stimulating the regional growth. For instance, according to the National Conference of State Legislatures, in 2017, around 240 bills related to cybersecurity were introduced by 42 states in the U.S. to address cyber security issues.

The global IAM market has intense competition owing to presence of large as well as niche players offering IAM solution and services. In order to edge over their competitors, companies are providing innovative solutions, which help consumers address changing technologies, security needs, and business practices. The companies cited by the analysts as dominating the market include Oracle Corporation, IBM Corporation, CA Technologies,Net IQ Corporation, and HID Global, amongst others.


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