The growing expansion of data theft among organisations worldwide is primarily driving the identity and access management market demand. Stolen employee access identification is a leading parameter of data breach and system hacking is projected to cost businesses around USD 2 trillion by 2019. They are responsible for about 88% of cyber attacks and will hamper the organisational functioning.

In 2016, the total cost related to identity theft was USD 16 million and is anticipated to grow due to the rising crime rates. Hence, to curb the growing identity theft, companies are investing funds and entering into strategic partnerships and acquisitions to improve their security portfolio. 

Compliance management shows rapid growth

The prominence of compliance management in the identity and access management market is growing rapidly as it demonstrates the technologies and processes required to provide a more secure environment. IAM solutions are used for meeting multiple compliance requirements, accelerating the market growth.  Furthermore, increased mobile penetration, rising employee mobility software demand, and increasing prominence of mobility service management are also driving the identity and access management market size.

The advanced authentication segment held around 23.7% of the identity and access management market share in 2017, mainly due to factors such as increase in cyber criminal activities, rising security threats, BYOD policy in enterprises, and supportive government regulations. Increased usage of advanced authentication in various verticals, mainly BFSI, IT & telecom, and healthcare, also contributes to the identity and access management market growth. Furthermore, the centralised policy engine in these systems assists in providing flexibility and consistency in authentication, fueling their market demand.

Cloud based IAM safeguards corporate data

The cloud-based IAM provides the organisations with a single password to log-in into enterprise extensive systems and applications on which the employee is provisioned to log-in. It connects the enterprises to the cloud-based applications while offering required security services to various industry verticals including healthcare, BFSI, IT & telecom, retail, and public utilities. They manage security by permitting user access with a multi-factor authentication, user provision, and access management services, thereby safeguarding the important customer financial and other related corporate data. Due to this, the cloud-based IAM model is largely adopted by SMEs, large organisations, and the government sector. Moreover, as these cloud-based models provide various benefits such as reduced costs, economies of scale, simplified management, and no hardware deployment, their adoption is rising as compared to the traditional on-premise deployment model.

The BFSI sector is rising at the fastest rate in the identity and access management market and is projected to grow at a CAGR of 13.1% over the forecast timespan. These solutions play a vital role in creating secured and reliable IT security in the banking sector. Around 90% of the financial institutions are affected by data breach, out of which 60 percent are cases of identity abuse. 

Geographically U.S dominates the market

The U.S. dominates the North American identity and access management market as security is a major parameter for the companies operating in this region. The country has encountered a large number of data breaches and hence the U.S. companies have largely increased their cyber security budgets, ensuring the safety and security of their information. Furthermore, the country is home to the leading IAM solution providers including companies such as IBM, Microsoft, Oracle, Dell, and Symantec. These companies are involved in strategic partnerships and collaborations to expand their market presence and deliver enhanced security services to their customers.

The Latin American identity and access management market is anticipated to grow at a CAGR of 13.1% over the forecast timespan. 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 cyber threats. Over the last decade, this region has witnessed huge digitalisation with an enhanced adoption of big data, cloud computing, and IoT solutions, accelerating the identity and access management market demand.

Market expansion and extended business partnerships are the main strategies adopted by the enterprises operating in the identity and access management market. The prominent companies functioning in the identity and access management market include CA Technologies, Centrify Corporation, Crossmatch, Dell Inc., Forgerock, Gemalto, IBM Corporation, Iwelcome, Microsoft Corporation, Okta, Inc., Oracle, Ping Identity, Sailpoint Technologies Holdings, Inc., and Symantec.

The identity and access management market research report from Global Market Insights Inc. includes an in-depth coverage of the industry, with estimates and forecasts in terms of revenue in USD million from 2013 to 2024, for various market segments.