(I-BusinessNews.Com, June 02, 2021 ) The global Identity Access Management Market is estimated to surpass $25.8 billion mark by 2026 growing at an estimated CAGR of more than 18.2% during the forecast period 2021 to 2026. The market will be driven by BYOD (Bring Your Own Device) which is adopted by different organisations and growing adoption of cloud services. The growth is mainly attributed to the increasing adoption of Identity Access Management solutions in various industries such as BFSI, Healthcare, Travel and hospitality and other industries push the market growth. Identity Access Management solutions enable enterprises to securely manage and capture consumer profile and identity data. It also helps in controlling the consumer login experience, registration and this set to propel the market growth during forecast period.
Identity Access Management Market Segment Analysis – By Type
Cloud Deployment mode held the major market share of 55.3% in 2020. The major market share of cloud deployment is due to the low cost. Adoption of cloud based consumer Identity access management solutions is increasing with the increase in adoption of these solutions by small and medium based organizations. Cloud deployment provides greater flexibility and offer much less in the means of customization when compared to on-premises. This drives the cloud based deployment of Identity access management solutions.
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Identity Access Management Market Segment Analysis – By End-Use Industry
BFSI, IT & Telecom, and retail will have the largest share in the Identity Access Management market in the forecast period. Banking, financial services, and insurance sector organisations are using cybersecurity solutions for detecting, monitoring, and countering cyber threats. In Healthcare sector, the adoption of Identity Access Management solutions has been increasing and they are mainly used for securing sensitive data of patients and providing easy access to the services of medical institutes. In healthcare industry, Identity access management solutions helps in reducing human error and improve security by protecting patient information. Additionally, evolution of global pandemic disease is poised to provide opportunities for Identity Access Management solutions in this industry.
Identity Access Management Market Segment Analysis – By Geography
North America will dominate the Identity Access Management Market during the forecast period. This is followed by Europe and Asia Pacific. Asia Pacific is expected to show the highest growth due to the factors such as adoption of cloud by SMEs in the region and development in enterprise IT infrastructure. Regulatory reforms and economic stability are also responsible for the growth of the Identity Access Management in Asia Pacific. The need for security & privacy of a user’s data is one of the concern matter so as result demand for Identity Access Management solutions are also increasing. APAC is the most emerging and one of the fastest growing market followed by North America and Europe. The approach of Identity Access Management will drive the new merging identity models that use the cloud authentication & mobile devices which has ability to verify the presence at a location, mobile ID & smart cards that authenticate users to organization resources.
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Identity Access Management Market Drivers
Rising Frequency of Data Thefts
Increasing data security has become concern in the small, medium and large scale enterprises. Taking measures for the prevention of data breach has become a priority in IT security teams. Cloud Identity and Access management solutions offer end to end data security features, specifically for consumer identities, owing to which they serve as good prospects for decreasing the risks of data thefts. Therefore, the demand of cloud identity and access management solutions is increasing and this drives the market growth. Security of data & other applications systems are involved primarily in any organization that it make sure the right entity gets the access to the authorized data in an accredited format. Identity access management gives the authorization to the administrates who can take decision or action specifying full control & visibility to manage the cloud resources and the users get access only to what they need to get the job done.
Increasing usage of IoT and Smart Devices
Increasing adoption of IoT and smart devices in industries have created demand for consumer identity and access management solutions. Increase in number of mobile devices among enterprises has posed issues for data management in various systems which increased the threat of cybercrimes. Thus, organizations have been adopting advanced authentication security solutions in order to protect sensitive information of consumers.
Identity Access Management Market Challenges
Poor Identity Standards across Organizations
The increasing number of cyber threats owing to the poor regulatory is impacting the market growth rate. Advanced versions of Identity Access Management solutions handle more complex services. This creates a cost hurdle to the organizations. The lack of identity standards and insufficient resources in terms of budget, coupled with the high installation costs of these solutions, are significantly hindering the growth of the Identity Access Management solutions market.
Identity Access Management Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Identity Access Management Market. IBM, Microsoft, Salesforce, SAP, Okta, CA Technologies, Acuant Inc, Janrain, LoginRadius, Ping Identity, Imprivata and Akamai are considered to be the key players of the Identity Access Management Market.
Acquisitions/Technology Launches/Partnerships
In April 2019, Imprivata had launched IAM cloud platform for healthcare in collaboration with Microsoft. Introduction new platforms for healthcare industry increase the Company’s consumer IAM market share.
In January 2019, Akamai Technologies had acquired Janrain. This acquisition has enabled Akamai Company in strengthening its Company position. This drives the market growth.
Key Takeaways
Increasing number of cyber-attacks and centralized security and management will enhance the cloud identity management.
Adoption of advanced technologies such as IoT, automation technologies in industries is poised to propel the market growth.
Increasing adoption of Consumer IAM in healthcare with the evolution of global pandemic disease provide opportunities for the market growth.
Increasing demand for distributed software applications across industries will accelerate the growth of Identity Access Management.
Related Reports :
A. Identity Analytics Market
https://www.industryarc.com/Research/Identity-Analytics-Market-Research-507643
B. Bring Your Own Device Market
https://www.industryarc.com/Research/Bring-Your-Own-Device-Market-Research-503776
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