March 26, 2020
As per the report titled ‘Asia Pacific Identity and Access Management Market Size By Solution, By Deployment Model, By Application, Industry Analysis Report, Countries Outlook - Industry Size, Share, Growth Trends & Forecast, 2018 – 2024’, available with Market Study Report LLC, Asia Pacific identity and access management market is anticipated to cross USD 3 billion by the year 2024.
Increasing data breaches across various organizations is driving the growth of identity and access management market in APAC. According to trusted sources, it is estimated that over 39 million data records have been stolen in India since 2013 and 35 million in China. Hence, rising data thefts in the region are promoting enterprises to implement identity and access management solutions through the establishment of digital relationship between the employees and trusted applications, thereby preventing fraudulent access.
Based on the solution, single sign-on solution segment is anticipated to expand with 15% CAGR during the forecast period. Enhanced productivity and user experience through application access from a single location along with a single set of credentials are favoring the adoption of single sign-on IAM solutions.
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Speaking of the application, public sector and utilities application is projected to accrue USD 1 billion by 2024. Increasing number of cyber-attacks targeted towards water and energy power utilities is severely affecting the public infrastructure including the industrial power provision and public to business networks. This results in loss of revenue, information, and assets which is boosting the adoption of IAM solutions across the public sector.
Prominent players of Asia Pacific identity and access management market are Oracle Corporation, CA Technologies, Okta, Microsoft Corporation, IBM Corporation, SailPoint Technologies, HCL technologies, and Infosys.
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