Worldwide identity & access management market is presumed to amass over US $25.15 billion by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
According to the latest report, growth of the global identity & access management (IAM) market is boosted by the growing adoption of connected devices, IoT (Internet of Things), BYOD (Bring Your Own Device), audit management, along with cost control initiatives. The global IAM market would gain further traction during the forecast timeframe, given the growing number of online applications as well as risk management compliance mandates.
The implementation of the IAM systems has increased substantially over the past few years, which can be inferred from their developing usage at the enterprise level for the purpose of unified checking, and stringent government regulations for client information security. The increasing number of cyberattack incidences, coupled with the growing adoption of IoT are predicted to propel the market growth. However, the lack of predefined set of rules & mandates in some industries, and cloud-based security concerns would deter market growth to some extent. The emerging market for electronic security frameworks, along with numerous functionalities offered by the IAM systems, would accelerate the growth rate of the global IAM market.
Based on the component spectrum, the global identity & access management market is bifurcated into directory servers, access & authentication management, SSO (Single Sign-On) and password management. The deployment outlook of the IAM market is fragmented into hybrid, cloud, and on-premise. The cloud and hybrid deployments are expected to gain acceptance widely by virtue of enhanced security, with reduced error rates.
The cloud IAM market is projected to witness huge demand over the coming years, expanding at a high growth rate. Cloud deployments offer cost advantage and are expected to transform the traditional IT security scenario.
On the basis of the end-user landscape, the global market is segmented into oil & gas, energy, IT & telecom, healthcare, BFSI, manufacturing, and government sectors. Growing client interaction by means of online networking, mobile, physical and various other channels for monetary services has led to noteworthy developments in the BFSI vertical. The oil & gas and energy segments are likely to grow at a vigorous rate throughout the projected period, owing to innovative technology, for instance, distributed computing and robotized framework.
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Based on key findings of the report, the application of IAM solutions in the government segment had accumulated a major share of revenue in the year 2017 and is predicted to grow substantially during the forecast period. Significant industry trends such as technological change, financial and statistical developments must be provided with dynamic framework, which will in turn, drive more interest for the IAM systems. Several government organizations like the transportation and public utilities, have adopted strong security measures which are expected to fuel the market expansion worldwide, cites the report.
Based on the geographical arena, the North America IAM market led the global market during the year 2017 and is projected to gather about 30 percent share of the global market by the year 2026. Several offices in North America provide equipment-based, individual recognizable proof confirmation cards to their employees for accessing the restricted areas. This has boosted the acceptance of the IAM systems in the region.
Leading companies in the worldwide identity & access management market are Microsoft, Amazon Web Services, Dell, HP, Okta Inc., NetIQ Corporation, SecurIT, Open IAM, Intel Corporation, and Siemens, among others.