March 26, 2020
As per the report titled ‘North America Identity and Access Management (IAM) Market Size By Deployment Model, Solution, Application, Industry Analysis Report, Countries Outlook, Growth Potential, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report LLC, North America identity and access management market is slated to exceed USD 7 billion by the year 2024.
Stringent government regulations and policies towards the protection of data against cyber-attacks is major growth driver of identity and access management (IAM) market in North America. Escalating number of cyber-attacks aimed at stealing confidential customer data is further enhancing the market growth. Moreover, growing focus among enterprises to allocate data access without compromising on the security will boosting the demand for IAM solutions. Increasing implementation of IAM solutions such as biometric authentication instead of passwords will secure the data available with employees with administrative access, thereby augmenting the market growth.
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Based on the solution, advanced authentication solution presently holds about 24% share of IAM industry in North America. Product benefits such as multi-factor authentication through the use of technologies employed in biometric system recognition of smart cards and identities altogether, is propelling the segment growth. The growing adoption of mobility solutions among employees and partners for data access from any devices is boosting the adoption of advanced authentications solutions across various businesses.
Elaborating on the deployment model, cloud-based IAM segment is presumed to grow considerably in the forthcoming years, owing to several benefits such as flexible scaling, reduced costs, elimination of hardware deployment and easy management. Citing an instance, in July 2018, Bitglass and Okta formed a partnership to provide threat protection and real-data security to companies shifting to the cloud. Such innovations and collaborations will stimulate the market outlook in the coming years.
Major players of North America identity and access management (IAM) market include Okta, Microsoft Corporation, CA Technologies, IBM Corporation, and Oracle Corporation.
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