Identity and Access Management Market - Key Research Findings
The global identity and access management market size in 2018 – Approximately US$ 8.8 Bn
The identity and access management market is projected to expand at a CAGR of 11.4% during the forecast period (2018-2028).
According to FMI analysis, the enterprise software applications market is continually growing and evolving.
The rising adoption of cloud-based solutions by SMEs is expected to collectively result in the higher adoption of enterprise applications, which will eventually boost the demand for identity and access management solutions and services at a global level.
North America and Europe cited as the prominent regional markets for identity and access management
Strong investments, rigorous R&D activities across these regions, and increase in the penetration of advanced AI-based solutions has boosted the identity and access management market in developed regions, i.e. North America and Europe.
South Asia holds significant growth potential for identity and access management market.
The region is witnessing technological advancements in the field of IT, manufacturing, industrial sectors, and others. Moreover, governments of fast-progressing countries such as India, are encouraging foreign investors to invest in multiple sectors.
The public administration sub-segment is currently the most attractive vertical for the identity and access management market players.
The increasing demand for smart access systems and ever-rising importance of reliable security systems, particularly in government organizations, will drive the identity and access management market.
Top 2 Factors Shaping Identity and Access Management Market
Adoption of IAM Services & Solutions Accelerating across Verticals
The expansion of various industry verticals is expected to contribute to the growth of the identity and access management market across the globe. Information and data security is becoming the top priority for enterprises to secure enterprise information and other digital assets. In the recent past, various industry verticals have witnessed growth. These include the banking & financial sector, manufacturing, ITES, healthcare, telecom, and utility.
To protect themselves from cyberattacks and other frauds, these industry verticals are expected to adopt identity and access management solutions to ensure that only authorised individuals have access to their resources at the right time and for the right reasons.
Moreover, identity and access management verifies user access requests and either grants or denies permission to protected company materials. It also deals with various administrative functions, such as password problems, and helps in the management of the identities of employees based oversees. The standards and applications of identity and access management include the maintenance of user life cycles and various application accesses and singular logons.
Escalating Significance of Reliable IT Security & Counter-Cybercrime Measures
Owing to the various initiatives undertaken by companies in various countries, and rising awareness about cybercrime and data security, are pushing the demand for identity and access management, significantly. Companies are taking steps to secure their data and enterprise information from various internal and external digital attacks on the cloud as well as on-premise. Increasing awareness about cybercrimes and data security is expected to drive the identity and access management market during the forecast period.
Furthermore, the digitisation of workloads is growing steadily in various countries, such as India, China, the U.S., France, Germany, and Japan, and enterprises are adopting mobile first and cloud first. While this exposes new endpoints to cyberattacks and digital frauds, it also provides significant opportunities for the adoption of identity and access management solutions.
Identity and Access Management Market Structure Analysis
- The global identity and access management market represents a moderately consolidated competition landscape, wherein Tier 1 companies hold a revenue share of approximately 38%.
- While most of the key players maintain a strategic focus on the North America, Europe, and East Asia markets, the report underscores that technology assessment will be an important developmental strategy for companies.
- Leading players in the identity and access management market are also concentrating on entering strategic partnerships and collaborations with other security system providers, which is underscored as a strong differentiation strategy.
Market Research Methodology - Perfected through Years of Diligence
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Identity & Access Management – the Nexus of Customer Security and Privacy Solutions
The industrial sector is witnessing a rigid dichotomy between the increasing dependence of internet-based business operations and the cyber-threats generated by the very same IT solutions. End-users’ approach towards customer satisfaction and security concerns are changing to generate a significant need for identity & access management solutions against security threats, such as identity frauds and account takeover, which translates into the highly-lucrative opportunities for stakeholders in the market.
Market Set to Witness a Threefold Revenue Growth Between 2018 and 2028
End-user industries are entering the Tech-Era with a conscience about the information of security against potential cyber-threats. With end-users pushing boundaries by investing heavily in an efficient security system, identity & access management solutions and services will soon become ubiquitous across diverse industrial sectors.
Stakeholders Turn to Emerging Economies as Developed Markets Approach Saturation
Leading stakeholders in the identity access & management market in North America are leveraging the technological expertise to maintain the lead on the global front. However, the deployment of identity access & management solutions and services is dwindling steadily in developed regions such as North America and Europe.
South East Asia is becoming home to a mounting number of small- and medium-scale enterprises (SMEs), generating need for efficient security systems to offer security and privacy to their customers. Leading stakeholders are modifying their business strategies to unlock untapped potential in emerging economies in the Asia Pacific region.
The Broader Perspective
Digitization and technological transformation has made a diverse range of industries involving IT-operations highly vulnerable to cyber threats and attacks. It is becoming a need to stay abreast of next-generation identity & access management systems to modify the security strategies of the organization.
Increasing deployment of identity access & management in public administration and finance & insurance organizations is expected to shape the future strategies of identity & access management service providers and other stakeholders in the market
How Growth will Unfold
Leading players in the identity & access management market are adopting strategies to sync with the changing requirements of end-user industries in the Information Age. With advent of the cloud technology and the fourth industrial revolution, a mounting number of end-user industries are adopting Identity as a Service (IDaaS) in lieu of the outmoded on-premise identity access & management services.
Moreover, introducing identity access & management solutions that can be compatible with various software is becoming an epicenter of stakeholders’ business strategies to boost deployment among SMEs.
- Multi-Factor Authentication
- Single Sing-in
- Access Security
- Directory Management
- Consulting Services
- Integration and Deployment Services
- Maintenance and Support Services
- North America
- Latin America
- South Asia
- East Asia
- Middle East and Africa (MEA)
By End User
- Small and Medium Enterprises (SMEs)
- Large Enterprise
- Finance and Insurance
- Information (Telecom and IT)
- Public Administration
- Military and Defense
- Scientific and Technical Services
- Health Care and Social Assistance
- Transportation and Warehousing
- Media and Entertainment