An Increase in the Number of Data Breaches is Driving the Growth of Identity and Access Management Solutions
The global identity and access management market is expected to witness a CAGR of around 11% to reach revenue of more than $20 billion by 2025
Bangalore, India, July 15, 2019: With its recently published study “Global Identity and Access Management (IAM) Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025”, Infoholic Research forecasts that the global market for identity and access management will continue to grow, owing to the increasing need amongst enterprises for mitigating security risks and authenticating the user’s identity for ensuring right access being given to the right individual.
IAM solutions are key weapons in terms of physical as well as cybersecurity defense. IAM is an essential part of any organizations’ security plans, as it restricts the entry of malicious threat vectors into an organization network. Enterprise users typically have several usernames and passwords, which they need to manage securely. These users, most of the time, use weak passwords and store them in an unsecured manner, which put the business at risks. According to the industry experts, around 80% of the data breaches involve revealing passwords at some instance in the attack vector. Identity and access management solutions are changing the enterprise landscape and helping them in managing more digital identities to mitigate the risk of attacks.
Rising concerns of data breaches & cyber-attacks and rapid increase in the adoption of technologies such as BYOD, cloud computing, and IoT are driving the identity and access management market growth. This trend is anticipated to continue during the forecast period 2019–2025, fueling the market growth at a CAGR of around 11% to reach revenue of more than $20 billion by 2025.
North America is maintaining the dominant position in the identity and access management market, followed by Europe and APAC. North America is estimated to hold the largest market share during the forecast period due to the changing needs of the workforce and increased adoption of cloud-based solutions demanding for more enhanced security.
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In terms of segmentation analysis, on-premise deployment contributes to a significant revenue share within the identity and access management market, and governance, compliance, and audit application is expected to grow at the highest rate during the forecast period. Currently, the BFSI vertical has a high share in the identity and access management market, but energy & utilities is expected to increase at the highest CAGR during the forecast period.
“Identity and access management solutions, offering provisioning and governance capabilities, are helping the enterprises in managing user identities and securing enterprise computer & cloud networks.” – Sonam Chawla, Research Analyst, Infoholic Research
Key Insights of the Report Include:
- User Provisioning
- Single Sign-on
- Multifactor Authentication
- Password Management
- Secure Directory
- Governance, Compliance, and Audit
- Key Verticals
- Retail & e-Commerce
- Healthcare & Life Sciences
- Telecom & IT
- Energy & Utilities
- North America
- Rest of Europe
- Rest of APAC
- North America
• Industry outlook: Market trends, drivers, restraints, and opportunities