October 16, 2019 by ortan roman
According to a research report "Identity & Access Management Market by Component (Provisioning, Directory Services, Password Management, SSO, and Audit, Compliance, and Governance), Organization Size, Deployment Type, Vertical (BFSI, Telecom & IT), and Region - Global Forecast to 2021", published by MarketsandMarkets, the identity & access management market is estimated to grow from USD 8.09 billion in 2016 to USD 14.82 billion by 2021, at a CAGR of 12.9% between 2016 and 2021. The market is primarily driven by the increase in security concerns among organizations and the demand for mobility solutions.
Growing emphasis on compliance management and increasing trend of mobility have driven the demand for IAM solutions in various sectors. Employees can use their devices from different locations these days. Moreover, the Bring Your Own Device (BYOD) approach is increasing the usage of mobile applications.
Moreover, rise in awareness about compliance management across various industries has driven the adoption of identity & access management solutions for security purposes. Furthermore, the trend of mobility is gaining traction and has become a crucial part of the present-day business strategy. Increasing number of mobile apps has further accentuated the challenge of maintaining the security of the information, and enterprises as well as customers expect seamless yet secure access to the web, mobile web, and native mobile applications.
Changing scenarios and distributed IT environments have made organizations susceptible to cyber threats, thereby fueling the demand for IAM solutions. This is expected to create market opportunities for IAM solution vendors during the forecast period.
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Key Market Players for Identity & Access Management Market
Key and emerging market players include IBM Corporation (US), Oracle Corporation (US), CA Technologies (US), Microsoft Corporation (US), Dell EMC (US), NetIQ Corporation (US), Okta, Inc. (US), Hitachi ID Systems, Inc. (US), and SailPoint Technologies (US), Centrify Corporation (US), Crossmatch (US), Covisint Corporation (US), and Pirean Limited (UK) These players have adopted various strategies to grow in the market.
The identity & access management market has been studied for North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. The highest growth rate of the Asia-Pacific region can be attributed to the increasing adoption of identity & access management solutions in the significantly growing industrial sector in the region. Moreover, the BFSI sector is spearheading technology implementation, in terms of mobility, cloud computing, and hosting services for growing branch offices, ATM centers, cash depots, and data centers in Asia Pacific region. This has led to increase in customer base and internet users, eventually leading to the urgent need to deploy identity & access management solutions.