Global Identity & Access Management Market, By Deployment (On Cloud, On Premise), By Organization Size (SMEs, Large Enterprises), By Verticals (BFSI, Manufacturing, IT & Telecommunication, Government, Healthcare) – Forecast 2022
Market Research Future (MRFR) projects that the identity and access management (IAM) market 2020 could potentially touch a valuation of USD 24 billion by 2022-end. The market is also slated to progress at a rate of 16% between 2016 and 2022 (appraisal period). We will provide covid-19 impact analysis with the report.
Top Drivers and Key Challenges
Despite the COVID-19 crisis, the information and communication technology industry is presumed to observe unceasing growth in the face of economic turbulence. The COVID-19 analysis by MRFR confirms that the implementation of remote working policy amidst the lockdown can work in favor of remote networking technologies such as identity and access management. The long-term impact of COVID-19 has also been studied in the report which states that since the digital infrastructure is highly critical for business strategic planning, identity and access management can emerge as a competitive differentiator, fortifying their remote working strategies. Experts are constantly monitoring the market dynamics and we will provide COVID-19 impact analysis with the report, to offer actionable industry insights.
In August 2019, IBM Corporation had entered into a partnership with Imprivata to develop a cloud-based identity and access management tool to offer customers with the ability to manage the tracking, de-provisioning and provisioning in the hybrid cloud and environment. Therefore, the rising integration of the cloud technology with identity and access management solutions can induce significant business growth in the ensuing years.
Over the years, the block chain technology has managed to significantly penetrate the IAM field, creating a robust platform for preventing individual identities from getting stolen or being victims to fraudulent activities. Businesses are incorporating the technology into the IAM area to tackle issues pertaining to authorization and authentication. On the other hand, artificial intelligence or AI in identity management has transformed the security aspect of places, things and people. AI has facilitated the increase in the number of devices as well as systems that can now communicate with one another with no human intervention. In a nutshell, the mounting deployment of the latest technologies like Block chain and AI can be deemed as some of the most important growth inducers in the identity and access management market.
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The IAM industry has been considered for deployment, organization, and verticals.
Deployment-based segments covered in the market study include on-cloud as well as on-premise. The on-cloud types of deployment segments are private, hybrid as well as public.
The organization size ranges included in the report are small & medium enterprises along with large enterprises.
Vertical-dependent market segmentation comprises government, healthcare, manufacturing, banking, financial services and insurance (BFSI), IT & Telecommunication, and more.
The regional study of the identity and access management market broadly covers North America, Asia Pacific (APAC), Europe, and the Rest-of-the-World (RoW).
North America owns the biggest share in the global market for IAM systems, thanks to the optimistic regulatory scenario and the increasing need to adhere among businesses. A number of federal agencies in the United States (U.S.) take into account all the authentication requirements, like the personal identification verification cards needed by the employees to access the government IT infrastructure as well as networks. These kind of strict measures taken by the agencies in the region are bolstered by the use of technologies such as identity and access management systems, thus boosting the growth of the regional market.
Europe, with the second lead in the global market, benefits from somewhat similar factors, along with the colossal investments being made in research and development activities. The striking growth of the BFSI sector and the subsequent increase in the demand for IAM systems provide the market with the much-needed push in the region.
The APAC market, backed by rapidly developing countries like India and China, holds the potential to procure the fastest CAGR over the inspection period. The existence of an extensive semiconductor and manufacturing sectors, especially in South Korea, Taiwan and China is a significant market growth booster in the region. The notable growth in the remote workforce as well as mobility combined with the rapid deployment of IoT, BYOD and cloud computing can foster the market growth in subsequent years. Apart from this, the leading social media solution & service providers in the region are adopting IAM solutions to protect the users’ accounts from getting hacked, which can also mean considerable market gains in the next couple of years.
Prominent competitors in the IAM market listed in the report are IBM (U.S.), F5 Networks (U.S.), Dell Inc. (U.S.), Amazon Web Services (U.S.), HP (U.S.), ForgeRock Inc. (U.S.), Siemens AG (Germany), Oracle Corporation (U.S.), Microsoft Inc. (U.S.), CA Technologies (U.S.), to list a few.
ForgeRock, a digital identity management solutions supplier, has successfully raised USD 93.5 million for the automation of identity and access management. The significant capital is expected to help the provider to invest in cloud infrastructure, worldwide sales, R&D as well as promoting existing and new solutions, such as AI tools. The company’s expansive product suite is the perfect choice for dealing with the increasing rate of identity compromise.
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