Ocean View, DE -- (SBWIRE) -- 04/09/2020 -- Rising initiatives from enterprises to restrict identity thefts and data leaks are expected to boost identity and access management market growth. In fact, various companies have started to explore the options of strategic collaborations to strengthen their security portfolio.

For instance, in 2018, Ping Identity inked a partnership agreement with SailPoint Technologies to deliver secure access to various hybrid and on-premise IT applications. This venture would allow both firms to deliver simplified governance solutions and identity access to several businesses, thereby ensuring that secured access is given to the right personnel.

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Increasing transformation in the technological landscape has sparked the need for a more connected workplace. Several companies have shifted their focus towards building more a connected work environment to enhance productivity and improve employee satisfaction. This practice is anticipated to boost product adoption in identity and access management market.

In 2018, public sector & utilities applications procured more than 23% of the overall identity and access management market share. The segmental growth can be credited to escalating cyberattacks and developing digital transformations, including real-time data access to customers, automated infrastructures, and cloud computing within the public sector. The companies in utility sector are also deploying IAM solutions as they need to manage power generation, transmission, and circulation. They are managing logical and physical access to its resources, such as buildings, operational technology, IT, and equipment.

Cloud-based segment in identity and access management market are highly being adopted by various end-users due to the operational efficiencies, standardization, and cost benefits offered by them, generating growth opportunities for v. For example, in July 2018, Okta partnered with Bitglass to deliver real-time threat and data protection to the firms moving towards cloud. The partnership will offer a safe way of managing business with agility and ease to its customers.

Latin America has been observing rapid digitalization in recent years. Enhanced connectivity in urban, corporate, and personal environment, has consequently made enterprises more vulnerable to malicious cyber-attacks, thereby fueling the need for IAM deployment. As per estimates, Latin America identity and access management market will record above 13% CAGR over 2019-2025.

Given the massive rise in identity thefts, firms are investing massive amounts on strengthening their security postures. To this end, various enterprises are focusing on strategic alliances to acquire additional security capabilities. For example, in June 2018, Ping Identity entered into a strategic collaboration with SailPoint Technologies to offer protected access to several hybrid and on-premise IT applications. The collaboration was aimed at providing streamlined governance solutions and identity access to various organizations.

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According to a report published by Global Market Insights, Inc., global identity and access management market is slated to surpass a $20 billion valuation by 2025.

Company profiled in identity and access management market report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

CA Technologies, Centrify Corporation, Dell, ForgeRock, Gemalto, HID Global, Hitachi, IBM, Microsoft, OpenText, Oracle, Siemens, Symantec, SailPoint, Okta, Inc., Ping Identity

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