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Identity and Access Management Market in BFSI Sector to Observe 13% CAGR Till 2024: Hitachi, Dell, CA Technologies, IBM, Microsoft and 15 Other Companies Profiled

Asia Pacific identity and access management market is growing at the fastest pace and is projected to grow at a CAGR of 15.6% over the forecast timeline.


Sellbyville, DE -- (SBWIRE) -- 02/14/2019 -- Identity and Access Management Market is driven by the rapid increase in the adoption of advanced technologies including Internet of Things (IoT), Bring Your Own Device (BYOD), and cloud computing in enterprises. The rising advent of digitalization has encouraged the organizations to develop data-driven business models, making the businesses more agile and scalable. However, there are many challenges that the organizations face by adopting the connected devices including security and privacy threats. Local exposure, data leakage, data loss, insecure usage, and insider attacks are the major risks associated with these devices. Therefore, organizations worldwide are adopting IAM solutions to curb the risks associated with the adoption of advanced technology solutions.

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Identity & Access Management (IAM) Market size is set to exceed USD 18.9 billion by 2024.The growing expansion of data theft among organizations worldwide is primarily driving the identity and access management market demand. Stolen employee access identification is a leading parameter of data breach and system hacking is projected to cost businesses around USD 2 trillion by 2019. They are responsible for about 88% of cyberattacks and will hamper the organizational functioning. In 2016, the total cost related to identity theft was USD 16 million and is anticipated to grow due to the rising crime rates. Hence, to curb the growing identity theft, companies are investing funds and entering into strategic partnerships and acquisitions to improve their security portfolio.

The prominence of compliance management in the identity and access management market is growing rapidly as it demonstrates the technologies and processes required to provide a more secure environment. IAM solutions are used for used for meeting multiple compliance requirements, accelerating the market growth. For instance, the Sarbanes-Oxley (SOX) of 2002 assists in making the corporate governance practices highly transparent by focusing on two parameters, the financial disclosure and corporate governance. The adoption of the solutions by organizations assists them in providing direct assistance for meeting SOX requirements for policy enforcement, fraud reduction, compliance auditing and reporting, and risk assessment. Furthermore, increased mobile penetration, rising employee mobility software demand, and increasing prominence of mobility service management are also driving the identity and access management market size.

The audit, compliance, and governance solution are rising at the fastest rate and is projected to grow at a CAGR of 16.1% over the forecast period. The increasing concerns regarding data breach and theft of sensitive enterprise information are the major factors driving the identity and access management market revenue. Furthermore, the rapid technological developments in cloud computing, IoT, and big data & its implementation across enterprise compliance and governance also resulted in the greater adoption of the audit, compliance, and governance solutions.

The advanced authentication segment held around 23.7% of the identity and access management market share in 2017, mainly due to factors such as increase in cybercriminal activities, rising security threats, BYOD policy in enterprises, and supportive government regulations. Increased usage of advanced authentication in various verticals, mainly BFSI, IT & telecom, and healthcare, also contributes to the identity and access management market growth. Furthermore, the centralized policy engine in these systems assists in providing flexibility and consistency in authentication, fueling their market demand.

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The U.S. dominates the North American identity and access management market as security is a major parameter for the companies operating in this region. The country has encountered a large number of data breaches and hence the U.S. companies have largely increased their cybersecurity budgets, ensuring the safety and security of their information. Furthermore, the country is home to the leading IAM solution providers including companies such as IBM, Microsoft, Oracle, Dell, and Symantec. These companies are involved in strategic partnerships and collaborations to expand their market presence and deliver enhanced security services to their customers. For instance, in March 2018, Biometric Signature ID (BSI), a U online biometric multi-factor authentication provider based in the U.S. partnered with companies including ICSynergy, ForgeRock, and Okta. This partnership will allow BSI customers to buy BioSig-ID software licenses, enabling them to authenticate and protect users and their online data.

The Latin American identity and access management market is anticipated to grow at a CAGR of 13.1% over the forecast timespan. Due to the increasing connectivity in personal, urban, and corporate environments, the dependence on technology and associated vulnerabilities has increased in this region giving rise to cyberthreats. Over the last decade, this region has witnessed huge digitalization with an enhanced adoption of big data, cloud computing, and IoT solutions, accelerating the identity and access management market demand.

Market expansion and extended business partnerships are the main strategies adopted by the enterprises operating in the identity and access management market. The prominent companies functioning in the identity and access management market include CA Technologies, Centrify Corporation, Crossmatch, Dell Inc., ForgeRock, Gemalto, IBM Corporation, iWelcome, Microsoft Corporation, Okta, Inc., Oracle, Ping Identity, SailPoint Technologies Holdings, Inc., and Symantec.

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