U.S. dominates the North American identity and access management market as security is a major parameter for the companies operating in this region.

Sellbyville, DE -- (SBWire) -- 04/04/2019 --Identity and Access Management Market in BFSI segment BFSI sector is projected to grow at a CAGR of 13.1% over the forecast timespan. These solutions play a vital role in creating secured and reliable IT security in the banking sector. Around 90% of the financial institutions are affected by data breach, out of which 60 percent are cases of identity abuse. For instance, in 2014, the JPMorgan Chase banks suffered a data breach that leaked around 7 million business accounts and 76 million personal contacts causing huge losses to the bank. Hence, it is imperative for the banks to protect their networks with enhanced authentication measures. One of the drivers that is mainly important for the financial sector is compliance. Regulatory departments, such as the Australian Prudential Regulation Authority (APRA) and U.S. Security and Exchange Commission (SEC), have set strict regulations, enforcing the financial institutions to comply with the security requirements. Hence, major financial institutions have made substantial investments in implementing the enhanced IAM solutions, driving the identity and access management industry value.

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The rapidly escalating growth in the telecom & IT sector is certain to impel identity and access management market. As the IT & telecom industry works with a large user base, it is essential for the service providers to maintain the security of the sensitive user data. According to a survey by The Communications Fraud Control Association (CFCA), the telecommunications industry experienced $38.1 billion in fraudulent charges in 2016. As per CFCA, cyber fraudsters are seemingly working to develop new ways to siphon money from renowned, well-established organizations of various sectors.

The on-premise deployment model dominates the identity and access management market with a market revenue of USD 8.08 billion in 2017 anticipated to reach USD 14.6 billion by 2024. The on-premise delivers continuous and secured access to various applications throughout the enterprise. These solutions perform various tasks such as securing identity and attribute stores, identity data synchronization, external access control for applications, and user provisioning, driving their growth in the market. However, as this model is mainly suitable for large organizations, which have enterprise-wide entitlements and applications, enterprises are now shifting toward the cloud-based IAM models.

Identity and Access Management Market in cloud-based deployment model is projected to grow at the fastest rate due to the rising demand for cost-effective, scalable, and flexible IAM solutions. The growing trend of BYOD and various enterprise mobility solutions has also resulted in a large cloud IAM adoption rate by enterprises to manage remote access services. The enterprises also suffer through huge losses due to cyberattacks, increasing the demand for cloud-based solutions delivering enhanced IAM security. For instance, in September 2017, Nexus Group, an identity and security company partnered with Morphean, a video surveillance vendor for enabling cloud-based access control. This partnership will allow Morphean to remotely manage access control events with video along with easy management of Nexus card readers and order access cards providing customers and service providers an ease to manage, audit, and communicate with the physical access control.

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The aforementioned survey results are a strong indicator of the fact that the IT sector will serve to be one of the most profitable growth avenues for identity and access management market. By implementing IAM solution business could be shielded by fraudsters and hackers, eventually saving billions in remuneration for organizations. According to Global Market Insights, Inc., identity and access management industry size from IT and telecom applications was worth USD 1,420 million in 2017 and is expected to register a commendable growth rate over the ensuing years.

Asia Pacific is the fastest growing region in the identity and access management market, expected to generate a revenue of approximately USD 3.9 billion by 2024 due to the rising increase in the rate of cybercrime and emergence of SMEs in this region. Furthermore, as the industries functioning in this region are also facing increasing scrutiny regarding security measures, the demand for IAM solutions is rising at a fast pace.

IAM solutions have proven to be effective in reducing challenges faced by organizations with regard to security and privacy such as data loss, data leakage, insecure usage, and insider attacks. IAM also decreases burden on the IT departments due to its self-service functionality. Driven by the fact that IAM delivers secure ways for authentication, authorization, and management of users without compromising on convenience and usability, the global identity and access management market share is anticipated to grow at a CAGR of 10.4% over 2018-2024.

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