According to a new study published by Polaris Market Research the global identity & access management (IAM) market is anticipated to reach USD 25.15 billion by 2026.
The increasing adoption of connected devices, Bring Your Own Device (BYOD), Internet of Things (IoT) and audit management combined with cost control are the prime components boosting the market growth. Also, the growth in online applications and risk management compliance mandates are anticipated to impel the identity & access management market and thus it is projected to gain traction over the forecast period.
The implementation of identity & access management systems has grown considerably in the last few years, inferable from the developing usage at enterprise level for unified checking and stringent government regulations to secure client information. The increase in occurrences of cyberattacks and rise in adoption of IoT (Internet of Things) are projected to drive the market. The absence of predefined set of rules and mandates in certain industries and concerns about cloud-based security is hampering the market development to a certain extent. Owing to the developing market for electronic security frameworks and various functionalities provided by IAM systems, the worldwide market is expected to grow at a high pace.
Identity access management market is projected to witness noteworthy development inferable from increasing interest throughout different application segments. Cloud and hybrid deployments are expected to gain adoption in the business due to improved security with decreased error rates. Growth in client interaction through physical, online networking, mobile, and different channels for monetary services has given way to enormous development to the IAM solution providers in the BFSI segment. Besides, the oil & gas and energy vertical is anticipated to develop at a significant growth rate amid the forecast years, attributable to innovative technology, for example, robotized framework and distributed computing among others.
Key Findings from the study suggest that the application of IAM solutions in government segment represented a significant share of revenue in 2017 and is foreseen to show huge development throughout the forecast years. Prominent trends in the industry such as financial development, technological change and statistical developments should be equipped with dynamic framework, thus in turn driving interest for IAM systems.
Numerous government organizations, for example, transportation and public utilities are executing strong security measures which are evaluated to drive market growth globally. The market for IAM in North American dominated the global market in 2017, and is projected to represent more than 30% of the overall share by 2026. Many offices in the North American region provide their employees with an equipment based individual recognizable proof confirmation card for gaining access to restricted areas. This has pushed the adoption of IAM in this region. Cloud IAM market is anticipated to witness strong demand over the forecast years, increasing at a high growth rate. Cloud deployments provide cost advantage and are anticipated to change the traditional IT security scenario.