Sellbyville, Delaware, Sept. 11, 2018 (GLOBE NEWSWIRE) --
Identity and Access Management Market is poised to reach USD 18.9 billion by 2024; according to a new research report by Global Market Insights, Inc. 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. For instance, in June 2018, Ping Identity entered into a strategic partnership with SailPoint Technologies to provide secured access to various on-premise and hybrid IT applications. This partnership will enable the companies to deliver simplified identity access and governance solutions to various enterprises, providing secured access to the right people.
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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. For instance, the Payment Card Industry Data Security Standard (PCI DSS) launched in 2004 is also a privacy standard to optimize the security of debit, credit, and cash card transactions. This will protect the cardholders against the damage of their personal information. Any non-compliance to follow these standards results in huge penalties and hence organizations have increased their adoption of auditing, 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 IAM market growth. Furthermore, the centralized policy engine in these systems assists in providing flexibility and consistency in authentication, fueling their market demand.
The cloud-based IAM provides the organizations with a single password to log-in into enterprise extensive systems and applications on which the employee is provisioned to log-in. It connects the enterprises to the cloud-based applications while offering required security services to various industry verticals including healthcare, BFSI, IT & telecom, retail, and public utilities. They manage security by permitting user access with a multi-factor authentication, user provision, and access management services, thereby safeguarding the important customer financial and other related corporate data. Due to this, the cloud-based IAM model is largely adopted by SMEs, large organizations, and the government sector. Moreover, as these cloud-based models provide various benefits such as reduced costs, economies of scale, simplified management, and no hardware deployment, their adoption is rising as compared to the traditional on-premise deployment model.
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The BFSI sector is rising at the fastest rate in the identity and access management market and 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 market value.
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 IAM 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 IAM 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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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.