Pune, July 12, 2019 (GLOBE NEWSWIRE) -- The rising demand for advanced security solutions in organizations is boosting the global identity and access management market, says Fortune Business Insights in their new report. The report is titled, “Identity and access management: Global Market Analysis, Insights, and Forecast, 2019 – 2026”.
According to the report, the Identity and Access Management Market is anticipated to witness an exponential CAGR of 13.17 % and reach a value worth US$ 24,757.8 Mn by 2026 from US$ 9,526.0 Mn in 2018. An important factor boosting this market is the increasing number of cyber-crimes and the need to protect confidential data with identity and access management solutions.
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Fortune Business Insights foretells the BFSI segment to dominate the global and maintain a stronghold through the forecast period. On the basis of segmentation by industrial verticals. This is because of the rapidly expanding banking sector and the need to provide protection to confidential data and information of the consumers. Furthermore, the health and life sciences segment, is anticipated to register the fastest growth on account of the growing need to maintain a patient’s health history for medical reference and treatment procedures in the future, which, if misplaced or swapped, may lead to medical disasters.
Importance of Risk Management Sources to Boost Global Market
The rising number of web-based applications is anticipated to drive the global market for identity and access management market in the coming years The introduction and implementation of risk management solutions namely, audit management, policy-based solutions, risk management solutions, and others are also driving the market and is expected to continue doing so in the near future as well.
The rising demand for advanced security against data breaches will help the market grow in the near future.
However, the market may face rough waters on account of the lack of information about consumer data security and its uses, especially in the underdeveloped and developing economies. Additionally, the lack of skilled professionals may hinder the growth of the market in the forecast period.
Market to Witness Robust Growth in Asia Pacific
Fortune Business Insights foresees the global identity and access management market to be dominated by North America due to the presence of a several leading market players in the region. The rising demand from emerging nations such as India and China will boost the Asia Pacific market.
Key companies covered in the report
Table of Content:
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