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.
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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.
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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.
