Identity and Access Management Market to see 10%+ CAGR to 2024 | Dominating Companies: IBM, CA Technologies, Dell, Gemalto, Microsoft, Oracle, Siemens, Symantec, OpenText

SELBYVILLE, Del., Oct. 18, 2018 /PRNewswire-PRWeb/ -- The on-premise deployment model dominates the identity and access management (IAM) market with a revenue of over USD 8 billion in 2017 and is 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.

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.

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The provisioning solution dominates the IAM market and held around 40.7% of the market share in 2017. This solution delivers employees, clients, and other stakeholders with enhanced IAM features to manage the provisioning and de-provisioning of various computing resources. The rising demand for reliable provisioning solutions and the increasing traction of risk mitigation and security also have a positive impact on the market growth.

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 identity and access management (IAM) market growth.

The audit, compliance, and governance solution is anticipated to grow at the fastest rate with a CAGR of around 16.1% over the forecast period. The implementation of regulatory compliance by governments across various industry verticals including BFSI, healthcare, retail, and IT & telecom has enabled the organizations to adopt the audit, compliance and governance solutions.

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Asia Pacific is the fastest growing region in the IAM 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.

North America is projected to dominate the identity and access management market as IAM solutions have gained importance in different sectors such as BFSI, healthcare, telecom, and utilities in this region. Furthermore, technological advancements in the IoT and cloud computing technologies followed by increased usage of smartphones are also driving the market growth.

The Latin American identity and access management 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.

The companies operating in the IAM market are investing funds to enter into strategic partnerships and collaborations and develop innovative solutions, gaining a competitive edge in the market. Some of the major vendors operating in the identity and access management (IAM) market are Centrify Corporation, Dell Technologies, ForgeRock, HID Global, Hitachi ID Systems, Inc., Crossmatch, NetIQ, OneLogin, Okta, Inc., Ping Identity, SailPoint, IBM, CA Technologies, Gemalto, Microsoft, Oracle, Siemens, Symantec, and OpenText.

Browse key industry insights spread across 200 pages with 210 market data tables & 39 figures & charts from the 2018 report Identity and Access Management (IAM) Market in detail along with the table of contents:

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Table of Contents (ToC) of the report:

Chapter 3. IAM Market Insights
3.1. Introduction
3.2. Industry segmentation
3.3. Industry landscape, 2013 - 2024
3.4. Industry ecosystem analysis
3.5. Industry evolution
3.6. Industry architecture
3.7. Life cycle
3.8. Market news
3.9. Regulatory landscape
3.9.1. Australian Prudential Regulation Authority (APRA)
3.9.2. U.S. Security and Exchange Commission (SEC)
3.9.3. General Data Protection Regulation (GDPR)
3.9.4. Health Insurance Portability and Accountability Act (HIPAA)
3.9.5. Gramm-Leach-Bliley Act (GLBA)
3.9.6. Payment Card Industry Data Security Standards (PCI DSS)
3.9.7. Sarbanes-Oxley Act (SOX)
3.10. Technology & innovation landscape
3.10.1. Cloud computing and IoT
3.10.2. Blockchain technology
3.11. Industry impact forces
3.11.1. Growth drivers
3.11.1.1. Substantial growth in data breaches, identity theft and hacking incidents among organizations
3.11.1.2. Enhanced prominence of compliance management
3.11.1.3. Rising demand for mobility and remote workforce IAM
3.11.1.4. Increasing adoption of connected technology including IoT, cloud computing and BYOD
3.11.1.5. Challenges related to employee on-boarding and off-boarding
3.11.2. Industry pitfalls & challenges
3.11.2.1. Lack of knowledge about IAM solutions
3.11.2.2. Independent processes throughout the organization
3.11.2.3. Higher reliance on users to protect their ID and password
3.12. Growth potential analysis
3.13. Porter's analysis
3.14. PESTEL analysis
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