Identity and access management is the methodology of managing digital identities. It helps control user access to critical information within organizations. IAM comes under the overarching umbrella of IT security and is vital to any organization. IAM has become a fundamental security tool, and its market is proliferating with a torrid pace. Market Research Future (MRFR) has published a comprehensive report on the global identity and access management market covering the pertinent factors that can impact the market over the forecast period of 2016-2022. MRFR's thorough analysis has predicted the market to reach a CAGR of 24% Bn at a CAGR of 16% over the forecast period.
The global IAM market is growing rapidly. High adoption rate by the large enterprises with the increasing need of this system is helping the market to grow. Other factors such as high investment in R&D, new product development, high demand for the security services and growing market of automation in today’s technological environment are some of the key factors for the market growth whereas cost and shortage of skilled professional in the industry are some of the major restraint of the market.
IAM can help to customize the user experience based on the record of previous experiences. Growing penetration of automation across enterprises and high adoption rate of IAM among large enterprises has catalyzed the growth of the market. IT managers across various organizations are progressively adoption IAM to safeguard their information critical to the organization from reaching malicious sources. The market expansion is further propelled by rising cloud adoption and the trend of BYOD which exposes businesses to the threat of data breach. Moreover, with various players vying for superiority over the market, the market has witnessed several strategic moves by players which include M&A, new product launches, acquisition, and others which can boost the growth of the market over the forecast period.
Conversely, the growth of the market might be hindered by high implementational cost and the lack of technical knowledge.
The global identity access management system market can be segmented by deployment, organization, and verticals.
Deployment-wise, the IAM system market can be segmented into on-cloud and on-premise. On-cloud can further be segmented into public, private, and hybrid.
Based on organization size, the IAM system market can be segmented into small & medium enterprises and large enterprises.
Vertical-wise, the IAM system market can be segmented into banking, financial services and insurance (BFSI), manufacturing, IT & Telecommunication, government, healthcare, and others.
Region-wise, the identity, and access management system market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
North America is the leading identity and access management market. The growth of the market in the region can be credited to the technology-savvy nature of the region, which leads to fast adoption of various advanced solutions. Various federal agencies in the region have necessitated the use of personal identification card for accessing government premises which has added fuel to the growth of the market. Furthermore, the clustering of various major market players in the region helps North America gain precedence over other markets.
Europe identity and access management market are driven by similar factors as that of North America. The prolific growth of the BFSI sector creates lucrative growth opportunities for the market. Moreover, massive investment in R&D activities proves to be beneficial for the growth of the market.
The APAC identity and access management market is estimated to capture the highest CAGR over the forecast period. The expanding semiconductor and manufacturing industries in the region are fostering the growth of the market. China, India, Taiwan, and South Korea are the key contributors to the APAC market.
Siemens AG (Germany), Oracle Corporation (U.S.), ForgeRock Inc. (U.S.) , CA Technologies (U.S.), HP (U.S.), F5 Networks (U.S.), Amazon Web Services (U.S.), IBM (U.S.), Dell Inc. (U.S.), and Microsoft Inc. (U.S.) are the key players in the global identity and access management market.
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