What’s Driving the Identity and Access Management Market Growth? | Key Players are Hitachi, IBM, Microsoft, OpenText, Oracle, Siemens, Symantec, HID Global, Okta, Dell, Gemalto, HID Global

Identity and Access Management Market in cloud-based deployment model is projected to grow at the fastest rate due to the rising demand for cost-effective, scalable, and flexible IAM solutions. The growing trend of BYOD and various enterprise mobility solutions has also resulted in a large cloud IAM adoption rate by enterprises to manage remote access services. The enterprises also suffer through huge losses due to cyberattacks, increasing the demand for cloud-based solutions delivering enhanced IAM security. For instance, in September 2017, Nexus Group, an identity and security company partnered with Morphean, a video surveillance vendor for enabling cloud-based access control. This partnership will allow Morphean to remotely manage access control events with video along with easy management of Nexus card readers and order access cards providing customers and service providers an ease to manage, audit, and communicate with the physical access control.

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The rapidly escalating growth in the telecom & IT sector is certain to impel identity and access management market. As the IT & telecom industry works with a large user base, it is essential for the service providers to maintain the security of the sensitive user data. According to a survey by The Communications Fraud Control Association (CFCA), the telecommunications industry experienced $38.1 billion in fraudulent charges in 2016. As per CFCA, cyber fraudsters are seemingly working to develop new ways to siphon money from renowned, well-established organizations of various sectors.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. CA Technologies
2. Centrify Corporation
3. Dell
4. Gemalto
5. HID Global
6. Hitachi
7. IBM
8. Microsoft
9. OpenText
10. Oracle
11. Siemens
12. Symantec
13. HID Global
14. Okta, Inc.
15. SailPoint
16. ForgeRock

Chapter 3. Identity and Access Management Market Industry Insights

3.1. Introduction
3.2. IAM industry segmentation
3.3. IAM industry landscape, 2013 - 2024
3.4. IAM industry ecosystem analysis
3.5. IAM industry evolution
3.6. IAM industry architecture
3.7. IAM 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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The U.S. the most dominant regional ground for North America identity and access management market, given that security is the foremost crucial parameter for the plethora of companies in the country. North America is projected to dominate the 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.

Asia Pacific is the fastest growing region in the identity and access management 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.

The on-premise deployment model dominates the identity and access management market with a market revenue of USD 8.08 billion in 2017 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. However, as this model is mainly suitable for large organizations, which have enterprise-wide entitlements and applications, enterprises are now shifting toward the cloud-based IAM models.

The aforementioned survey results are a strong indicator of the fact that the IT sector will serve to be one of the most profitable growth avenues for identity and access management market. By implementing IAM solution business could be shielded by fraudsters and hackers, eventually saving billions in remuneration for organizations. According to Global Market Insights, Inc., IAM market size from IT and telecom applications was worth USD 1,420 million in 2017 and is expected to register a commendable growth rate over the ensuing years.

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A robust increase in the adoption of advanced technologies such as cloud computing and IoT will drive the identity and access management market in the upcoming years. IAM apparently makes businesses more agile, efficient and scalable, and also offers them considerable benefits such as reduced risk of data breaches, centralized access control, ensured regulatory compliance, improved user experience, and a significant reduction in IT costs. This has quite overtly led to a spurt in investments in identity & access management market from venture capitalists and enterprise organizations.

Identity and Access Management Market in BFSI segment is growing at the fastest rate as the banks and financial institutions carry sensitive customer information, ensuring an extremely secure environment as any kind of security breach can be costly and devastating. To improve the IAM security, the BFSI industry is adopting an efficient process by integrating multi-factor authentication into their network’s user’s account.

The companies operating in the identity and access management 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 IAM market are Dell, Inc., ForgeRock, Gemalto, IBM Corporation, HID Global Corporation, iWelcome, Microsoft Corporation, Net IQ, Okta, Inc, Ping Identity, and SailPoint Technologies Holdings, Inc.

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