Identity And Access Management Market Worth $24.12 Billion By 2025
The global identity
and access management (IAM) market size is expected to reach USD 24.12
billion by 2025, at a CAGR of 13.1% over the forecast period according to a new
report by Grand View Research, Inc. Proliferation of cloud services and Bring
Your Own Devices (BYOD) within the organization have raised concerns and
provided a potentially gateway for threats. However, IAM has potentially
reduced the complexity and risk of managing identities by providing robust
controlling access to its user.
Stringent
compliance by the government bodies to curb theft of sensitive and identity
information has compelled the organizations to substantially improve their
spending on IT security. Moreover, the growth of web-based applications, risk
management such as policy-based compliance and audit management are anticipated
to be the key factors driving IAM demand. Additionally, the growing popularity
of connected devices and the Internet of Things (IoT) are expected to create a
substantial demand for IAM solutions within organizations.
Adoption
of cloud deployment in the sizes of the organization is rapidly growing owing
to the cost-effectiveness and flexibility in carrying out the business
functions. Moreover, it also offers an organization the opportunity to
digitally transform their IT infrastructure, thereby gaining a competitive edge
in the market. However, cyberspace networks are increasingly getting vulnerable
to cyber and malware attacks. Thus, IAM provides a unified view into security
policy coupled with auditing to ease compliance processes within the
organization.
Get More Info @ https://www.grandviewresearch.com/industry-analysis/identity-and-access-management-iam
In the
digitally advanced cyberspace, managing access control and identities for
enterprise applications act as one of the significant challenges faced by IT.
As on-demand computing services are anticipated to become more prominent,
incorporating cloud-based identity services would ensure robust security in the
long run.
Moreover,
adoption of cloud platforms such as Infrastructure as a Service (IaaS),
Platform as a Service (PaaS), and, Software as a Service (SaaS) have
necessitated the IT departments to improve the organization’s IAM. Thus,
improved IAM practices and processes are expected to help the cloud services
provider to deliver robust services and provide scalability for the user.
Furthermore, utilizing cloud-based services has put the IT security function as
a significant concern for the organization. Thus, enterprises are expected to
adopt IAM solutions to curb advanced cyber-attacks over the forecast period.
Further key findings from the report suggest:
- Provisioning
component segment accounted for highest market share of 30.71% in terms of
revenue in 2018
- Multifactor
authentication component segment is anticipated to witness the highest
CAGR of 17.0% over the forecast period
- On-premise
deployment segment led the identity and access management market and was
valued at USD 5.28 billion in 2018
- BFSI
end use segment is anticipated to witness the highest CAGR of 14.7% over
the forecast period
- Asia
Pacific is expected to expand at the highest CAGR of 15.6% over the
forecast period
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