- Identity and access management benefits include the verification of user and device identities and management of their access to enterprise resources.
- A robust IAM system can add an important layer of protection by ensuring a consistent application of user access rules and policies across an organization.
- Technological development provides ever-increasing opportunity to the market.
Global demand for Identity and access management (IAM) Market, in terms of revenue, was worth of $10.12 Billion in 2018 and is expected to reach $23.30 Billion in 2025, growing at a CAGR of 12.67% from 2019 to 2025. The global identity and access management is expected to grow at a significant rate due to a number of driving factors.
Identity and access management (IAM) is a structure of business processes, policies and technologies. This helps the management in electronic or digital identities. With this IAM framework, IT managers can control user’s access to critical information within their organizations. Furthermore Identity and access management products provide role-based access control, which allows system managers regulate access to systems or networks based on the roles of individual users within the enterprise. The core objective of IAM systems is one digital identity for each individual. Once that digital identity has been established, it must be maintained, modified and monitored throughout each operator.
The Global Identity and access management (IAM) market is segmented in solution, service, deployment type, industry vertical and region. On the basis of solution, market is divided in to advanced authentication, identity proofing services and others. By service, market is divided in to Professional Services and Managed Services. By deployment type market is divided in to cloud and on-premises. By industry vertical market is divided in to banking, healthcare, IT & telecom, consumer goods & retail, energy & utility, public sector and others
On the basis of deployment model, the market is segmented into on-premise, and cloud. Based upon end-user, the market is segmented into telecom and IT, manufacturing, healthcare and life sciences, retail and CPG, public sector and utilities, energy, BFSI, education and others. On the basis of country level, global identity and access management market sub-divided into U.S., Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Brazil, Mexico, GCC, Africa, etc.
Some major key players for global Identity and access management (IAM) market are Onegini, TransUnion, Ping Identity Corporation, Gigya Inc., Centrify Corporation, Okta Inc., Experian PLC, Janrain Inc., Mitek Systems Inc., Traxion Inc., LexisNexis Risk Solutions Inc., MorphoTrust USA, GB Group Plc, ID Analytics LLP, Aware Inc., Equifax Inc. and others
Identity and access management benefits are many and includes the verification of user and device identities and management of their access to enterprise resources. Typically, IAM enables new applications and services to be accessed quickly and securely by providing the necessary user information to applications for automation and decision making purposes. Its benefits also include a central identity database which stores the necessary information about identities and their attributes to be used by all systems for access management, gather business intelligence, and improve information security.
As companies become more aware of the identity and access management benefits for business such as compliance, or cybercrime and threat management, they implement an effective IAM program and technology, and employ skilled Certified Identity and Access Manager (CIAM). In many organizations, users sometimes have more access privileges than necessary. A robust IAM system can add an important layer of protection by ensuring a consistent application of user access rules and policies across an organization. Identity and access management systems can enhance business productivity. The systems’ central management capabilities can reduce the complexity and cost of safeguarding user credentials and access.
Identity and access management (IAM) is used to understand the business benefits in terms of management control, operational efficiency, cost savings, and business development for e-Commerce. The identity and access management market is primarily driven by the increased demand in security governance, enforcement concerns, distributed systems and workforce, and also for lower quality of security services within organizations.
For instance according to Varonis In 2016, 3 billion Yahoo accounts were hacked in one of the biggest breaches of all time. Whereas in same year Uber reported that hackers stole over 57 million riders and drivers information. Because of these types of incidents, companies have to install identity and access management systems for better security.
Modifications in technology is one of the factors forcing organizations to seek identity and access management solutions. The Internet of Things (IoT) will make almost every object connected to the Internet and each other including drones, cars, and household devices part of a myriad of potential interactions. In addition to this, Bring Your Own Device (BYOD) policies by several organizations are increasingly allowing users to use their private devices for work purposes making security and privacy a real challenge. Technological development provides ever-increasing opportunity to the market.
The Asia Pacific Market is expected to record significant growth in forecast period, due to growing cyber threats and deployment of IAM solutions across developing countries in the region. According to spain-australia.org, in 2016, 66% of Asia-Pacific organizations, have increased the cyber security budgets. This was more marked in India by 92% and in China 78% and much less in Hong Kong 52% and Australia 50%.