Demand for Identity And Access Management (IAM) and Impact of COVID-19……..



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.
Amidst the COVID-19 crisis, the network security industry is poised for sustainable growth despite the foreseeable economic turbulence. Implementation of remote working policy, due to lockdown is putting unanticipated stress on remote networking technologies and causing operational technology (OT) security risk concerns over the vulnerable home network security. Furthermore, as digital infrastructure becomes a critical aspect of business strategic considerations, network security will become a competitive differentiator for businesses and overhaul their remote working strategies. We are incessantly monitoring the market dynamics and regulations while continuously assessing the impact of Covid-19 with the aim of providing you with actionable market insights. The report will account for Covid19 as a key market contributor.
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.
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.
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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
·         Oracle, IBM Corporation, CA Technologies, NetIQ Corporation, HID Global Corporation and others accounting for the majority share of the market in 2018
The global Identity and Access Management (IAM) market size was valued at USD 9.90 billion in 2018 and is expected to expand at a CAGR of 13.1% from 2019 to 2025. Increase spending on security solutions by government bodies and large-scale enterprises to curb identity theft and to adhere to regulatory compliance are the prominent factors expected to boost the growth. For instance, in case of the healthcare sector, as per the Health Insurance Portability and Accountability Act of 1996 (HIPAA), organizations are required to ensure portability of healthcare coverage and privacy of patient records.
Increasing web-based applications, risk management solution such as policy-based compliance, and audit management combined with cost control measures are the key factors driving the IAM demand. Moreover, proliferation of Bring Your Own Devices (BYOD), Internet of Things (IoT), mobility, and remote workforce has necessitated organization to adopt IAM solutions, thereby driving the growth. 
Previously, identity and access management focused on forming capabilities for supporting access management and associated compliance needs. These solutions only focused on provisioning technology, limiting the user to realize the value of the implementation. Moreover, the solutions were restricted to a few systems and applications, resulting in enterprises to struggle to meet compliance requirement. However, the growing investment coupled with rigorous R&D activities have accelerated proliferation of advanced IAM products, that provide flexibility in the ease-of-use and provide necessary control to meet process requirements.
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IAM solutions havepotentially curbed identity theft through the risk-based program with features that focus on implementing logical access control and entitlement management. With the adoption of IAM, enterprises have started to realize the benefits not only from their IAM costs, but face the challenges to manage time-incentive processes including manual approval and provisioning. Identity administration functions continue to be delivered in enterprise silos, leading to users with the inefficient process, excessive access, and higher costs of provisioning and de-provisioning.
Grand View Research has segmented identity and access management market on the basis of component, deployment, end-use:
Identity and Access Management (IAM) Component Outlook (Revenue, USD Million, 2015 - 2025)
·         Audit, Compliance & Governance
·         Directory Service
·         Multifactor Authentication
·         Provisioning
·         Password Management
·         Single Sign-On
Identity and Access Management (IAM) Deployment Outlook (Revenue, USD Million, 2015 - 2025)
·         Cloud
·         Hybrid
·         On-Premise
Identity and Access Management (IAM) End Use Outlook (Revenue, USD Million, 2015 - 2025)
·         BFSI
·         Energy, Oil & Gas
·         Telecom & IT
·         Education
·         Healthcare
·         Public sector & utilities
·         Manufacturing
·         Others

About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.


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