SELBYVILLE, Del., Oct. 15, 2019 /PRNewswire/ -- The identity and access management (IAM) market demand from 2019 to 2025 is driven by growing cases of identity thefts, data leakages & losses, and unauthorized access coupled with rapid advancements in the IT infrastructure, rising security concerns among organizations due to an increase in data breaches & identity thefts, rising growth of web-based applications, enhanced adoption of the IDaaS platform, and favorable government initiatives.
Organizations adopt social media platforms to network with their clients and boost brand awareness. However, legal & public, regulatory, and compliance issues are key social media risks that cause loss of customer data and a substantial reduction in the identity and access management market share & revenue for businesses. identity and access management solutions help organizations to secure their social media solutions and protect their users' identity & account-related information. It provides multi-factor authorization and sends notifications of unsuccessful login attempts & any attempts to authenticate from any regions recognized as sources for frequent attacks.
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The password management segment in IAM market is projected to grow at over 13% CAGR over the forecast timeline. The major factors driving the growth of password management solutions include the rising demand by SMEs, increasing stringent regulatory compliance, and risk management environment. These solutions also offer the convenience of usage as users can reset their passwords without the intervention of IT staff, save their time, offer enhanced security, and save additional costs. Employees working both in SMEs and large enterprises require numerous passwords to use personal and enterprise applications. These passwords must also be changed regularly for security and regulatory compliance.
Identity and access management (IAM) market from manufacturing applications is poised to witness more than 9% growth over the forecast timeline due to increasing unauthorized access and insider attacks. Companies in the manufacturing industry operate in a highly competitive environment with thin margins. These firms face challenges in maintaining compliance with industry regulations, such as Sarbanes-Oxley, to enhance efficiency and reduce user administration costs. IAM solutions support these manufacturing firms to reduce operational costs along with protecting user identity and restraining unauthorized access. The customers, suppliers, partners, and employees of firms require efficient automated processes with system access to improve productivity and mitigate any insider attack risks.
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North America is projected to dominate the identity and access management (IAM) market over the forecast timeline with a share of above 45% due to growing usage of cloud services, robust ICT infrastructure, and increasing trends of BYOD. Governments across the region formulated stringent programs and invested hefty funds in R&D to explore the best systems for protecting their user data. The advent of cloud based IAM solutions acts as a prominent parameter for market growth.
The Canadian IAM market is projected to grow at more than 11% CAGR over the forecast timeline. Digital technology plays a crucial role in the everyday functioning of Canadians and has far-reaching economic, security, and social impacts. Enterprises operating in Canada are gaining funds from investors to develop innovative IAM solutions to protect user identity.
Market players operating in the identity and access management market are focusing on offering new products and services to gain market share. Aggressive pricing strategy and innovations in IAM solutions are anticipated to be key strategies for market players to gain competitive advantage. Some key players include SailPoint Technologies Holdings, Inc., Centrify Corporation, Dell Inc., IBM Corporation, Microsoft Corporation, ForgeRock, CA Technologies, Crossmatch, Gemalto, iWelcome, Okta, Inc., Oracle, Ping Identity, and Symantec Corporation.
Browse key industry insights spread across 245 pages with 237 market data tables and 32 figures & charts from the report, "Identity and Access Management (IAM) Market By Solution (Provisioning; Password Management; Directory Services; Advanced Authentication; Single Sign-On; Audit, Compliance & Governance), Deployment Model (On-premise, Cloud), Application (BFSI, IT & Telecom, Healthcare, Education, Public Sector & Utilities, Manufacturing, Retail), Regional Outlook, Competitive Market Share & Forecast 2025" in detail along with the table of contents:
Table of Contents (ToC) of the report:
Chapter 3. IAM Market Insights
3.2. IAM industry segmentation
3.3. IAM industry landscape, 2014 - 2025
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
3.10. Technology & innovation landscape
3.11. Industry impact forces
3.12. Growth potential analysis
3.13. Porter's analysis
3.14. PESTEL analysis
Browse Complete Table of Contents (ToC) @
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By 2025, Identity and Access Management (IAM) Market worth over $20 Billion
North America identity and access management (IAM) market is projected to dominate over the forecast timeline with a share of above 45% due to growing usage of cloud services, robust ICT infrastructure, and increasing trends of BYOD.
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