Identity and Access Management Market Worth $ 29.79 Billion, Globally, by 2027 at 13.21% CAGR: Verified Market Research
Increased 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
JERSEY CITY, N.J., Nov. 2, 2020 /PRNewswire/ -- Verified Market Research recently published a report, "Identity and Access Management Market by Component (Password Management Provisioning, Single Sign-On, Audit, Compliance & Governance, Advanced Authentication, Directory Services), by Deployment Model (Cloud-Based, On-Premise), by Application (Education, It and Telecommunications, Banking, Financial Services, And Insurance (BFSI), Retail, Healthcare, Manufacturing), Geography". According to Verified Market Research, the Global Identity and Access Management Market was valued at USD 11.82 billion in 2019 and is projected to reach USD 29.79 billion by 2027, growing at a CAGR of 13.21% from 2020 to 2027.
Global Identity and Access Management Market Overview
Increased 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. Additionally, increasing need for IAM for IoT further propel the market growth. The role of IAM in IoT is expanding like never before. IAM is focused on identifying people and managing access to different data types (like sensitive data, non-sensitive data, or device data). IAM helps in identifying devices while also managing user access to data, thus safeguarding against breaches and malicious activities. IoT introduces the need to manage exponentially more identities than what the existing IAM systems are required to support. IAM in IoT offers multiple benefits to provide a secure environment for users, such as how a user will manage access to all the connected things and the information they hold and how they will control which people or devices are allowed to do what. Therefore, IAM solutions help global SMEs and large enterprises provide consistent, frictionless, and enhanced user experience; these benefits will drive the growth of the global IAM market.
The major players in the market are Microsoft Corporation, Sailpoint Technologies, Inc., Oracle Corporation, Dell Emc, IBM Corporation, Hitachi Id Systems, Inc., CA Technologies, Micro Focus (Netiq Corporation), Centrify Corporation, Okta, Inc.
Verified Market Research has segmented the Global Identity and Access Management Market on the basis of Component, Deployment Model, Application, and Geography.
Identity and Access Management Market by Component
Password Management Provisioning
Audit, Compliance & Governance
Identity and Access Management Market by Deployment Model
Identity and Access Management Market by Application
IT And Telecommunications
Banking, Financial Services, And Insurance (BFSI)
Identity and Access Management Market by Gaography
Rest of Europe
Rest of Asia Pacific
Middle East & Africa
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