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(I-SoftwareNews.Com, October 25, 2018 ) Growing emphasis on compliance management and increasing trend of mobility have driven the demand for identity & access management solutions in various sectors. Employees can use their devices from different locations these days. Moreover, the Bring Your Own Device (BYOD) approach is increasing the usage of mobile applications. Changing scenarios and distributed IT environments have made organizations susceptible to cyber threats, thereby fueling the demand for identity & access management solutions. This is expected to create market opportunities for identity ; access management solution vendors during the forecast period.
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The identity & access management market has been segmented on the basis of component into provisioning, directory services, Single Sign-On (SSO), password management, advanced authentication, and audit, compliance, and governance. The audit, compliance, and governance segment is expected to grow at the highest CAGR during the forecast period. The identity & access management market for advanced authentication is growing due to the rising concern for theft and data breaches of sensitive information from an organization electronic devices.
On the basis of vertical, the identity & access management market has been segmented into BFSI, telecom & IT, retail and CPG, public sector and utilities, energy, education, manufacturing, healthcare and life sciences, and others (transportation and logistics, media and entertainment). The public sector and utilities segment is expected to grow at the highest CAGR during the forecast period. The public sector and utilities vertical is deploying identity & access management solutions to help in providing identity and access management through all automated processes ensuring compliance and data protection with transparency.
The geographical analysis of the identity & access management market has been carried out for five major regions, namely, North America, APAC, Europe, MEA, and Latin America. The Asia-Pacific identity & access management market is expected to grow at the highest CAGR during the forecast period. Countries in the Asia-Pacific region are funding and supporting local initiatives related to the digital world, which have assisted in the growth of the identity & access management market in the region.
Identity and access management solutions deployment in BFSI, Telecom and IT, and Healthcare and Lifesciences drive the growth of identity and access management market
BFSI
BFSI is one of those industry where IAM solutions are extensively used for various purposes. This segment, therefore, holds a significant share of the identity & access management market. This sector is continuously upgrading its processing and transaction technologies, and therefore, requires end-to-end identity & access management solutions to optimize operations against both, internal and external threats. Additionally, the industry is continuously introducing new financial products and services for improving business operations.
Telecom and IT
The IT and telecom sector requires identity & access management solutions at a large scale due to the voluminous information produced on a daily basis in these organizations. Rise in integration of information and communication technology into daily activities of industries, families, government, and consumers, along with increasing growth of cyber security has led the telecom and IT sector to focus more on IT activities.
Retail and CPG
The retail sector is rapidly implementing identity & access management solutions, which support business stability and improve the level of competitiveness. Retail is one of the top cost-conscious verticals and is the most targeted for cyber-attacks due to potential pay-outs and a huge number of monetary transactions by VISA, credit card, and Master Card.
Public Sector and Utilities
The information generated in the public sector or government is highly confidential and undisclosed. Government agencies have highly secured and private data of individuals, departments, processes, and agencies. These agencies are subject to strict security policies and regulations, owing to the critical and secret nature of data. Public sector and utility are driven by enhancing operational efficiency, sharing information and integrating operational activities, along with cost efficiency.
Critical questions the report answers:
Where will all these developments take the industry in the mid to long term?
What are the upcoming industries for identity and access management solutions?
Lack of knowledge about identity & access management solutions is a major factor restraining the growth of the market. Organizations or end users lack the knowledge of identity & access management solutions and its implementation. Furthermore, there is lack of trust and transparency related to data locations, accessibility of servers, and extensibility and flexibility of solutions offered by the identity & access management service providers, along with privacy issues related to these solutions.
Key players in the market include IBM Corporation (U.S.), Oracle Corporation (U.S.), CA Technologies (U.S.), Microsoft Corporation (U.S.), Dell EMC (U.S.), NetIQ Corporation (U.S.), Okta, Inc. (U.S.), Hitachi ID Systems, Inc. (U.S.), and SailPoint Technologies (U.S.), among others. Product development and acquisitions are the major strategies adopted by these companies to provide customers with advanced identity & access management solutions due to the changing technology. In addition, acquisitions are enabling these firms to expand into newer geographies and increase their product portfolio.
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MarketsandMarkets
Mr. Shelly Singh
1-888-600-6441
sales@marketsandmarkets.com
Source: EmailWire.Com 
Source: EmailWire.com
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