DUBLIN--(BUSINESS WIRE)--The "Identity and Access Management Market - Global Industry Analysis (2018 - 2020) - Growth Trends and Market Forecast (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
According to the publisher, the global identity and access management market is expected to exhibit paced growth at a CAGR of 14.8% during 2021 and 2026, growing from a valuation of US$ 10,145.0 million in 2019 to US$ 24,849.0 million in 2026.
Companies Mentioned
- Archer Daniels Midland Company
- Microsoft Corporation
- Sailpoint Technologies, Inc.
- Oracle Corporation
- DELL
- IBM
- HITACHI
- CA Technologies
- Okta
- Centrify Corp
- Micro Focus
Over the past decade, growing internet usage and robust digitization of various business processes have attracted the interest of malicious entities such as hackers and other cybercriminals. Personal information stored on countless servers across the world is also vulnerable, leading to a growing number of identity thefts. Industry experts state that identity fraud grew by 45% in the year 2020. Modern cybercriminals also utilize technological advancements such as machine learning to boost the intensity and volume of their attacks.
These have resulted in massive financial losses for individuals, as well as damage to companies' reputations and compromised assets. The incessant rise in cyberattacks and identity thefts has propelled cybersecurity solutions such as identity and access management to the status of utmost importance, factoring into the paced growth of the global identity and access management market.
Prominent Highlights of Identity and Access Management Market
- Based on deployment, cloud deployment segment accounts for over 75.5% of the identity and theft management market
- Data directory (14.7%) and identity lifecycle management (19.1%) were the leading solutions in the market in 2019
- The North America region accounted for over 29.9% of the total market share in 2019
Evolving Work Culture Create Promising Growth Opportunities
The growing number and intensity of identity thefts and other cyberattacks have motivated organizations throughout the world to reconsider their cybersecurity strategy. Modern solutions, competent personnel, and robust cybersecurity infrastructure are in high demand as organizations rush to overcome cybersecurity vulnerabilities. The rapid adoption of cloud-based technologies for remote work models has motivated organizations across the world to employ advanced cybersecurity solutions.
Users are now accessing their work data while using smartphones, personal computers, laptops, and public internet. This has made it hard for cybersecurity professionals to accurately monitor who is accessing their company's confidential data and how secure their connection is. This has furthered the need to switch to specialized cybersecurity tools. The above factors are creating favourable business prospects for the growth of the global identity and access management market in the forecast period.
Extensive Digitalisation Propels North America Region to a Position of Market Leadership
North America has been a primary target of cybercriminals owing to extensive digitization across industries, adoption of cloud technologies, and high data consumption in the region. This has been the primary factor behind the dominance of North America in the identity and access management market.
Asia Pacific region's identity and access management market is expected to register the fastest growth owing to the increasing number of cyber-attacks being launched at companies in India. The robust investments in digital technologies, high smartphone usage, and the presence of small and medium-sized online businesses is also giving an impetus to market growth in Asia Pacific.
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