Identity and access management deals with the identification of the individuals in a system to control their access to the resources within that specific system by identifying them and associating their rights and restrictions. It controls what users can do on the organizational network with specific devices and under what circumstances. Identity and access management solutions increase security and productivity with reduced cost and redundant effort. Some identity and access management tools offer directory integration and flexible support for both wired and wireless users to meet complex security and operational policy requirements.
According to the report, the global identity and access management market was valued USD 7.85 billion in 2016 and is expected to reach around USD 15.92 billion by 2022, at a CAGR of 12.50% for the forecast period from 2017 to 2022.
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To restrict the unauthorized access to the workplaces due to security concerns, the demand for the identity and access management solutions has increased. Organizations are adopting technologically advanced solutions such as sound artificial intelligence which comes inbuilt with the software to ensure proper management in terms of security and access management. Data security is another major concern; thus, protecting the high profile data has become the key driver for the growth of this market. Stealing employee access credentials is one of the leading causes of system hacking and it is one of the major factors helping in the growth of adoption of identity and access management solutions. As too much of data is generated in the systems there are possibilities of cyber attacks. In addition, high dependency on automated systems and web-based applications the risk of cyber attacks increases, to avoid such attacks there is increasing demand for security solutions in the industry. However, the complex advanced technology and less skilled intellectual together are restraining the growth of this market.
The identity and access management market are segmented on the basis of component, deployment, verticals, and regions. The component segment of the identity and access management market includes provisioning, single sign-on, advanced authentication, audit, compliance and governance, directory services and password management. Further, on the basis of deployment the identity and access management market is segmented into on-premises and cloud. The industry verticals for this market are banking and financial services, healthcare sector, manufacturing Sector, telecommunication and IT sector, educational sector, and others. The market is analyzed based on five regions namely North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa.
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By Geography, North America is the largest segment in terms of revenue for the identity and access management market. Countries such as US and Canada have marked the extensive growth in the identity and access management market because of the high usage of automated systems. Further, in terms of security new innovative solutions are being widely used in this region which resulted in the growth of the market in this region. Asia Pacific is anticipated to be the fastest growing market for identity and access management solutions due to increase in the small and medium enterprises and development of new IT infrastructure in the countries such as India and China.
Some of the leading companies in the global identity and access management market are SailPoint Technologies, IBM Corporation, C.A Technologies, Oracle Corporation, Dell EMC, Citrix System, NetIQ Corporation, Hitachi ID Systems, Microsoft Corporation, Okta, Inc., and Symantec Software Solutions Private Ltd. among others.
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