According to report “Identity & Access Management Market by Component (Provisioning, Directory Services, Password Management, S SO, and Audit, Compliance, and Governance), Organization Size, Deployment Type, Vertical (BFSI, Telecom & IT), and Region – Global Forecast to 2021″, the identity & access management market is estimated to grow from USD 8.09 Billion in 2016 to USD 14.82 Billion by 2021, at a CAGR of 12.9% between 2016 and 2021.
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The market is primarily driven by the increase in security concerns among organizations and the demand for mobility solutions. Moreover, rise in awareness about compliance management across various industries has driven the adoption of identity & access management solutions for security purposes.
Based on component, the audit, compliance, & governance segment is expected to grow at the highest CAGR during the forecast period
Based on component, the identity & access management market has been segmented into provisioning, single sign-on, advanced authentication, audit, compliance, and governance, directory services, and password management. The audit, compliance, and governance segment is expected to grow at the highest CAGR between 2016 and 2021. It continuously provides tremendous opportunities in public sector and utilities, and retail and CPG where compliance management and securing of data is crucial. This factor is driving the growth of the audit, compliance, and governance segment of the identity & access management market.
Based on vertical, the BFSI segment accounted for the largest share of the identity & access management market in 2016
Based on vertical, the identity & access management market has been segmented into BFSI, telecom and IT, healthcare and life sciences, retail and CPG, public sector and utilities, energy, manufacturing, education, and others. The BFSI segment accounted for the largest share of the identity & access management market in 2016. Rise in deployment of identity & access management solutions has enabled line-of-business managers to make quick decisions. Verticals such as retail and CPG, and healthcare and life sciences have achieved easier accountability and greater transparency with the deployment of identity & access management solutions.
Based on organization size, the SMEs segment is projected to grow at the highest CAGR during the forecast period
Based on organization size, the identity & access management market has been segmented into large enterprises and SMEs. The SMEs segment of the identity & access management market is estimated to grow at the highest CAGR during the forecast period due to industrial growth in the Asia-Pacific, and the Middle East & Africa regions.
Asia-Pacific identity & access management market estimated to grow at the highest CAGR during the forecast period
The identity & access management market has been studied for North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. The highest growth rate of the Asia-Pacific region can be attributed to the increasing adoption of identity & access management solutions in the significantly growing industrial sector in the region. Rise in demand for cloud-based solutions from manufacturing and other verticals is driving the identity & access management market in this region.
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Major players in this 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.
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