| Source: Fairfield Consultancy Services OPC Pvt Ltd
Pune, INDIA
London, Nov. 30, 2022 (GLOBE NEWSWIRE) — An alarming rise in number of cybersecurity threats are primarily driving the expansion of identity and access management market worldwide. Growing ubiquity of work from home/remote/hybrid work models have further been influencing the performance of market recently, suggests a recently released study of Fairfield Market Research. These models however question the security of both employers, and employees, marks the report. This is where the critical need for effective, and efficient identity and access management arises, which in turn accelerates expansion of global identity and access management market. BFSI sector will be the top adopter of identity and access management solutions according to the report, followed by healthcare industry. Toward the end of forecast period 2021 – 2026, global identity and access management market is expected to reach US$24.8 Bn.
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Key Research Insights
Insights into Segmental Analysis
Contributing the revenue of around US$7.5 Bn in 2019, cloud registered its lead in identity and access management market with a market share of more than 3/4th of the overall revenue. On the other hand, the report reveals that BFSI sector will remain the leading vertical segment, representing over 29% market value share. IT, and ITeS follow, recording market share of more than 27%, and 15%, respectively. Market analysis also shows that the demand for identity lifecycle management solutions will be the maximum, closely followed by the next key segments, i.e., access management and authorization, authentication, data directory, and password management solutions.
Key Report Highlights
Insights into Regional Analysis
North America has been witnessing exponential rise in cybersecurity threats and will remain at the forefront of demand generation in global identity and access management market. The market here will continue to benefit from an established cybersecurity infrastructure, and strong active presence of some of the globally leading vendors of the cybersecurity space. Asia Pacific is all set for an excellent prospect on the back of deepening Internet and smartphone penetration, and growing stringency of compliance regulation. The report anticipates fastest growth of identity and access management market in Asia Pacific, led by China, India, Japan, and Singapore. The SME world spread across the region reportedly employs over 70% of the total regional population and thus it becomes imperative for businesses to prioritize investments in reliable measures like identity and access management solutions and services. Expensive capital investments however remain the key factor challenging rapid expansion of the market in Asia Pacific.
Key Companies in Global Identity and Access Management Market
Microsoft Corporation, IBM Corporation, Oracle Corporation, Micro Focus (NetIQ Corporation), Centrify Corporation, Dell Emc, Okta, Inc., CA Technologies, Hitachi Id Systems, Inc., Sailpoint Technologies, Inc., Archer Daniels Midland Company
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