Rising instances of security breaches and escalating instances of identity related fraud, growing awareness about compliance management, increasing need for IAM for IoT, and increased spending on cybersecurity following COVID-19 pandemic to boost the growth of IAM market across the globe during the forecast period. Moreover, Cultural shift from traditional IAM to IAM, proliferation of cloud-based IAM solutions and services and growing adoption of hybrid cloud model, and increasing integration of technologies, such as AI, ML, blockchain, and biometrics, into identity and access management would provide lucrative opportunities for IAM market vendors.
Top Key Players:
Major vendors in the global IAM market include Microsoft (US), IBM (US), Oracle (US), Broadcom (US), Salesforce (US), Ping Identity (US), Okta (US), HID Global (US), ForgeRock (US), CyberArk (US), RSA Security (US), Avatier (US), ManageEngine (US), SecureAuth (US), EmpowerID (US), SAP (Germany), Simeio (Georgia), OneIdentity (US), FusionAuth (US), Auth0 (US), IDnow (Germany), Zephr (UK), Signzy (US), Civic (US), Trusona (US), Beyond Identity (US).
These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions, to expand their presence in the IAM market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2019 to 2022 to innovate their offerings and broaden their customer base.
Ping Identity is a pioneer in providing IAM solutions. The company offers the Ping Identity Platform, a scalable platform that helps companies provide their customers unified and secure access to multiple applications and services along with a reliable multichannel experience. The platform is equipped with features including secure SSO, MFA, access security, data governance, directory, and social login support. The multiple features-equipped platforms enhance business productivity and enrich the consumer experience for enterprises. Ping Identity is now focusing on the development of IAM for the IoT that will help in shifting from traditional employee identity management to customer identity management. Securing identity data for IoT environments is complex. Therefore, security should be the foundational component of the IAM infrastructure. Ping Identity caters to SMEs and large industries across industry verticals, including healthcare, education, retail, BFSI, healthcare, government, and manufacturing. The company’s customer base is present in different geographies, including North America, Europe, APAC, MEA, and Latin America.
Solutions to have a higher market share during the forecast period
IAM solutions help businesses implement adequate security policies across all systems, platforms, applications, and devices. These benefits create a massive demand for IAM solutions in the market. The increase in data breaches is driving enterprises to adopt centralized security solutions, which is boosting the demand for IAM solutions and services. COVID-19 has exacerbated the challenges of managing digital identity. The later (post-COVID-19 onset) survey by Imprivata revealed that 71% of organizations use manual processes for identity management, which, in turn, can be prone to various identity frauds and identity theft; hence, organizations can see a surge in IAM solutions adoption rate.
Asia Pacific to grow at the highest CAGR during the forecast period
According to Jumio’s research, 4 out of 5 banks in Asia Pacific have witnessed a surge in losses due to fraud after the introduction of the real-time payment’s platform; 2 out of 5 banks confirmed that most fraudulent attacks are carried out through social engineering. Hence, the need for robust and transparent identity verification practices is gaining traction in Asia Pacific countries. Initiatives are taken by the government toward tackling identity-related frauds, especially for strengthening eKYC to verify identities, such as compliance regulations initiated by countries, which is also driving the need for robust and stronger IAM practices in Asia Pacific. Growth in the startup ecosystem in Asia Pacific is a major factor driving the growth of the IAM market in the region. The lack of common legislation frameworks among Asia Pacific countries has led to an inconsistent and complex cyber landscape in the region, forcing enterprises to implement advanced cybersecurity solutions. Governments in countries such as China, Singapore, and Japan are investing a significant portion of their federal budgets in developing cybersecurity tools. This is expected to drive the adoption of IAM solutions.
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