According to the research report titled ‘Identity and Access Management (IAM) Market Size By Solution (Provisioning; Password Management; Directory Services; Advanced Authentication; Single Sign-On; Audit, Compliance & Governance), By Deployment Model (On-premise, Cloud), By Application (BFSI, IT & Telecom, Healthcare, Education, Public Sector & Utilities, Manufacturing, Retail), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report, the global identity and access management (IAM) market is projected to surpass USD 20 billion by the year 2025.
 

Surging need for improved security owing to rising number of identity theft and cybercrime cases is the major factor driving the identity and access management market growth. Growing trend of connected workplaces across various applications in order to improve productivity and enhance employee satisfaction is aiding the expansion of the market.
 

IAM solutions help in reducing operating and hardware costs for organizations. This factor, coupled with rising adoption of BYOD (bring your own device) are fueling the market growth. Moreover, emerging smartphone & electronics industry, coupled with rapid industrialization are contributing towards the popularity of IAM technology across the globe.
 

Based on application spectrum, public sector & utilities segment held 23% share of IAM market in 2018 due to rapid digitalization and increase in number of cyberattacks. IAM solutions facilitate the utilities sector in protecting its various processes associated with power generation and distribution. This is achieved by controlling logical and physical access to the respective resources. Moreover, identity and access management solution offer high degree of certainty for staff access to the resources. Thus, integration of IAM technology with physical & logical security services not only helps in maintaining data security but also protects physical identity credentials of the staff, thereby propelling the segmental growth.
 

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Considering geographical landscape, Latin America identity and access management market is expected to expand with a CAGR of 13% during the period of 2019-2025. The regional growth is attributed to growing dependence on technology, sustainable economic development, and rapid digitalization along with associated cyber vulnerability across the region.
 

Prominent companies operating in identity and access management market are iWelcome, IBM Corp., Hitachi ID Systems, Inc., HID Global Corp., Gemalto, ForgeRock, Dell, Inc., Crossmatch, Centrify Corp., and CA Technologies among others.