The global identity and access management (IAM) market is expected to expand at a compound annual growth rate (CAGR) of 12.9 percent between 2016 and 2021, according to market research firm MarketsandMarkets.
In addition, the global IAM market could be worth $14.82 billion by 2021, up from $8.09 billion in 2016, MarketsandMarkets said in a prepared statement.
The banking, financial services and insurance (BFSI) segment maintained the largest share of the global IAM market last year, and this trend may continue in the foreseeable future, MarketsandMarkets indicated.
Also, healthcare, life sciences and retail are among the verticals that could invest in IAM solutions over the next few years, according to MarketsandMarkets.
"Rise in deployment of identity and access management solutions has enabled line-of-business managers to make quick decisions," MarketsandMarkets said in a prepared statement. " have achieved easier accountability and greater transparency with the deployment of identity and access management solutions."
Moreover, a rise in demand for cloud-based solutions from manufacturing and other verticals is driving the IAM market's growth in the Asia-Pacific region, MarketsandMarkets noted.
Expect SMEs to Help Accelerate the Global IAM Market's Growth
Small and medium-sized enterprises (SMEs) may play a key role in the global IAM market's growth, MarketsandMarkets pointed out.
The SME segment of the global IAM market is estimated to grow at the highest CAGR based on organization size between 2016 and 2021, according to MarketsandMarkets. This is due to rapid industrial growth in the Asia-Pacific, Middle East and Africa regions, the market research firm stated.
Major Players in the Global IAM Market
MarketsandMarkets identified the following companies as "major players" in the global IAM market:
- CA Technologies.
- Dell EMC.
- Hitachi ID Systems.
- SailPoint Technologies.
IAM represents a business security framework that enables enterprise users to manage digital identities both inside and outside an organization, market research firm Allied Market Research said in a prepared statement.
With IAM capabilities like access control, governance, single sign-on (SSO) and user management, enterprise users can reduce the risks associated with cyberattacks and maintain regulatory compliance, Allied pointed out.