According to the market reports, Identity and Access Management Market size is predicted to reach USD 18.9 billion by 2024, up from USD 9.5 billion in 2017. Published by Global Market Insights Inc, the market growth is largely driven by a robust increase in the adoption of advanced technologies like Cloud Computing and Internet of Things (IoT).
Identity and Access Management (IAM) seemingly makes companies more active, dynamic and scalable, and also provides them essential advantages like the lessened risk of data breaches, ensure regulatory compliance, centralized access control, enhanced user experience, and a vital decrease in IT costs. The rising innovations in digitalization have urged businesses to develop data-driven business models, making them more agile and scalable. However, there are many challenges like security and privacy threats that the organizations face by embracing the connected devices. In addition, local exposure, data destruction, data leakage, insecure usage, and insider attacks are the key risks associated with these devices. Hence, organizations across the globe are utilizing IAM solutions to restrain the risks affiliated with the adoption of advanced technology solutions. The mounting expansion of data theft among businesses across the globe is primarily driving the IAM demand. As the report noted that stolen employee access identification is a leading parameter of data breach and system hacking is predicted to cost businesses almost USD 2 trillion by 2019. While in 2016, the total cost associated with identity theft was USD 16 million, is expected to grow due to the soaring crime rates. Therefore, businesses worldwide are companies are spending capital and entering into strategic partnerships and acquisitions to enhance their security portfolio and to curb the growing identity theft.
North America is undoubtedly one of the most crucial regional generators for identity and access management market. In the year 2017, North America valued an immense 46 percent of the overall industry share, primarily on account of the changing workforce requirements and the surging adoption of Cloud applications and Bring Your Own Device (BYOD).