A rise in web-based applications and risk management solution - such as policy-based compliance and audit management - combined with cost containment are set to drive the global identity and access management (IAM) market says Grand View Research.
Additional drivers projected to positively impact IAM include the growing popularity of connected devices, bring your own device (BYOD) and Internet of Things (IoT).
Such dynamics are prompting increased spending by large enterprises and government organizations, along with stringent regulatory compliances. Grand View calculates that this will be in the region of $24.55 billion by 2022.
This is all set to be very good news for the IAM technology market. The analyst believes that growing innovation with interoperable technologies are enabling providers in building advanced solutions including secure print authentication and EV charging station access.
Grand View estimates that cloud-based and hybrid solutions will extend their footprints in the industry with enhanced security and minimize error rates features. Commoditization of identity functions and the explosion of available applications are also expected to compel enterprises to seek more scalable options.
Looking at individual technology areas, the Grand View report predicts that cloud-based identity and access management market will witness ‘robust’ demand by 2022, growing at a CAGR of over 18% from 2015 to 2022. Rising demand for cloud-SSO is also a key factor supporting expansive adoption among enterprises. Public sector and utilities sector accounted for over 25% of the revenue in 2014 and is anticipated to exhibit significant growth over the next seven years.
The current leading players in the identity and access management market include IBM, NetIQ Corporation, Oracle, CA Technologies and HID Global Corporation.