CHICAGO, March 20, 2019 /PRNewswire/ — According to a new market research report “Identity Governance and Administration Market by Component (Solution and Services), Deployment Type, Organization Size, Industry Vertical (BFSI, Government and Defense, and Telecom and IT), and Region – Global Forecast to 2023″, published by MarketsandMarkets™, the Identity Governance and Administration Market is expected to grow from USD 3.8 billion in 2018 to USD 7.7 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 15.2% during the forecast period.
With regulatory and government compliances on the rise in recent times, the adoption of identity governance and administration solution and services within organizations has increased drastically during the past couple of years.
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Services segment to hold the largest market size in the Identity Governance and Administration Market during the forecast period
With government and regulatory compliances on the rise in recent years, the focus of identity management has shifted toward meeting these regulatory compliances, as failure to comply can lead to hefty fines and tarnishing the organization’s brand reputation. Conventional IAM tools were not capable of helping organizations meet these compliances, and there was a shift in focus toward identity governance. The identity governance and administration solution addresses a number of questions. Identity governance and administration’s automated workflows can help relieve the burden on IT teams and improve their efficiency. Auditors and compliance managers need to manually use comparison counts to monitor all the provisioning for creating their reports. This manual process is lengthy and cumbersome and involves tracking entitlements, flagging inappropriate accesses, and removing erroneous permissions. Identity governance and administration solutions helps in automatically tracking entitlements, identifying and removing false authorization, and generating reports for compliance.
Cloud deployment type to grow at a higher CAGR rate during the forecast period
Cloud or hosted identity governance and administration solutions are provided as SaaS by service providers. These solutions convert fixed costs of services to variable costs as customers pay according to the services used by them. They can also start or stop any service at any time. Thus, the use of cloud-based identity governance and administration solutions provides flexibility to organizations to adjust to the dynamic business environment. Scalability and cost-effectiveness are the major advantages of adopting cloud-based identity governance and administration solutions. With advancements in cloud-based technologies, use of identity governance and administration solutions as SaaS is emerging as the best practice for companies looking for cost-effective functionalities.
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North America to have the largest market size during the forecast period
North America is estimated to account for the largest share of the market in 2018. The region is the most advanced region adopting new and emerging technologies. Moreover, North American exhibits a wide presence of key industry players offering identity governance and administration software and services, and their financial position enables them to invest majorly in the leading tools and technologies for effective business operations
Major vendors offering the identity governance and administration solution across the globe include Oracle (US), IBM (US), SailPoint (US), SAP (Germany), Microsoft (US), CA Technologies (US), Evidian (France), NetIQ (US), One Identity (US), RSA Security (US), Hitachi ID (Canada), Saviynt (US), AlertEnterprise (US), Omada (Denmark), and SecureAuth (US).
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