Identity and Access Management Market to grow at 10

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Some major findings of the Identity and Access Management (IAM) market report include: ‣ The demand for IAM solutions is increasing due to the growing trend of BYOD, need for enhanced productivity, and reduced hardware costs for organizations. ‣ IAM solutions offer enhanced productivity and improve employee satisfaction ‣ Public-private partnership in developing countries is strengthening data & identity security at a reduced cost ‣ Major players operating in the bike-sharing market are IBM Corporation, Oracle Corporation, CA Technologies, Symantec Corporation, etc. ‣ The rapid increase in cybercrime, proliferation of smartphones, substantial development in industrial sectors, and the rising adoption of BYOD are the prominent factors contributing to the burgeoning demand for IAM solutions in the Asia Pacific region ‣ Rapid digitalization coupled with sustainable economic development in Latin America and MEA is propelling market growth The growing demand for connected workplaces across several end-use sectors to enhance productivity and improve employee satisfaction is proliferating market growth. For instance, in May 2018, Okta entered into a cloud identity partnership with VMware, an enterprise cloud infrastructure & workplace software provider. Okta identity cloud solutions will be integrated with VMware Workplace ONE to facilitate secure cloud migration. This will help to mitigate issues surrounding IAM security on the cloud, benefiting organizations through connected workplace and enhanced productivity. The public sector and utilities held over 23% of the market share in 2018 due to the rapid increase in cyberattacks and digital transformations such as cloud computing, real-time data access to customers, and automated infrastructures. The utility sector also needs to protect its power generation, transmission, and circulation by controlling physical and logical access to its resources including equipment, buildings, IT, and operational technology. It also needs to authenticate authorization 2 | P a g e
of individuals to devices, providing access rights with an enhanced degree of certainty. It needs to enforce access policies uniformly, consistently, and quickly across all resources, increasing the adoption of IAM solutions. The integration of logical and physical security & identity authentication parameters has resulted in protecting both the person’s physical identity credentials and digital identity from data loss or potential fraud. The Latin American IAM market is estimated to grow at more than 13% CAGR over the forecast timeline. Due to the increasing connectivity in personal, urban, and corporate environments, the dependence on technology and associated vulnerabilities has increased in this region, giving rise to cyberthreats. Over the last decade, this region has witnessed huge digitalization with an enhanced adoption of big data, cloud computing, and IoT solutions, accelerating the market demand. The growing adoption of cloud based IAM has created huge opportunities for companies operating in the market. For instance, in July 2018, Okta, Inc. entered into a strategic partnership with Bitglass aimed at bringing real-time threat and data protection to companies moving to the cloud. This partnership will fuel the company’s cloud customer base, providing its customers with a secure way of conducting business with ease and agility. 3 | P a g e
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Identity and Access Management Market to grow at 10

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