- 14 March 2019 05:07
North America Identity and Access Management Market to exceed $7 bn by 2024
North America Identity and Access Management (IAM) Market was valued USD 4 billion in 2017 and is growing at a CAGR of more than 7%, anticipated to reach over USD 7 billion from 2018-2024
According to Graphical Research, North America IAM Market predicted to cross USD 7 Billion By 2024.
Stringent government rules & regulations for protecting data against cyber-attacks is a major factor contributing to the market growth. The rising number of cyber-attacks on organizations for gaining confidential customer data is a major reason enabling the enterprises to adopt IAM solutions. Moreover, organizations also need to allocate access to their data without compromising on the security, which will drive the market demand.
The users that are mainly targeted are the employees, who have administrative access to organizational systems, providing hackers a complete access to the systems. This challenge can be addressed by North American organizations by using a strategic IAM strategy such as shifting from passwords to biometric authentication.
The advanced authentication solution held over 24% share in the North America IAM market. These solutions use technologies that are employed for biometric systems recognition of smart cards and identities together, forming the multi-factor authentication. Enterprises have also witnessed a rise in the adoption of mobility solutions enabling employees and partners to access crucial corporate information from any device, making the adoption of advanced authentication solutions more important from a business perspective.
The cloud-based IAM deployment models provide various benefits such as economies of scale, reduced costs, elimination of hardware deployment, and easier management. Their adoption is growing at a fast pace in comparison to the legacy on-premise deployment models. Various companies operating in the North America IAM market have adopted the strategy of entering into partnerships to expand their cloud-based IAM solutions to meet the growing customer demand and gain a competitive edge in the market. For instance, in July 2018, Bitglass, a leading Cloud Access Security Broker (CASB), entered into a partnership with Okta, an identity provider, to bring threat protection and real-time data security to companies moving to the cloud.
The North America identity and access management market includes multinational companies as well as pure IAM providers offering niche products and services. The leading players functioning in this market include CA Technologies, Oracle Corporation, Microsoft Corporation, Okta, and IBM Corporation.