Demand for Identity and Access Management Upbeat, Fairfield Market Research Expects Global Market Valuation to Surpass US$24 Bn by 2026
January 2023 by Fairfield Market
Over the past few years, virtually all industries have undergone a complete digital transformation to adapt their modus operandi to the new digitalized world. However, this trend of rapid digitalization brings its own set of challenges. Cybercrimes have been growing at breakneck speeds and cybercriminals have evolved from notorious individuals to organizations working with managerial structures and R&D budgets. As a large number of companies operate digitally, identity theft has been growing at an alarming pace, leading to damages to companies’ goodwill, assets, and finances. Experts estimate that such attacks resulted in a total loss of US$56 Bn in North America alone. Consequently, advanced cybersecurity solutions such as identity and access management are being employed to overcome such challenges. This is poised to provide ample growth prospects to the global identity and access management market in the forecast period.
Fairfield Market Research finds that the global identity and access management market is expected to showcase aggressive expansion, reaching a total market valuation of more than US$24.8 Bn by 2026 and growing at a healthy CAGR of 14.8%. It is worthwhile to note that the market stood at over US$10 Bn in 2019, hinting that the projected market valuation is a strong indicator of the novel business opportunities present in the global identity and access management market.
High Demand for Specialized Cybersecurity Solutions to Create Favorable Market Prospects
Today, organizations are facing the pressing challenge of the growing volume and intensity of identity thefts that lead to heavy financial losses. Companies are dedicating investments towards the establishment of robust cybersecurity infrastructures, improvement of the IT workforce, and deployment of next-gen cybersecurity solutions. In the past couple of years, working from home has become commonplace which comes with its own security risks and business challenges. This risks the exposure of confidential data to malicious entities and sophisticated cyberattacks. All these security risks can be mitigated by employing next-gen cybersecurity solutions such as identity and access management. These use cases are helping the global identity and access management market to sustain a positive growth trajectory.
Growing Cyberattacks Position North America as Leading Identity and Access Management Market
North America has undergone extensive digitalisation, leaving the region exposed to complex cybersecurity attacks and data breaches. The identity and access management market in the region has exhibited paced growth owing to its application for mitigating such challenges. The region encompassed a global market share of 29.9% in 2019. On the other hand, the Asia Pacific is set to be the fastest-growing market due to greater demand for cybersecurity solutions, rapid digital transformation, and the presence of a flourishing IT industry.
Prominent Market Players
Some of the key market players in the global identity and access management market include Oracle Corporation, Microsoft Corporation, IBM Corporation, Dell EMC, Sailpoint Technologies, Inc., Hitachi ID Systems, Inc., CA Technologies, Micro Focus (NetIQ Corporation), Centrify Corporation, Okta, Inc, and Archer Daniels Midland Company.
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