Identity governance and administration market size usual facts will be discussed in this blog.
Compound Annual Growth Rate
A 17.2% compound annual growth rate (CAGR) is expected in the Identity Governance and Administration Market over the next several years. (2021-2026). It is feasible to monitor access and entitlements continuously and have total visibility of every access, thanks to IGA solutions. Good governance requires keeping track of who has and who doesn’t have access to resources.
At a CAGR of 13.2%, the worldwide identity and access management market is expected to rise to USD 24.76 billion by 2026. In a report by Fortune Business, “Identity and Access Management Market Size, Shares, and Industry Analysis By Component (Provisioning, Directory Services, Single Sign-On; Others), By Deployment Model (Cloud, On-Premises), By Enterprise Size (Large, Medium Enterprises), By Industry Vertical (BFSI; IT and Telecom; Retail and Consumer; Healthcare and Life), IAM is expected to transform the industry. One of the most important professional trends in any business will be the rise of BYOD (Bring Your Own Device).
IAM and IGA Systems
Identity access management (IAM) provides methods for managing user IDs (IAM). Character creation for many systems, complicated authentication, and secure data and information transmission are all features of IAM. An IAM system may help businesses better manage the identities and access credentials of their employees.
With IGA solutions, it is possible to address the client’s needs in the most efficient manner possible. There must be constant monitoring and the ability to make educated judgments in order to keep pace with changes in access and rights. Maintaining confidentiality and informing those who have access to sensitive information in the event of a conflict of interest come under this umbrella.
These systems are primarily responsible for collecting user IDs and access rights. Identity theft and data breaches have increased, necessitating the use of IGAs. There were 2,013 confirmed data breaches out of 41,686 occurrences in the Verizon Data Breach Investigations Report, 2019. The frequency of data breaches has grown substantially throughout the world due to an increase in data breaches in specific industrial areas.
Identity Management and Governance in The Cloud
Businesses increasingly use Cloud-based services instead of on-premises software, making it more difficult to manage user identities on mobile devices. The proliferation of mobiles, PCs, laptops, and tablets in the workplace necessitates a new strategy to secure critical data that travels across locations. Identity management and governance in the cloud are getting increasingly popular.
Workers may log in and out of a company’s complicated information systems as required to accommodate changes in their work locations and schedules. There is a possibility that some staff members may not have access to a desk at all, while others may work fully outside of the office. Having a wide variety of mobile devices to access essential business software is a must in this new work structure.
According to the BFSI industry in the region as a whole, the need for these solutions is expected to rise momentously over the coming few years.
Cloud-Based Apps and Internet Of Things (IoT) Devices
The rising interconnection of cloud-based apps with mobile and Internet of Things (IoT) devices necessitates a more specific identity and access management (IAM) approach. Cloud identity management and governance are being driven by the need to defend against identity-related crimes.
Asia Pacific is estimated to be the most popular market for cloud identity and access management systems because of a broad range of variables, including increased usage of cloud technology, digitalization, AI/IoT, and other technologies in many sectors.
A new report from VMware expects that India’s cloud use will continue to rise. Because of this, cloud-based identity governance and management solutions are projected to rise in popularity.
Use in Security
As the frequency of data breaches increases, identity governance and administration systems must become more complicated and comprehensive. Using WeChat personal identities as an official national electronic ID in China, for example, is already in place to prevent identity theft from government systems and erase duplicate identities. China has the second-highest rate of identity theft in the world, according to the World Bank.
Compliance and governance laws have a significant impact on IAM. An audit and compliance firm are expected to expand the most, according to the Identity Management Institute. There is a 33% market share in North America. There were over 300 pieces of cybersecurity legislation introduced in the United States and Puerto Rico in 2019. In some cases, the rules were entirely new, while in others, they were simply reworded versions of existing regulations. When it comes to navigating the murky waters of regulatory compliance, IAM has a proven track record.
Adding an extra layer of protection isn’t all that IAM is good for. A wide variety of technologies, including cloud computing and the Internet of Things, benefit from this advancement. Businesses of all sizes are quickly adopting these solutions because they are so simple to use. Identity management systems are getting more and more popular among enterprises.
As long as the company is willing to take risks, it will prosper. In terms of danger, data leaks are the most serious. There is no longer a “just in case” method to secure an employee’s login credentials. It’s not a question of if or whether a company will be breached, but rather when. Hackers are becoming better at their craft. They’ve devised a plan. Small firms employ the same tactics and breakthroughs as large organizations.
Some statistics from the identity management sector suggest that by 2024, successful assaults may cost corporations $5 trillion. Business owners should step up security and identity management initiatives.