The global Identity Governance and Administration Market size 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.
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.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=142949626
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.
The growing adoption of identity governance tools to meet regulatory compliances is expected to increase the demand for identity governance and administration offerings across the globe during the forecast period.
The identity governance and administration market includes major vendors, such as 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). These players have embraced different growth strategies to expand their global presence and increase their market shares. New product launches and partnerships/collaborations are some of the significant strategies adopted by the major players to grow further in the identity governance and administration market.
Oracle is strengthening its foothold in the identity governance and administration market by using various strategies, such as new product and service launches, and product enhancements. For instance, Oracle released version 12c PS3 of OIG that added features to significantly simplify operational aspects, such as installation, application onboarding, and upgrading of the solution. Furthermore, its Research and Development (R&D) expenditure in 2018 amounted to 15.3% of its total revenue. Oracle invested approximately USD 6.09 billion in 2018 in R&D to expand its existing product and services portfolios and introduce new products and services. Oracle has been categorically focusing on expanding its foothold in new verticals by making its products available to channel partners, resellers, regional distributors, network integrators, and Independent Software Vendors (ISV).
Request a Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=142949626
IBM, with an extensive experience in the IT industry, is aspiring to become the market leader for security, governance, and compliance solutions by offering strategies, capabilities, and technologies for security risk management. IBM’s IGI solution helps organizations increase end-user satisfaction, achieve regulatory compliance, reduce business risk, reduce operational insights, and provide advanced visual analytics for making smarter decisions. In august 2018, IBM upgraded its IGI solution to version 5.2.4 with additional capabilities, such as enhanced support for XenServer hypervisor, internal OpenID Connect provider to authenticate external applications, and configuration option that would enable user to authenticate SMTP mail server.
Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: Send Email
Address:630 Dundee Road Suite 430
State: IL 60062
Country: United States