Identity and Access Management Market to witness 10.4% CAGR till 2024: Global Market Insights Inc.
Identity & Access Management (IAM) Market was estimated to be over USD 9.5 billion in 2017 and will exceed USD 18.9 billion by 2024; according to a new research report by Global Market Insights, Inc. The growing expansion of data theft among organizations worldwide is primarily driving the identity and access management market demand. Stolen employee access identification is a leading parameter of data breach and system hacking is projected to cost businesses around USD 2 trillion by 2019. They are responsible for about 88% of cyberattacks and will hamper the organizational functioning. In 2016, the total cost related to identity theft was USD 16 million and is anticipated to grow due to the rising crime rates. Hence, to curb the growing identity theft, companies are investing funds and entering into strategic partnerships and acquisitions to improve their security portfolio. For instance, in June 2018, Ping Identity entered into a strategic partnership with SailPoint Technologies to provide secured access to various onpremise and hybrid IT applications. This partnership will enable the companies to deliver simplified identity access and governance solutions to various enterprises, providing secured access to the right people.
The prominence of compliance management in the identity and access management market is growing rapidly as it demonstrates the technologies and processes required to provide a more secure environment. IAM solutions are used for used for meeting multiple compliance requirements, accelerating the market growth. For instance, the Sarbanes-Oxley (SOX) of 2002 assists in making the corporate governance practices highly transparent by focusing on two parameters, the financial disclosure and corporate governance. The adoption of the solutions by organizations assists them in providing direct assistance for meeting SOX requirements for policy enforcement, fraud reduction, compliance auditing and reporting, and risk assessment. Furthermore, increased mobile penetration, rising employee mobility software demand, and increasing prominence of mobility service management are also driving the identity and access management market size.
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