Global Identity Governance and Administration Market Synopsis
According to MRFR, the
global Identity Governance and Administration
Market 2020 is
expected to expand from USD 3.64 billion in 2019 to USD 9.00 billion by 2024,
at a CAGR of 16.8%.
Business development can be
due to advances to enhance the organization's identity-related processes, which
must meet regulatory requirements. IGA is a centralized platform allowing
organizations to handle the entire lifecycle of all the personalities of their
employees, starting from joining the company until they retire. This is easier
for small businesses to handle the identities of their workers but it is a
problem for large and medium-sized companies to do it on a large scale.
Although the IGA market is observing rapid growth in all parts of the world,
its high cost and reduced need for small and medium-sized enterprises ( SMEs)
act as restrictive factors for the market. Increasing regulatory compliances is
the main driver of the global market for governance and administration of
identities.
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In addition, increasing
demand from companies to identify their customers, understand their access and
audit their activities based on security information has also boosted demand in
the global market for governance and administration of identities. Another
factor fuelling growth in this sector is globalization and rising data usage.
The main factor driving
demand in this market is increased implementation of identity governance and
administration framework in various vertical industries. Efficient management
of sensitive data and the potential to mitigate identity-based threats has also
increased demand in the global identity governance and administration market.
In addition, substantial rise in cloud-based technologies has also increased
demand in this market , leading to cost-effectiveness and scalability of
cloud-based identity governance and administration solution.
Through the Internet of
Things ( IoT) phenomenon, bringing in your own devices (BYOD), and
accessibility and remote workers are driving these solutions for organizations.
In addition, traditional IAM (Identity Access Management) tools have been
unable to help organizations meet regulatory compliances which will turn their
attention to identity management. All of these factors would build new
opportunities in the market for governance and administration of global
identity.
Market Segmentation
The global IGA market has
been segmented based on deployment mode, component, organization size, industry
vertical, and region.
By component, the market
has been bifurcated into solution and services. The services segment has been
futher divided into professional and managed services. Professional services
covered in the study are implementation and integration services, consulting
services, and support services.
By deployment mode, the
market has been divided into cloud and on-premises.
By organization size, the
market has been bifurcated into SMEs and large enterprises.
Based on the industry
vertical, the market has been segmented into government and defense, banking,
financial services, and insurance (BFSI), healthcare, retail, manufacturing,
energy and utilities, telecom and IT, and others.
Regional Analysis
The global IGA market has
been geographically studied for North America, Europe , Asia-Pacific, Middle
East & Africa , and South America.
It is believed that North
America has the largest market share in the global IGA market. The region's
leading countries are the US, Canada and Mexico. Growth is due to the existence
of a large number of influential vendors and a tight identity management
regulatory environment. In the forecast period Asia-Pacific is projected to be
the fastest growing regional market on the global IGA market. Rapidly growing
numbers of companies and rising demand for cybersecurity solutions are main
drivers of growth of IGA market in the region.
Key Players
The prominent players in
IGA market are Microsoft Corporation (US), One Identity LLC (US), SailPoint
Technologies Holdings, Inc. (US), Omada A/S (Denmark), Oracle Corporation (US),
IBM Corporation (US), Saviynt Inc. (US), Micro Focus (UK), CA Technologies
(US), Hitachi ID Systems, Inc. (Canada), RSA Security LLC (US), AlertEnterprise
(US), SAP (Germany), Core Security (US), and Atos SE (France).
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