According to data from Grand View Research, an increase rise in web-based applications and risk management solution such as policy-based compliance and audit management combined with cost containment are set to drive the global IAM market. Additional drivers projected to positively impact IAM include the growing popularity of connected devices, bring your own device (BYOD) and Internet of Things (IoT).
The analyst believes that growing innovation with interoperable technologies are enabling providers in building advanced solutions including secure print authentication and EV charging station access.
Grand View estimates that cloud-based and hybrid solutions will extend their footprints in the industry with enhanced security and minimize error rates features. Commoditization of identity functions and the explosion of available applications are also expected to compel enterprises to seek more scalable options.
Looking at individual technology areas, the report predicts that cloud-based identity and access management market will grow at a CAGR of over 18% from 2015 to 2022. Rising demand for cloud-SSO is also a key factor supporting expansive adoption among enterprises. Public sector and utilities sector accounted for over 25% of the revenue in 2014 and is anticipated to exhibit significant growth by 2022.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now