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July 30, 2021, 9:53 a.m. EDT

Identity and Access Management Market in North America to Reach USD 7 Billion Benchmark by 2024

Jul 30, 2021 (Market Insight Reports) -- North America identity and access management market is expected to gain substantial growth impetus over the coming years owing to rising demand for BYOD and IoT as well as technological advancements. Rapid adoption of cloud-based IAM solutions across North America is also driving the market growth. The cloud-based solutions provide extensive audit trails, access policies, and analytics, further automating the whole IAM process across enterprises, leading to improved productivity at relatively lesser costs.

Strict government regulations and rules for safeguarding against cyberattacks is also one of the key factors that are likely to contribute towards the North America identity and access management market growth. The increasing number of cyber-attacks on establishments to gain access to personal customer data is a key reason that is driving enterprises to adopt effective IAM solutions. These establishments need to assign access to their data without the need to compromise on the security, which will fuel the market demand.

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Meanwhile, the users that are largely targeted in the initial stages of cyberattacks are the employees, who have an administrative access to organizational systems, giving hackers full access to the systems. As such IAM is highly crucial for enterprises to effectively empower the first line of defense, their employees.

Below are some key trends that would majorly influence North America identity and access management market expansion.

Increased demand for provisioning solutions across organizations

With respect to solution, in 2017, the provisioning solutions segment dominated the market, accounting for an overall market share of around 41% and is likely to follow a remunerative growth trend over the coming years. The process of provisioning generates authentication credentials, permitting employees proper authentication in terms of their job profiles. With rapid developments in IT functionality as well as service offerings, there is a strong need to give employees access to applications, information, and devices on the basis of their role in the company, this is expected to propel the identity and access management market in North America.

Increasing adoption of cloud-based deployment model

The cloud-based deployment model segment provides numerous benefits like elimination of hardware deployment, economies of scale, easier management, and decreased costs. Their adoption is growing rapidly as compared to the legacy on-premise deployment models.

Several firms in the North America identity and access management market have adopted the prominent strategy of entering new partnerships in order to gain a competitive edge in the market, meet the increasing customer demand, and expand their cloud based IAM solutions. Citing an example, in July 2018, a leading Cloud Access Security Broker namely Bitglass, entered a new partnership with Okta, a leading identity provider in order to bring protection from threat as well as real-time data security to firms shifting to cloud.

Growing need for IAM solutions in BFSI

In terms of application, the BFSI segment is one of the most rapidly growing sectors in the market. Establishments are audited on a regular basis for fraudulent activities; hence they need to obey with rules and regulations in order to prove that they are managing the risks proficiently. In fact, the U.S. Security and Exchange Commission has a set of strict regulations, allowing BFSI institution to fulfill security needs.

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High cybersecurity solutions investments in U.S.

On the geographical front, U.S. leads the IAM market as numerous companies operating in this region are majorly investing in cybersecurity solutions to ensure security as well as safety of their information. The United States government has teamed up with numerous private sector firms to improve its IAM initiatives, get secured identity solutions to allow secure e-authentication through identity proofing & technical standards, enhance homeland security as well as make sure that proper privacy protections are being implemented efficiently. This further acts as a key parameter for North America identity and access management market growth.

Dell, NetIQ, Oracle Corporation, F5 Networks, HP, Okta, IBM Corporation, CA Technologies, Sailpoint Technologies, Hitachi, Microsoft Corporation, and OneLogin among many others are some of the key players operating in the North America identity and access management market.

Table of Contents (ToC) of the report:

Chapter 1. Methodology & Scope

  • Market scope & definitions

  • Assumptions

  • Research methodology

Chapter 2. Executive Summary

Chapter 3. Industry Insights

  • Industry segmentation

  • Industry ecosystem analysis

  • Industry impact forces

  • Regulatory overview

  • Porter's analysis

  • PESTEL analysis

  • Competitive landscape, 2017

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