Growing focus of organizations on meeting regulatory compliances to drive the identity governance and administration market
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. Identity governance and administration market is driven by several factors, such as growing focus of organizations towards meeting regulatory compliances, along with the need to improve operational efficiency of identity management processes. However, the excessive cost of implementing identity governance and administration solutions can hinder the growth of the market.
Services segment to grow at the highest CAGR during the forecast period
With the increasing adoption of identity governance and administration solutions, the demand for supporting services is also growing among end users. Identity governance and administration services include professional services and managed services. Service providers concentrate on delivering dedicated services by understanding customer’s demands and needs. Moreover, these services help implement identity governance and administration solutions in a cost-efficient manner to accomplish business processes within the time frame and budget effectively.
BFSI to hold the largest market size during the forecast period
The BFSI is one of the most regulated industry verticals. There are several regulatory compliances that the BFSI organizations have to adhere with. This industry vertical also happens to be the one which has seen many cyber-attacks in recent times. Identity governance and administration solutions protect the business-critical information, data and applications of financial service providers from unauthorized access. Identity governance and administration solution vendors are looking at providing solutions and services based on standardized best-practice processes for improving data security, and lowering operating costs, as well as efficient audit-compliant processes in observation of all relevant regulations.
APAC is expected to record the highest growth rate during the forecast period
The identity governance and administration market in APAC is expected to witness substantial growth, as SMEs and large enterprises in the region are rapidly adopting the identity governance and administration solution to ensure the security of organizational data and customers’ sensitive data. Moreover, the region is expected to invest more in deploying security solutions, owing to the increasing threat of identity and access breaches. China, Australia and New Zealand, India, and Japan provide huge opportunities for the adoption of the identity governance and administration solutions and services across industry verticals. Meanwhile, North America is projected to hold the largest market size during the forecast period.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the identity governance and administration marketplace.
• By company type: Tier 1 – 42%, Tier 2 – 38%, and Tier 3 – 20%
• By designation: C-level – 40%, D-level – 35%, and Others – 25%
• By region: North America–35%, Europe–27%, APAC– 23%, and RoW– 15%
Major vendors offering identity governance and administration software and services across the globe include 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). The study includes in-depth competitive analysis of these key players in the identity governance and administration market, with their company profiles, recent developments, and key market strategies.
The market study covers identity governance and administration market across segments. The report aims at estimating the identity governance and administration market size and future growth potential across different segments, such as component, deployment type, organization size, industry vertical, and region. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market, their strengths and weaknesses, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall identity governance and administration market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.