Identity Governance And Administration Market to hit the value of US$ 13.7 Bn by 2027
According to a new market research report published by Brisk Insights, “Identity Governance & Administration Market (by Component Type – Solution and Services; by Services Type – Professional Services and Managed Services; by Deployment Type – Cloud and On-premises; by Industrial Vertical – BFSI, Government & Defense, IT & Telecommunications, Energy & Utilities, Manufacturing, Retail, Healthcare and other) Market – Growth, Future Prospects and Competitive Analysis, 2019 - 2027”, the global identity governance & administration market expected to reach at US$ 13.7 Bn in 2027, expanding at a CAGR of 13.2% from 2019 to 2027.
Browse the full report at https://www.briskinsights.com/report/identity-governance-and-administration-market
Identity governance and administration solution refers to management of access rights and digital identity across multiple systems and applications. The overall identity governance & administration market is highly governed by the continually growing instances of identity mismanagement across the world. On an average, business organizations worldwide bear a loss of over US$ 200 Bn annually due to such malfunction. Organizations are transforming their digital operations in order to be competitive in the market. This evolution has far-reaching impacts from cloud infrastructure penetration to IoT & business processes automation as well as enabling third parties to access and share business information. Such digital transformation is creating more opportunities for organizations but also prone to threat landscape, making organizations more susceptible to malicious activities. Resource constraints and reliance on manual processes makes it complex to proactively manage the rising identity risks. Modern enterprises seek for insights to ensuring their focus on addressing access risks that matter most. Traditional comprehensive identity governance and administration solution comprises number of different components, including role management, identity compliance, service request management, user provisioning, password management and several other functions. Presently end users are inundated with data, which generates the need for modern identity governance solutions that provide risk analytics and insight to make better decisions.
Overall identity governance & administration market is segmented on the basis of component, services, deployment and industrial vertical. Identity governance & administration market is primarily commanded by the services segment due to rapidly growing service outsourcing practices. Businesses adopting digital transformation are taking hard look at identity governance and administration landscape. Enterprises seek for framework that enables to operationally manage and govern rapidly expanding digital ecosystem. Identity governance and administration service providers are trying to capitalize on the market by offering innovative as well as more reliable solutions for challenging infrastructures. North America was the leading market for identity governance & administration in 2018 closely followed by Europe, primarily due to early penetration of such services across various industrial verticals. Majority of key players that are working in the identity governance & administration market today are in the US. However, other regions have started to catch-up with rapid pace. Asia Pacific showcased the significant growth rate with prominent surge in end use industry along with adoption for identity governance & administration solution.
Strategic acquisitions and alliances is one of the common strategy adopted by identity governance & administration providers. Public and private organizations are establishing alliances with other companies to strengthen its market presence. For instance, recently in June 2018, Sailpoint entered into a partnership with Ping Identity to provide security solution for on premise, complex and hybrid IT applications. Similarly, in June 2018, Saviynt announced the partnership with Axiomatics to provide improved connectivity between run-time and administration-time access control solutions. With steady technological development to cater wide array of end-use industry, identity governance & administration market expected to surge with promising rate across the forecast period.