According to MRFR, the global identity governance and administration (IGA) 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. 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.
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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.
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.
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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