Identity Governance and Administration Market Report Scope and Overview
The SNS Insider report highlights that the Identity Governance and Administration Market, valued at USD 6.45 Billion in 2023, is expected to reach a staggering USD 19.9 Billion by 2031, registering a substantial CAGR of 15.19% over the forecast period (2024-2031).
Heightened Cybersecurity Concerns data breaches and cyberattacks are on the rise, prompting organizations to invest in Identity Governance and Administration solutions to safeguard their digital assets and prevent unauthorized access. As businesses embrace digital transformation, managing user identities across a complex IT landscape becomes critical. Identity Governance and Administration solutions streamline this process, ensuring efficient access control and reducing the risk of security breaches. The increasing adoption of remote work models necessitates robust identity management solutions to guarantee secure access to corporate resources from anywhere. The ever-evolving regulatory landscape mandates organizations to implement stringent data protection measures. Identity Governance and Administration solutions assist businesses in adhering to these regulations and avoiding hefty fines.
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Some of the Major Key Players Studied in this Report are:
- SecureAuth
- Oracle
- Omada
- IBM
- AlertEnterprise
- SailPoint
- Hitachi ID
- Microsoft
- NetIQ
- Evidian
- Other Players
Market Segmentation Analysis
By Deployment:
- On-premise Segment Dominates:Â Currently, the on-premise segment holds the dominant position due to its ability to function without requiring an external network connection. However, the cloud-based segment is expected to witness the highest CAGR due to its inherent scalability, flexibility, and cost-efficiency benefits.
By Industry Vertical:
- Healthcare Poised for Significant Growth:Â The healthcare industry is anticipated to experience the fastest growth due to the increasing digitalization of healthcare services and the need to secure sensitive patient data.
- BFSI Segment Witnessing Rapid Expansion:Â The BFSI sector is expected to witness a significant CAGR due to the rising adoption of online banking, e-wallets, and other digital financial services, necessitating robust access control mechanisms.
Market Segmentation and Sub-Segmentation Included Are:
On The Basis of Component
- Solution
- Services
On The Basis of Organization Size
- Large enterprises
- Small and Medium-sized Enterprises
On The Basis of Deployment Type
- On-Premises
- Cloud
On The Basis of Vertical
- BFSI
- Government and Defense
- Telecom and It
- Healthcare and Life Sciences
- Energy and Utilities
- Retail and Consumer Goods
- Manufacturing
- Others
Impact of Russia-Ukraine War
The ongoing conflict between Russia and Ukraine has disrupted global supply chains and economic activity, potentially impacting the growth of the Identity Governance and Administration market. However, the increased focus on cybersecurity in the wake of potential cyberattacks arising from the conflict could lead to a surge in demand for Identity Governance and Administration solutions as organizations prioritize data protection.
Impact of Economic Slowdown
An economic slowdown could lead to budget constraints, potentially impacting the adoption of Identity Governance and Administration solutions by smaller organizations. However, larger enterprises with established cybersecurity budgets are likely to continue investing in Identity Governance and Administration solutions to mitigate security risks and ensure compliance.
Key Regional Developments
North America currently dominates the market due to the presence of a large number of technology companies and stringent regulatory frameworks.
The Asia-Pacific region is expected to witness significant growth due to the rapid rise of businesses and the growing awareness of cybersecurity threats.
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Recent Developments
In August 2022: Fastpath Solutions acquired Ideiio, strengthening its Identity Governance and Administration capabilities and enhancing its ability to prevent fraud across business applications.
In May 2022:Â Microsoft launched the Entra IAM family, offering comprehensive identity and access management solutions for securing digital identities across multi-cloud environments.
Key Takeaways
- Growing regulatory pressure and the increasing need for data security are driving the Identity Governance and Administration market towards significant growth.
- Cloud-based solutions, AI integration, and user-friendly interfaces are key trends shaping the market landscape.
- Healthcare and BFSI sectors are expected to witness the fastest growth due to their digitalization initiatives and stringent security requirements.
- North America currently dominates the market, while Asia-Pacific is poised for rapid expansion.
The Identity Governance and Administration market is poised for continued expansion driven by the increasing adoption of cloud-based solutions, the integration of AI and automation, and the growing need for robust data security across all industries.
Table of Contents- Major Key Points
- Introduction
- Research Methodology
- Market Dynamics
- Drivers
- Restraints
- Opportunities
- Challenges
- Impact Analysis
- Impact of Ukraine- Russia war
- Impact of Ongoing Recession on Major Economies
- Value Chain Analysis
- Porter’s 5 Forces Model
- PEST Analysis
- Identity Governance and Administration Market Segmentation, by Component
- Solution
- Services
- Identity Governance and Administration Market Segmentation, by Organization Size
- Large enterprises
- Small and Medium-sized Enterprises
- Identity Governance and Administration Market Segmentation, by Deployment Type
- On-Premises
- Cloud
- Identity Governance and Administration Market Segmentation, by Vertical
- BFSI
- Government and Defense
- Telecom and IT
- Healthcare and Life Sciences
- Energy and Utilities
- Retail and Consumer Goods
- Manufacturing
- Others
- Regional Analysis
- Introduction
- North America
- Europe
- Asia-Pacific
- The Middle East & Africa
- Latin America
- Company Profile
- Competitive Landscape
- Competitive Benchmarking
- Market Share Analysis
- Recent Developments
- USE Cases and Best Practices
- Conclusion
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