In a recent published report, Kenneth Research has updated the market report for Identity and Access Management (IAM) Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Identity and Access Management (IAM) Market products.
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Kenneth Research, in its repository of market research reports, have recently added a report on Identity and Access Management (IAM) Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2021 2030. The Identity and Access Management (IAM) Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide.
According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
Moreover, backed by the increasing demand for high-speed internet amongst the individuals, organizations operating in the field of telecom are increasingly working on deploying 5G network technology, as this technology provides internet access at very high speeds. By 2025, it is estimated that as many as 1.2 billion of total internet connections will account to 5G. Further, one-third of the world is projected to be covered with 5G connectivity by the end of 2030.
The Identity and Access Management (IAM) Market is estimated to record a significant growth throughout the forecast period. The ICT sector constitutes 4.8% of the European economy. Europe’s organization ERDF i.e. European Regional Development Fund has allotted approximately USD 23 billion for investments related to ICT during the funding period 2014-2020. ICT refers to the communication technologies including the internet, wireless networks, social networking, cell phones, video-conferencing, computers, software, and other media applications and services enabling users to access, retrieve, and manipulate information in a digital form.
identity & access management (IAM) market is anticipated to reach USD 25.15 billion by 2026. The increasing adoption of connected devices, Bring Your Own Device (BYOD), Internet of Things (IoT) and audit management combined with cost control are the prime components boosting the market growth. Also, the growth in online applications and risk management compliance mandates are anticipated to impel the identity & access management market and thus it is projected to gain traction over the forecast period.
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The implementation of identity & access management systems has grown considerably in the last few years, inferable from the developing usage at enterprise level for unified checking and stringent government regulations to secure client information. The increase in occurrences of cyberattacks and rise in adoption of IoT (Internet of Things) are projected to drive the market. The absence of predefined set of rules and mandates in certain industries and concerns about cloud-based security is hampering the market development to a certain extent. Owing to the developing market for electronic security frameworks and various functionalities provided by IAM systems, the worldwide market is expected to grow at a high pace.
Identity access management market is projected to witness noteworthy development inferable from increasing interest throughout different application segments. Cloud and hybrid deployments are expected to gain adoption in the business due to improved security with decreased error rates. Growth in client interaction through physical, online networking, mobile, and different channels for monetary services has given way to enormous development to the IAM solution providers in the BFSI segment. Besides, the oil & gas and energy vertical is anticipated to develop at a significant growth rate amid the forecast years, attributable to innovative technology, for example, robotized framework and distributed computing among others.
Key Findings from the study suggest that the application of IAM solutions in government segment represented a significant share of revenue in 2017 and is foreseen to show huge development throughout the forecast years. Prominent trends in the industry such as financial development, technological change and statistical developments should be equipped with dynamic framework, thus in turn driving interest for IAM systems.
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Numerous government organizations, for example, transportation and public utilities are executing strong security measures which are evaluated to drive market growth globally. The market for IAM in North American dominated the global market in 2017, and is projected to represent more than 30% of the overall share by 2026. Many offices in the North American region provide their employees with an equipment based individual recognizable proof confirmation card for gaining access to restricted areas. This has pushed the adoption of IAM in this region. Cloud IAM market is anticipated to witness strong demand over the forecast years, increasing at a high growth rate. Cloud deployments provide cost advantage and are anticipated to change the traditional IT security scenario.
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