Techno World Identity-and-Access-Management-Market | Page 2

Moreover, the adoption of cloud based IAM will help enterprises in terms of cost cutting of
infrastructure and minimize complexity in managing access controls and compliance for users by
preventing data breach issues. Another factor aiding in growth of the market is emergence of
identity-as-a-service (IDaaS), which is a security verification solution developed and controlled by
a third-party service provider that allows employees to access cloud-based applications through
a single sign-on (SSO) process.
BFSI segment is expected to account for the largest market share during the
forecasted period
On the basis of verticals, the BFSI segment is expected to hold the largest market share during
the forecasted period. Bank and financial institutions’ operations are operated in secure
environment. The BFSI sector is increasingly implementing IAM solutions to improve risk
management and fraud detection, as these solutions help in preventing online fraud
transactions, credit card-related functions, and insurance claims. Hence, several large financial
institutions are replacing conventional solutions and investing significantly in integrating the IAM
solutions to streamline their workflows. The acceptance of hybrid deployment models for cost-
effective functioning is also another factor leading to high adoption of IAM in the BFSI sector
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Identify and access management: Regional insights
On the basis of geography, the global identify and access management market is segmented into
North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America held a
dominant position in the market and is estimated to retain its dominance throughout the forecast
period. Increasing penetration of IoT devices among various verticals, growing adoption of bring
your own device (BYOD) trend, and enterprise mobility requirements are some of the factors
bolstering growth of the identify and access management market over the forecast period.
According to Coherent Market Insights, in 2017, it is calculated that 9.2 billion units of IOT
devices have installed in North America and is projected to reach 33.9 billion units by 2025.
Moreover, digitalization of processes among various enterprises in sectors such as BSFI and
telecom & IT has led to increasing risk of data breaches. According to ITRC (Identity Theft
Resource Center) Organization's analysis, in 2016, around 454 data breaches were recorded in
the U.S. Therefore, to decrease the risk associated with data breaches and reduce the
vulnerabilities, demand for IAM solutions to combat malicious attacks is expected to increase in
large and small and mid-sized companies. This is anticipated to drive growth of the identity and
access management market in the near future. Additionally, growing awareness of security
breaches has led to adoption of these services by various government agencies such as such as