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Identity & Access Management Market Growing at A CAGR of 12.9% | Key Players NetIQ Corporation (U.S.), Okta, Inc. (U.S.), Hitachi ID Systems, Inc. (U.S.), and SailPoint Technologies (U.S.)

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Identity & Access Management Market Growing at A CAGR of 12.9% | Key Players NetIQ Corporation (U.S.), Okta, Inc. (U.S.), Hitachi ID Systems, Inc. (U.S.), and SailPoint Technologies (U.S.)

March 20
18:06 2020
Identity & Access Management Market Growing at A CAGR of 12.9% | Key Players NetIQ Corporation (U.S.), Okta, Inc. (U.S.), Hitachi ID Systems, Inc. (U.S.), and SailPoint Technologies (U.S.)

IBM Corporation (US), Oracle Corporation (US), CA Technologies (US), Microsoft Corporation (US), Dell EMC (US), NetIQ Corporation (US), Okta, Inc. (US), Hitachi ID Systems, Inc. (US), and SailPoint Technologies (US)
Identity & Access Management Market by Component (Provisioning, Directory Services, Password Management, SSO, and Audit, Compliance, and Governance), Organization Size, Deployment Type, Vertical (BFSI, Telecom & IT), and Region – Global Forecast to 2021

The identity & access management market is projected to grow from USD 8.09 billion in 2016 to USD 14.82 billion by 2021, at a CAGR of 12.9% during the forecast period. Varied technological environments, strict compliance, and increasing digital identities across enterprises have fueled the growth of the identity & access management market. Furthermore, rise in the awareness about compliance management is driving the growth of the identity & access management market. Increasing adoption of cloud and SaaS with identity & access management solutions in various industries is driving the growth of the identity & access management market. Rising adoption of identity & access management solutions by organizations for security reasons is providing lucrative growth opportunities to the identity & access management solution providers.

Key players in the identity & access management market are IBM Corporation (U.S.), Oracle Corporation (U.S.), CA Technologies (U.S.), Microsoft Corporation (U.S.), Dell EMC (U.S.), NetIQ Corporation (U.S.), Okta, Inc. (U.S.), Hitachi ID Systems, Inc. (U.S.), and SailPoint Technologies (U.S.), among others. Companies in this market have adopted different strategies to expand their global reach and increase their market shares. Partnerships, acquisitions, and new product launches are some of the significant strategies adopted by the market players to grow in the identity & access management market. IBM Corporation (U.S.), Oracle Corporation (U.S.), CA Technologies (U.S.), Microsoft Corporation (U.S.), and Dell EMC (U.S.) have adopted these strategies to expand their product portfolio.

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The IBM Corporation is one of the leading players in the identity & access management market. The company has adopted both, organic as well as inorganic strategies to enhance its presence in this market. Moreover, the company has acquired few renowned players such as Lighthouse Security Group LLC to combine its identity & access management offerings with the Lighthouse Security Group. Furthermore, the company has adopted organic strategies to stay competitive in the identity & access management market. In April 2015, the IBM Corporation introduced the QRadar Security Intelligence technology to the cloud. The QRadar Security Intelligence technology enables companies with the ability to prioritize real threats and free up sensitive resources to fight cyber-attacks.

Rapid increase in consumer data, along with the introduction of cloud services, mobile, and social media, among others, is threatening the security and privacy of the stored data. Introduction of mobility solutions in identity & access management market is offering huge opportunities for identity & access management solution providers. Crossmatch (U.S.) has constantly focused on offering necessary solutions to businesses worldwide.

Based on component, the audit, compliance, and governance segment of the identity & access management market is expected to grow at the highest CAGR during the forecast period. One of the major reasons for the growth of the audit, compliance, and governance segment is its ability to continuously provide tremendous growth opportunities in public sector and utilities, healthcare and life sciences, BFSI, and energy, among other verticals.

Based on vertical, the public sector and utilities segment of the identity & access management market is expected to grow at the highest CAGR during the forecast period. The use of identity & access management solutions in the public sector and utilities industry is witnessing high growth, owing to the growing, highly secured private data of individuals, departments, processes, and agencies.

The Asia-Pacific identity & access management market is estimated to grow at the highest CAGR during the forecast period. This can be attributed to the increasing adoption of identity & access management solutions in the growing industrial sector in the Asia-Pacific region. Industrial growth, and rise in deployment of identity & access management solutions over cloud are driving the identity & access management market in the region.

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