The report on the Global Identity Governance and Administration Market covers historical market trends, current market dynamics, market valuation by segmentation as well as region, country-level analysis for every segment, key player’s market share analysis, competitive landscape and supply chain analysis.
The global identity governance and administration (IGA) market is cementing its foothold at a CAGR of 16.8% during the forecast period (2019 to 2024), asserts Market Research Future. The market seems to market its revenue by gaining USD 9.00 billion by 2024 from USD 3.64 billion in 2019.
The identity governance and administration solutions are currently being adopted in almost every industry vertical from BFSI and government to retail and healthcare sector. While BFSI has the largest share in the IGA market, the healthcare segment also anticipates recording the highest CAGR from 2019 to 2024.
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Market Research Future identifies the top vendors as prominent players in the IGA market. They are SailPoint Technologies Holdings, Inc. (US), Oracle Corporation (US), IBM Corporation (US), One Identity LLC (US), CA Technologies (US), Saviynt Inc. (US), Micro Focus (UK), Hitachi ID Systems, Inc. (Canada), RSA Security LLC (US), Omada A/S (Denmark), AlertEnterprise (US), Core Security (US), SAP (Germany), Microsoft Corporation (US), and Atos SE (France).
Market Drivers & Trends
Identity Governance and Administration Market is gaining fast ground owing to the introduction of innovations for improving identity-related to processes in the organization. The business bodies, around the world are in need to meet compliance requirements and manages the complete lifecycle of all its employees’ identities, right from the joining to their retirement from the organization. These are some of the prime factors forcing the market to make a mark with gaining higher valuation during the assessment period.
The capabilities of identity governance and administration as connectors, password management, access request workflow management, automated provisioning, and application entitlement management, projects as chief driving forces, providing a tailwind to the market that would expand during the assessment period. At the same point of time, the identity governance and administration offer advantages such as reduction in operational risks and enable employees to smoothly work in a centralized or distributed IT environment using PC, tablet, or smartphone also stand as the factors that can expect further expansion in the coming years.
On the flip side, although identity governance and administration market is undergoing fast growth in all parts of the world, yet its high cost and less requirement mainly in the small and medium-sized enterprises (SMEs) could be the factor for restraining growth of the market in the forecast period.
The market for identity governance and administration globally has been segmented amongst component, deployment mode, organization size, and industry vertical.
In terms of component, the market is categorized into solution and services. Among which, the solutions segment is likely to be the grander contributor than the services segment. On the other side, the services segment is also to record a higher CAGR during the assessment period.
In terms of organization size, it is the large enterprises that are considered as to contribute the higher share than SMEs as these enterprises tend to invest a significant amount on key cybersecurity solutions by the inclusion of IGA.
In terms of deployment mode, the market consists of cloud and on-premises. While, the cloud segment is likely to observe the broader adoption than the on-premises, and then anticipated to record the higher CAGR.
In terms of industry vertical, the market includes banking financial services and insurance (BFSI), government and defense, healthcare, retail, manufacturing, telecom and IT, energy as well as utilities. Among which, the BFSI segment is anticipated to be the largest contributor, and the healthcare segment is notable for inflating at the highest CAGR from 2019 to 2024.
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Detailed Regional Outlook
Region-wise analysis of the identity governance and administration market is studied under the regions of North America, Europe, Asia-Pacific, and the Rest Of the World.
North America is witnessed for having the maximum market share with the US, Canada, and Mexico contributing the most. A vast number of major vendors and the fast adoption of innovative solutions have driven the market in this region. At the same time, the region is going popular with the US being one of the foremost contributors to the market, which can be a huge decisive factor for the market growth in the coming years.
Europe has safely assumed to be the key investor to the market’s expansion with the UK, Germany, France contributing the most. Increased investments in cybersecurity solutions, particularly related to employees’ identity and access rights, and stringent government regulations give a substantial boost to the market growth in Europe. The UK is chief in the European IGA market while Germany seems to record the highest growth during the assessment period
However, the Asia Pacific region is also set to score the maximum CAGR for the IGA market due to the expanding semiconductor sector, especially in China, India, Singapore, and Japan. These regions are likely to display fast adoption of IGA solutions in the coming years as a growing number of businesses and growing awareness of cybersecurity are booming factors for the growth of the IGA market in the region.
Lastly, the mounting economies in the Middle East & Africa and South America are also hopeful of displaying a significant growth in terms of IGA solutions adoption activities as well as fast adoption of new IT solutions and services. Thus, these regions are in the nascent phase and are waiting to offer the immense potential of the market’s growth in the approaching years.
LIST OF TABLES
Table 1 Global Identity Governance And Administration Market, By Region, 2018–2024
Table 2 North America: Identity Governance And Administration Market, By Country, 2018–2024
Table 3 Europe: Identity Governance And Administration Market, By Country, 2018–2024
Table 4 Asia-Pacific: Identity Governance And Administration Market, By Country, 2018–2024
Table 5 Middle East & Africa: Identity Governance And Administration Market, By Country, 2018–2024
LIST OF FIGURES
FIGURE 1 Global Identity Governance And Administration Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of The Global Identity Governance And Administration Market
FIGURE 4 Value Chain Of The Global Identity Governance And Administration Market
FIGURE 5 Share Of The Global Identity Governance And Administration Market, By Country, 2017 (In %)
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