Identity Governance and Administration Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
Global Identity Governance and Administration Market: Snapshot
The identity governance and administration market is expected to gain a large growth share on the back of the rising popularity of technologies such as cloud computing, automation, IoT, and others. The use of this approach to blend identity governance with identity administration will bring tremendous growth opportunities during the forecast period of 2018-2028. The systems also help in automating workflows for provisioning and de-provisioning users. All these aspects bode well for the growth of the identity governance and administration market.
The emergence of stringent data regulations has led to the increasing popularity of identity governance and administration systems. Acts such as the Health Insurance Portability and Accountability Act (HIPAA) and Sarbanes_Oxley Act increase the demand for identity governance and administration market to a considerable extent.
A massive number of benefits are attached to the identity governance and administration market. Advantages such as workflow automation, password management, ensuring compliance via comprehensive reporting, organization scaling, and others bring promising growth for the identity governance and administration market. Furthermore, the users get timely access to the resources they require because of identity governance and administration systems. All these factors add extra stars of growth to the identity governance and administration market
Research and development activities play a larger role in the growth of the identity governance and administration market. The players in the identity governance and administration market invest heavily in these activities. These activities assist the players in formulating new strategies and techniques for increasing revenues. The revenue generation aspect eventually influences the growth opportunities across the identity governance and administration market.
Strategic collaborations also form an important part of the growth trajectory. The players indulge in mergers, acquisitions, joint ventures, and partnerships for strengthening their influence, eventually propelling the growth prospects of the identity governance and administration market.
Global Identity Governance and Administration Market: Overview
Identity governance and administration comprises several services and tools by solution vendors to help customers use identity governance and administration solutions efficiently. Identity governance and administration body receives diverse request from the consumers to proactively identify their concerns and recommend appropriate solution to resolve identity-related issues. The demand for Identity governance and administration are increasing rapid across the globe owing to increasing penetration of the technologies such as automation, IoT and cloud computing. These technologies deal with vast data set, hence it become crucial for their use to incorporate identity governance and administration services to secure their data form hackers and unwanted intervention.
The identity management services market is dynamic to strengthen their market grip vendors keep adding and offering different services, to expand their identity governance and administration. Looking at immense potential in the Identity governance and administration market the players are adopting several strategies remain ahead in the market.
Global Identity Governance and Administration Market: Notable Developments
For instance- In October 2018, SailPoint added innovative Dynamic Discovery Engine to its IdentityNow solution. This enables users to easily create policies, access reviews, dashboards, and reporting. Thereby, customers would address compliance challenges.
In the same years August, SailPoint Technologies partnered collaborated with Rackspace. The collaboration would help organizations in deploying SailPoint’s identity intelligence solutions in the cloud environment.
In August 2018, IBM upgraded the version of its IGI solution to 5.2.4. It has several additional capabilities, such as enhanced support for XenServer hypervisor, internal OpenID Connect provider.
Global Identity Governance and Administration Market: Potential and Key Trends
The demand for identity governance and administration systems are increasing across the globe as it help business leaders to achieve agility in their firm. The increasing demand of security and reduce frauds in the organization is expected to drive the global identity governance and administration market in the upcoming years. Apart from this, identity governance and administration systems also provides businesses with numerous supplementary functions, including auditing and policy management. Owing to this, their adoption by business leaders across industries, is fuel the market. The increasing level of investments by public/ private capital holders in the development of enterprise friendly IGA platforms is another strong factor likely to boost the global identity governance and administration market.
On the flipside, higher cost of these devices are expected to restrict small and mid-players form the adoption of identity governance and administration solutions. However, increasing number of end users for identity governance and administration systems are expected to boost the global market in the forecast period. Along with this, an increase in the number of data breaches, and looming legislation around General Data Protection Regulation (GDPR) in May are offering several opportunities to the identity governance and administration during the forecast period.
Identity Governance and Administration Market: Geographical Outlook
Regionally, North America is the largest contributor to the global identity governance and administration market in 2018. The same is expected to continue in the upcoming year as well because of the rising adoption of identity governance and administration solution and services in the region. The enterprises in the region have been an early adopter of advanced security solutions and practices. Most identity governance and administration vendors, have a direct or an indirect presence in this region via system integrators, distributors, and resellers.
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