Identity Governance & Administration is a policy-based approach that is used to identify user management and give access control whenever required. The Identity Governance & Administration (IGA) is specifically used to help support enterprise security and regulate compliances. IGA forms to be as the center of all the IT operations, which helps to enable and secure digital identities for all the users, applications, and data.
The identity governance and administration also allow the businesses to provide automated access to an ever-growing number of technology assets while managing potential security and compliance risks. The IGA is used to handle various business objectives like reducing operational costs, reducing risk and strengthen security, improve compliance and audit performance, and deliver fast, efficient access to the business. The IGA can also help in automating the workflows for provisioning and de-provisioning users, as and when needed.
Global Identity Governance & Administration Market
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Global Identity Governance & Administration Market Scenario:
The Global Identity Governance & Administration Market was valued at around $4 Bn in the year 2019, and is projected to reach $XX Bn by the year 2027, growing at a CAGR of almost 15% during the forecasted period.
Global Identity Governance & Administration Market Overview:
Drivers:
• Migration of businesses towards the cloud – based services
As more number of businesses shift their data from on-premises towards cloud-based services, it becomes difficult to handle the data manually. The sensitive data flowing between onsite to offsite requires more strong protections in order to prevent unauthorized access. This is acting as a major factor for the rise in the demand for the market of identity governance and administration concepts.
• Enhanced operational productivity
Identity governance and administration provide enterprises the solutions to enhance their security and reduce fraud while enriching customer experiences. And, today when digitalization is at its peak, security concerns are a major factor that needs to be tackled properly. Hence, this unique and basic feature of the IGA makes it grow significantly in the market.
Restraint:
• Low amount of need in the small and medium sized enterprises
For small and medium-sized enterprises, it is quite easy to handle and maintain the data of their employees, due to the presence of the low workforce. This factor acts as the restraint for the market of Identity governance and administration, as the concept almost has no applications in small and medium-sized enterprises.
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Global Identity Governance & Administration Market Segmentation
The report for the global Identity Governance & Administration market is studied across the 4 major segments:
Global Identity Governance & Administration Market, By Component
o Solution
o Services
On the basis of components, the services segment is expected to lead the market of identity governance and administration during the forecast period. The services segment is further classified into Managed Services and Professional Services, which is further divided into services like, Integration & Implementation, Training & Consulting, and Support & Maintenance. These services are helpful in providing cost-effective solutions to the clients, by keeping in mind all the time and budget constraints.
Global Identity Governance & Administration Market, By Deployment Type
o On – Premises
o Cloud
Global Identity Governance & Administration Market, By Industry Vertical
o BFSI
o Government & Defense
o Telecom & IT
o Healthcare & Life Sciences
o Others
The banking, Financial Services, and Insurance industrial sector are expected to grow with the highest market share during the forecast period. The reason for this significant growth could be attributed to the various regulatory compliances that this sector needs to follow, which highly requires proper maintenance of all the data and information accordingly. Hence, IGA can easily provide such solutions, and hence this sector is seen to be easily adopting the same, thereby making its demand rise in the market.
Global Identity Governance & Administration Market, By Geography
o North America
o South America
o Asia Pacific
o Europe
o Middle East & Africa
North America is expected to dominate the market for Identity Governance & Administration during the forecast period. The high growth rate is basically attributed to the presence of a large number of prominent vendors in this region.
Global Identity Governance & Administration Market Competitive Landscape
• The major key players operating in this market include -:
o Oracle (US)
o IBM (US)
o SailPoint (US)
o SAP (Germany)
o Microsoft (US)
o CA Technologies (US)
o Evidian (France)
o NetIQ (US)
o One Identity (US)
o RSA Security (US)
o Hitachi ID (Canada)
o Saviynt (US)
o AlertEnterprise (US)
o Omada (Denmark)
o SecureAuth (US).
• Recent Developments -:
o Okta Inc. in May 2020 announced the launch of its new native identity integration with Amazon Web Services, to improve security, expand automation capabilities for large, and complex organizations, and simplify the user experience.
o SAP SE in May 2020 announced its strategic partnership with GEA. This partnership was basically intended to drive enterprise wide digital transformation. This will be majorly focused on implementing a global ERP system based on SAP S/4HANA.
This Report Is Submitted By : Maximize Market Research Company
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