The global identity and access management (IAM) market is expected to reach USD 24.55 billion by 2022, according to Research and Markets.
Increased spending by large scale enterprises and government organizations along with stringent regulatory compliances are expected to drive industry growth.
Rise in web-based applications, risk management such as policy-based compliance and audit management combined with cost containment are the key factors driving demand. Additionally, growing popularity of connected devices, Bring Your Own Device (BYOD) and Internet of Things (IoT) are projected to positively impact the identity and access management market.
Growing innovation with interoperable technologies are enabling providers in building advanced solutions including secure print authentication and EV charging station access.
The global IAM market is expected to witness significant growth owing to surging demand across various application segments. Cloud-based and hybrid solutions are estimated to extend their footprints in the industry with enhanced security and minimize error rates features.
Commoditization of identity functions and the explosion of available applications are expected to compel enterprises to seek more scalable options.
North American IAM market
North America identity and access management market dominated demand in 2014, and is expected to account for over 34% of the overall share by 2022.
Many federal agencies across the U.S. require employees to use a hardware-based personal identification verification card or an alternative form of strong authentication while accessing government IT infrastructure and networks.
Various federal government agencies such as department of the interior, transportation and veteran affairs are implementing strong authentication measures which are estimated to drive demand across this region.