Identity Management Market to Reach $24.55 Billion by 2022

As compromised credentials are usually responsible for data breaches, the global identity and access management market is expected to reach $24.55 billion by 2020, Research and Markets reports.

The global identity and access management system makes sure access is identity-based and secured across devices and systems, from any location. Enterprises use IAM to safeguard their infrastructure. Because employees have access with a sign-on password, they are not as exposed to hacking attacks.

Since connected devices are becoming more popular and users access company information on personal mobile devices, the absence of proper identity access management systems, as well as the lack of strong passwords and authentication methods, can lead to data breaches, Cloud Security Alliance (CSA) found.

“The survey results are insightful into understanding insufficient identity, credential and access management, as it relates to the evolving, increasingly cloud-based enterprise,” said Luciano Santos, Executive VP of Research for the CSA.

In the future, this will drive the demand and growth of the identity and access management market. By 2020 the market will be monopolized by North America.

“Vendors are increasingly offering SaaS-based IAM solutions to increase their market share and they are gaining in popularity. These solutions offer benefits such as low initial investment and pay-per-use models,” Research and Markets analysts write.

The trend is headed for the cloud.

“Cloud-based and hybrid solutions are estimated to extend their footprints in the industry with enhanced security and minimize error rates features,” HelpNetSecurity writes.