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Analysis on Impact of COVID-19-Global Identity and Access Management Market 2020-2024| Increase in Data Theft Across the Globe to Boost Market Growth | Technavio

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The identity and access management (IAM) market is expected to grow by USD 15.15 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio.

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Technavio has announced its latest market research report titled Global Identity and Access Management Market 2020-2024 (Graphic: Business Wire)

Technavio has announced its latest market research report titled Global Identity and Access Management Market 2020-2024 (Graphic: Business Wire)

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Market estimates include pre- and post-COVID-19 impact on the identity and access management market –

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Cyber thefts by hackers and cybercriminals are growing at an alarming rate. For instance, in May 2017, 1.9 million customers’ email addresses and approximately 1,700 phone numbers and names were stolen from Bell Canada’s database by an anonymous hacker. Similarly, in March 2017, Yahoo revealed that 32 million user accounts were accessed by hackers. This is increasing the demand for IAM as it enables enterprises to verify users as well as manage their access to enterprise resources. IAM helps enterprises to review the critical areas of concern within their environment, provides insights, and offers tools to defend against these attacks. Thus, the increase in data thefts will drive the growth of the market.

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The global outbreak of COVID-19 is expected to have a neutral impact on the growth of the global identity and access management market. The global market is not expected to see any major impact of COVID-19 spread. Consumers are not likely to increase or decrease their consumption neither stock more supplies. However, the increased containment efforts by countries across the world might change the market outlook beyond Q2.

As per Technavio, the upsurge of cloud IAM will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.

Identity and Access Management Market: Upsurge of Cloud IAM

The upsurge of cloud IAM is one of the key identity and access management market trends that will drive market growth during the forecast period. The adoption of cloud identity and access management is expected to increase as it is a convenient and cost-effective way to store business-critical data. This is stimulating the demand for cloud security solutions such as cloud-based personal identity management. Cloud IAM does not require any software or hardware and can be monitored remotely. Such factors will increase the adoption of cloud IAM, thereby driving market growth.

“Factors such as the growing use of IoT, and the increasing adoption of IDaaS solutions will have a significant impact on the growth of the identity and access management market value during the forecast period,” says a senior analyst at Technavio.

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Identity And Access Management Market: Segmentation Analysis

This market research report segments the identity and access management market by deployment (on-premises and cloud-based) end-user (large enterprises, government organizations, and SMEs), and geography (North America, Europe, APAC, MEA, and South America).

The North American region led the identity and access management market in 2019, followed by Europe, APAC, MEA, and South America respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the availability of adequate IT and business infrastructure, IT security compliance and governance regulations, and high adoption of cloud-based IT security solutions.

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Some of the key topics covered in the report include:

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.