The identity governance and administration market is expected to experience significant growth in the coming years, driven by increasing demand for secure digital identities and access rights management. This market is estimated to grow from $3.8 billion in 2018 to $7.7 billion by 2023, at a CAGR of 16.8%. Key players in the market are Microsoft, IBM, Oracle, SailPoint, CA Technologies, NetIQ, Dell, Hitachi ID Systems and Courion. These companies are focusing on offering advanced solutions to meet the growing need for secure identity governance and administration. With the increasing number of cyber threats, organizations are deploying identity governance and administration solutions to strengthen their security and prevent data breaches.
Identity Governance and Administration Market Size to hit US$ 14.7 Billion, Globally, by 2030 at 15.2 % CAGR
By component, the Identity Governance and Administration Market Size has been segmented into solution and services. The solutions segment is expected to be the larger contributor than services segment, whereas the services segment is expected to register a higher CAGR during the forecast period.
Based on organization size, the large enterprises are anticipated to contribute the higher share than SMEs as these enterprises invest a significant amount on key cybersecurity solutions including IGA. SMEs segment is expected to grow with the higher CAGR than large enterprises from 2022 to 2030
By deployment mode, the market is segmented into cloud and on-premises. The cloud segment is expected to witness the larger adoption than on-premises, and it is also expected to register the higher CAGR.
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Based on industry vertical, the market has been segmented into banking, financial services, and insurance (BFSI), government and defense, healthcare, retail, manufacturing, telecom and IT, energy and utilities, and others. The BFSI segment is expected to be the largest contributor while the healthcare segment is expected to grow with the highest CAGR from 2019 to 2024.
Market Research Future recognizes the following vendors as prominent players in the IGA market— SailPoint Technologies Holdings, Inc. (US), Oracle Corporation (US), IBM Corporation (US), One Identity LLC (US), CA Technologies (US), Saviynt Inc. (US), Micro Focus (UK), Hitachi ID Systems, Inc. (Canada), RSA Security LLC (US), Omada A/S (Denmark), AlertEnterprise (US), Core Security (US), SAP (Germany), Microsoft Corporation (US), and Atos SE (France).
A geographic analysis of the global identity governance and administration (IGA) market has been conducted for North America, Europe, Asia-Pacific, and the rest of the world.
North America has been segmented into the US, Canada, and Mexico. The regional market is expected to be the largest contributor to the IGA market during the forecast period, 2019 to 2024. The presence of major vendors and fast adoption of innovative solutions are the key driving factors for the growth of the IGA market in the region. The US is expected to hold the largest share while Canada is expected to grow with the highest CAGR from 2022 to 2030.
In terms of market share, Europe is expected to follow North America closely; for the purpose of analysis, the European region has been further segmented into the UK, Germany, France, and the rest of Europe. Increased investments in cybersecurity solutions, particularly related to employees’ identity and access rights, and stringent government regulations are the key driving factors for the market growth in Europe. The UK is leading in the European IGA market while Germany is expected to register the highest growth during the forecast period. In terms of growth rate, France is expected to witness the highest CAGR during the forecast period.
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The market in Asia-Pacific is expected to witness the highest CAGR during the forecast period, 2019–2024. The regional market has been segmented into China, Japan, India, and the rest of Asia-Pacific. The countries in the region, such as China, India, Japan, Singapore, and South Korea, are expected to show fast adoption of IGA solutions in the upcoming years. A growing number of enterprises and increasing awareness of cybersecurity are the key driving factors for the growth of the IGA market in the region.
Growing economies in the Middle East & Africa and South America are expected to show significant growth in terms of adoption of IGA solutions as the regions are showing fast adoption of new IT solutions and services. These regions are in the nascent phase and offer huge potential to grow in the upcoming years.
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