Global IAM Security Services Market - Segmented by Type of Solutions (Identity Cloud, Access Management, Directory Services), Type of Deployment (On-Premise, Hybrid, Cloud-based), Organization Size (Large Enterprises, Small & Medium Enterprises (SMEs)), by End-user Vertical (BFSI, IT & Telecom, Retail), and Region - Growth, Trends, and Forecast (2018 - 2023)
IAM security services market is expected to reach USD 19.53 billion in 2023 from USD 9.18 billion in 2017, registering a CAGR of 13.4%, during the forecast period (2018 - 2023). The scope of the report is limited to the type of solutions offered, the type of deployment method, the organizations size and various end-user verticals. The regions considered in the scope of the report include - North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Increasing security concerns and increasing number of cyber data breaches are major driving factors of the market, where as complexity in integrating the solution with existing network is inhibiting its growth rate.
Rapid Adoption of Bring-Your-Own-Device (BYOD)
The cyber data breaches are tremendously impacting the customers’ confidence, for instance, 46% dip in profit of most cloud-based companies was seen after the occurrence of a major data breach incident. Moreover, the global average cost of a data breach in 2017 was USD 3.6 million. One of the three largest credit agencies in the U.S., Equifax, suffered a breach in 2017 that affected 143 million consumers. JP Morgan also witnessed data breach that affected financial information of 3500 customers.
Asia Pacific To Have The Highest Growth Rate
Asia Pacific (APAC) is expected to drive the IAM security services market, owing to growing industrial sector. Emerging economies in APAC, such as Japan, China and India are deploying IAM security services rapidly. APAC region houses immense number of SMEs and SMEs are deploying threat intelligence services owing to increasing incidences of cyber-attacks. Moreover, rising demand of cloud-based solutions from various industrial sectors are driving the growth of IAM security services market.
Key Developments in The Market