Security Assertion Markup Language Authentication Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Security Assertion Markup Language Authentication Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The security assertion markup language authentication (SAML) market is expected to register a growth at a CAGR of 13.6% over the forecast period (2021-2026). SAML is an open standard which enables the identity providers to pass authorization credentials to service providers. The increasing need for managing large volumes of identities effectively and enhance security to operations is one of the main factor drving the market growth.

Key Highlights

• According to the Identity Theft Resource Center, the number of compromised data records in the Yahoo data breach case stood at 3000 millions, as of May 2020. Whereas the number of compromised data records in the Facebook data breach case stood at 2,200 million as of May 2020. These instances and facts related to cybercrime and data breaches are further stimulating the need for deployment of enhanced and robust identity and access management solution.
• Cloud technology has significantly changed the way businesses work across various end-user industries, driven by cost efficiencies and economies of scale. The rising adoption of cloud services across the world is fueling the growth in cloud traffic growth. According to Cisco Systems, the global cloud traffic is expected to grow to approximately 14,078 exabytes per year in 2021, as compared to 3,850 exabytes per year in 2016. In 2019, cloud traffic in North America amounted to approximately 4,860 exabytes per year, which accounted for the largest share.
• Due to the ongoing COVID-19 outbreak, the countries across the world have implemented precautionary measures. While schools are being closed, and communities are asked to stay at home, and many organizations are finding a way to enable their employees to work from their homes. This has resulted in a rise in the adoption of video communication platforms. In the past four months, the new domain registration on these video communication platforms, including Zoom, has rapidly increased. According to the Checkpoint Security, since January 2020, more than 1700 new domains were registered and 25% of which registered in the first week of March 2020. Additionally, due to this, cybercriminals also have started targeting these platforms. For instance, in March and April 2020, Zoom meetings have been comprised across the world because of inefficient mangement of access identification data.

Key Market TrendsAdoption by BFSI to grow Significantly

• The banking and financial Industry (BFSI) has witnessed significant technology penetration over the decade, owing to the increase in the number of digital and online channels, internet banking and mobile banking, online payments portals, etc. With the increasing adoption of technology in the industry, the instances of data breaches in the BFSI industry have also increased significantly, due to the vulnerability of the data stored.
• According to the Identity Theft Resource center, the number of US data breaches in the BFSI industry amounted to 35 in 2013, and has grown significantly to 135 in 2019, depicting a massive growth in the number of data breaches in five years. Hence, the need for enhanced security systems as well systems to manage all the access details, security assertion markup language authentication (SAML), is increasing due to the increased instances of identity thefts in the recent years.
• The contact centers have also been one of the emerging sector adopting SAML solutions in the BFSI sector. For instance, in May 2020, UJET Inc, a provider of cloub-based contact center has announced to integrate identity manager in partnership with Microsoft, Okta, and OneLogin.

North America is Expected to Hold Largest Market Share

• The North American region is expected to hold a significant share, owing to the high adoption of advanced technologies. There is an increasing need for advanced security systems in the regional banking sector, which boosts the market’s growth positively.
• Payment Card Industry Data Security Standard (PCI DSS) compliance originally drove the adoption of cloud security solutions in large enterprises. Data breaches related to payment and banking sectors have been prominent in the United States, which, in turn, is set to boost the adoption of advanced cloud security solutions.
• For instance, In July 2019, hackers stole the personal information of more than 106 million people from financial corporation Capital One - the third-largest issuer of credit cards in the US. Additionally, In August 2018, attackers stole USD 13.5 million from India's Cosmos bank by compromising their financial systems.

Competitive Landscape

The security assertion markup language authentication market is more inclined towards consolidation with the presence of many established players and holding significant share in the market . These companies have been strategizing for mergers and acquistions; where as the core vendors in the market offering contrated to the market are focusing on product innovations to gain on market share. Some of the recent developments by the company are mentioned below.

• July 2019 - Gemalto announced to partner with Entrust Datacard, which specializes in offering identity and secure transaction technology. In terms of this partnership, the companies have agreed to offer cloud-based platform from Gemalto for integrating identity management and data protection solutions for the IoT devices.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
Gemalto, Inc. (Thales Group)
Ping Identity Corporation
Amazon Web Services
Microsoft Corporation
Oracle Corporation
MiniOrange Inc.
ManageEngine (Zoho Corporation)
OneLogin, Inc.
Okta, Inc.
SSO Easy
SAASPASS Inc.

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