Identity Governance and Administration (IGA) Market to Reach USD 9 Billion by 2026, at a CAGR of 16% - Report by Market Research Future (MRFR)
New York, US, Oct. 28, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Identity Governance and Administration Market information by Components, by Deployment Mode, by Organization Size and Region – forecast to 2027” market size to reach USD 9 billion, growing at a compound annual growth rate of 16% by 2026.
Market Scope:
Identity governance and administration (IGA) software can enable organizations to comply to security protocols and prevent unauthorized entry of unknown personnel. It has the ability to provide automated access to digital assets while lowering risks. Market Research Future’s (MRFR) report on the identity governance and administration (IGA) market contains projections of growth on the industry for the forecast period (2020-2027) while taking into consideration the effects of the COVID-19 pandemic.
Dominant Key Players on Identity Governance and Administration Market Covered are:
- SAP (Germany)
- Saviynt Inc. (US)
- Oracle Corporation (US)
- Micro Focus (UK)
- CA Technologies (US)
- One Identity LLC (US)
- IBM Corporation (US)
- Atos SE (France)
- SailPoint Technologies Holdings Inc. (US)
- Microsoft Corporation (US)
- Omada A/S (Denmark)
- Core Security (US)
- RSA Security LLC (US)
- Hitachi ID Systems Inc. (Canada)
- AlertEnterprise (US)
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Market USP Exclusively Encompassed:
Identity Management Solutions to Drive Market Demand
HVAC contractors and real estate developers are collaborating to provide modern and luxurious homes with all amenities. Automation of cooling and heating systems to provide convenience and comfort to home owners can drive the market demand for identity governance and administration systems. Bundled products that work in a common connected platform are the latest selling point pursued by developers to drive sales of automation systems. For instance, Samsung Corporation has developed the SmartThings application to control a bevy of products on the platform. It can be used in creating ambience for single family and multi-family environments.
Cybersecurity Solutions to Drive Market Growth
Smart homes can utilize identity governance and administration solutions for controlling heating, electrical, cooling, and light appliances. They can increase comfort and usability while managing the ambience of rooms through a centralized remote. Moreover, it can enhance the security of homes by enabling floodlights and security illuminations at breach points. The COVID-19 pandemic has propelled the demand for smart lights by providing a safe space for work in homes and workstations.
High Costs to Hamper Market Growth
The huge initial costs of installation owing to added costs of installation and equipment can hamper the identity governance and administration market growth. Use of expensive software, light sources, and control systems can deter potential clients. However, dipping prices of LEDs and energy savings of these lights can prove to be fruitful to the market in the coming years.
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Segmentation of Market Covered in the Research:
Services to Gain Major Market Share
By component, the market has been segmented into solution and services. The services segment has been further bifurcated into professional and managed services. Professional services covered in the study are consulting services, implementation and integration services, and support services.
Cloud to Capture a Large Market Share
By deployment mode, the market has been segmented into cloud and on-premises.
SMEs to Induce Major Demand till 2027
By organization size, the market has been segmented into large enterprises and SMEs. SMEs can use the solution to strengthen their networks and protect against fraud or theft. It can exhibit a robust growth rate during the forecast period due to embracing cloud solutions for improving performance and efficiency.
Government and Defense Vertical to Take the Lead in Global Market
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 government and defense vertical is set to lead in the global market owing to high security measures to be implemented in various departments to prevent copying of information as well as unauthorized access to classified files.
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Regional Analysis
North America to Lead Global Identity Governance and Administration Market
North America is anticipated to dominate the demand share of the identity governance and administration market owing to investments in modernization of infrastructure and technological advances in lighting. Applications of smart lights in automobiles, commercial buildings, and public places coupled with presence of key players can drive regional market growth. Commercial facility owners are increasing embracing identity governance and administration solutions to conserve energy.
COVID-19 Impact on the Global Identity Governance and Administration Market
The COVID-19 pandemic had helped the identity governance and administration (IGA) market to successfully leverage on shifting designations of employees in the healthcare sector. IGA and its integration can help manage digital identities and provide provisions and reclaim it from workers in need of workstations and applications. Adoption of automated processes by various organizations as well as need to comply with strict authorization guidelines can be lucrative to the IGA market.
Industry News
Deloitte and Saviynt have partnered to offer a managed service for secure authorization of identities across multi-cloud environments. It aims to cater to clients in sectors of healthcare, technology, and government sectors by providing them with predictive analytics to expedite the process.
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