The Identity and Access Management market is estimated to grow from $9.16 billion in 2014 to $18.30 billion in 2019, according to a new report released by business research firm MarketsandMarkets.
That prediction is based on a compound annual growth rate (CAGR) 14.85% from 2014 to 2019 and is roughly in line with previous predictions.
The report, available here, posits that a “changing mindset” among large organizations is leading to a shift from on-premise to cloud-based IAM solutions— a shift that will have a considerable impact on the market.
Traditionally, on-premise solutions have dominated the IAM market, but as consumer trust in cloud security increases, so will enterprise adoption of cloud-based Identity and access management as a service (IDaaS) solutions, according to the report.
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MarketsandMarkets predicts that a large part of cloud-based IAM adoption will come from small to midsized enterprises (SMEs), due to a “lowering proportion of services.” In plain English: in the past, IAM projects required many differentiated and complex solutions, and the rise of all-in-one cloud IAM solutions has lowered that barrier to entry for many businesses.
Lower prices are also a factor in this growth. According to the report “traditional cost structure” was too heavy for many SMEs, but “SMEs across the globe will start investing in IAM projects in coming years as traditional cost structure is slowly getting replaced by attractive pricing offers such as monthly subscription,” and user based pricing.
The report predicts that North America will be the largest contributor to IAM market growth.
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