Identity and Access Management (IAM) Market - Technological Overview and Developments Strategies to 2025
The identity and access management (IAM) market in Latin America is likely to depict a momentous growth graph. Proliferating connectivity in urban, corporate and private sectors have subsequently increased dependency on technology and given rise to various kinds of cybersecurity issues. This has further induced a growth of cyber threats in the region. These conditions are expected to drive the demand for identity and access management solutions in LATAM.
Based on applications in public sector, rising cases of cyber-attacks coupled with ongoing digital transformations have fueled the demand for robust IAM solutions. Expanding on utility sectors, growing implementation of automated infrastructure has forced this sector to protect logical and physical access of its resources such as buildings, equipment, operational technology and IT.
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The global identity and access management (IAM) market is slated to surpass a $20 billion valuation by 2025.
Rising initiatives from enterprises to restrict identity thefts and data leaks are expected to boost identity and access management (IAM) market growth. In fact, various companies have started to explore the options of strategic collaborations to strengthen their security portfolio.
Latin America Identity and access management (IAM) market is anticipated to grow at a 13% CAGR within the predicted timeframe. This projection is affirmed by the developments that have occurred in the region over the last decade. Over that time, Latin America has witnessed a surging demand for cloud computing, and IoT solutions due to widescale digitalization.
Public sector is also required to facilitate the authorization of certain individuals to specific devices. Implementation of IAM solutions would help them to easily facilitate these access rights with an improved degree of certainty.
Citing an instance from Okta, earlier in 2018, it had inked a cloud identity partnership agreement with a leading provider of workplace software and enterprise cloud infrastructure, VMware.
According to an estimate, in 2018, public sector and utilities accounted for over 23% of the identity and access management (IAM) market share. This industry share is projected to grow as cyber-attacks and the digital transformation trend pick up steam in the field.
This partnership mainly focuses on integrating VMware’s Workplace ONE with Okta’s identity cloud solutions to ensure a secure cloud migration. This would further aid the company in mitigating issues revolving around cloud-based IAM security, creating a more productive and connected workplace for enterprises.
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Reportedly, Okta, Inc. had also joined forces with Bitglass in 2018. This time the venture was based around offering a real-time threat and data protection services to firms that are migrating to the cloud. This would expand the company’s consumer base while offering a more secure way to conduct business with agility and ease.
The integration of identity authentication parameters with logical and physical security also further secures an individual’s digital and physical identity from potential fraud or data loss.
Increasing transformation in the technological landscape has sparked the need for a more connected workplace. Several companies have shifted their focus towards building more a connected work environment to enhance productivity and improve employee satisfaction. This practice is anticipated to boost product adoption in identity and access management (IAM) market.
For instance, in 2018, Ping Identity inked a partnership agreement with SailPoint Technologies to deliver secure access to various hybrid and on-premise IT applications. This venture would allow both firms to deliver simplified governance solutions and identity access to several businesses, thereby ensuring that secured access is given to the right personnel.
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Rahul Varpe
Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid...