Growing Trend Of Bring Your Own Devices to Boost the Growth of the Identity and Access Management Market

 


Identity and access management are the core concerns of all major corporations and organizations. These are the processes by which an organization protects its confidential information, such as the passwords of its financial transactions, the identities of its employees, and the information about its business operations. Identity and access control are not new concepts. However, recent advances in technology have made these concepts more complicated, costly, and prone to mistakes. Therefore, any company that relies on information systems must employ a strong identity and access management program to ensure that its information systems function effectively.

The rising need to reduce identity theft coupled with the increasing spending by government on the security solution is fostering the growth of the identity and access management market. Increasing risk management solutions, web-based applications, and audit management solution is again driving the growth of the market. Growing penetration of the Internet of Things (IoT), Bring Your Own Devices (BYOD), mobility, and remote workforce has also boosted the growth of the identity and access management market. According to the report published by Forbes, companies favoring Bring Your Own Devices (BYOD) make an annual saving of $350 per year, per employee.

North America is projected to gain significant growth over the forecast period and this is attributed to the increasing focus of key manufacturers to introduce the novel and innovative product in the region. For instance, in May 2020, Alcor announced the launch of AccessFlow – Identity and Access Management Platform built on ServiceNow™. AccessFlow is Identity and Access Management (IAM) Platform built on ServiceNow™ and available on the ServiceNow™ App Store.

Key Developments:

1.      In September 2018, CloudNow Technologies, the cloud solutions specialist, has announced the launch of its latest product offering, Akku. Akku is targeted at all enterprises using cloud-based applications and helps to enable them to enhance their data security, privacy, compliance to standards, and productivity on the cloud.

2.      In October 2020, vArmour, the provider of Application Relationship Management announced vArmour Application Access & Identity Module, the latest product built on the vArmour Application Controller platform

3.      In October 2020, Hitachi ID has launched the Hitachi ID Bravura Security Fabric and version 12.0 of its identity and privileged access management solution

4.      In October 2020, Rapid7, Inc. a provider of security analytics and automation announced the availability of its Cloud Identity and Access Management (IAM) Governance module for DivvyCloud to help customers identify and reduce cloud identity risk.

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