While IAM software has existed almost as long as multi user systems, and certainly since before the web, we are now seeing a rapid growth in this area as companies extract more value and security from these applications.
Grand View estimates that cloud-based and hybrid solutions will extend their footprints in the industry with enhanced security and minimize error rates features. Commoditization of identity functions and the explosion of available applications are also expected to compel enterprises to seek more scalable options. Looking at individual technology areas, the Grand View report predicts that cloud-based identity and access management market will witness ‘robust’ demand by 2022, growing at a CAGR of over 18% from 2015 to 2022. Rising demand for cloud-SSO is also a key factor supporting expansive adoption among enterprises. Public sector and utilities sector accounted for over 25% of the revenue in 2014 and is anticipated to exhibit significant growth over the next seven years.