SP&T News

Headlines News
IHS Markit: global IGA revenue to reach nearly $6 billion by 2021

According to the “Cybersecurity Identity & Access Management Report” from IHS Markit, the global identity governance and administration (IGA) market is projected to increase from $3.2 billion in 2017 to $5.8 billion in 2021.


March 29, 2018
By SP&T Staff

IGA tools manage digital identity and access rights across multiple systems. These tools collect and correlate identity and access-rights data distributed throughout the IT landscape, says IHS.

“This aggregated data serves as the basis for core IGA functions, including identity life cycle and entitlements management, access requests, workflow orchestration, access certification, fulfilment via automated connectors and service tickets, reporting and analytics,” says the report.

The report highlights five key access management growth factors over the next five years:

1. GDPR deadline

Advertisment

Heavily regulated end user sectors have traditionally placed the most focus on IGA solutions. However, in the past year, manufacturing and retail sectors have become more security conscious. An increase in the number of data breaches, and looming legislation around the General Data Protection Regulation (GDPR) in May 2018, has increased interest in security and identity and access management (IAM) solutions.

2. Smaller organizations using identity governance and administration solutions

IGA solutions have traditionally been deployed by larger organizations. Companies with 5,000 or more employees are projected to contribute the largest revenue growth over the next five years, increasing from $2.4 billion in 2017 to $3.1 billion in 2021.

The proportional importance of this segment is forecast to decline from 75 per cent of total access management revenue in 2017 to 54 per cent in 2021.

But small and medium-sized businesses (SMEs) are predicted to increase the amount of IGA solutions they deploy. Revenue from companies with between one and 499 employees is projected to increase from $106 million in 2017 to $439 million in 2021.

3. On-premises hybrid and cloud solutions

Many applications run on premises at companies; therefore a significant portion of larger organizations still wants some on-premises solutions. Larger organizations are more apt to move to a hybrid model, with some applications running in the cloud as a stepping-stone toward full adoption of cloud solutions. As such, hybrid solutions are projected to increase from $714 million in 2017 to $1 billion in 2021.

4. Asia Pacific embracing IGA solutions

More IGA vendors are entering the Asia Pacific region because of growth opportunities created from newly introduced access risks. APAC organizations now have more affordable IGA options, which provide access to localized IGA skills.

5. Blockchain makes security cheaper and more accessible

The current market landscape demands federation and single sign-on (SSO). These systems make identity management, protection and verification costly and risky for industry enterprises and government agencies. Blockchain has the potential to introduce improvements that can make security more accessible and budget friendly.

With smart contract capabilities, pieces of code carrying valuable data can be automatically executed.

A permissioned blockchain technology provides core capabilities that enable a trusted digital identity network to build and operate the following:

• A shared, append-only ledger, with one version of the data shared in real time, across all permissioned network participants
• Smart contracts that ensure verifiable and signed business logic is executed in each transaction
• Trust between known participants, to verify transactions and ensure records are valid
• Privacy and security measures that grant access only to permissioned parties


Print this page

Related

Tags



Leave a Reply

Your email address will not be published. Required fields are marked *

*