Market Trends of IAM Security Services Industry
The IT & Telecom Segment is Expected to Register a Strong Growth
- The diverse ecosystem of IT and telecommunication is more prone to data breaches and theft as they are highly dependent on their infrastructure, network, and databases to carry out any operation. Furthermore, the growing number of IT outsourced projects supporting applications in healthcare and BFSI has been driving the market growth. Moreover, modern IT administrators are attracted to the concept of a unified, outsourced solution because the alternative is a mess of partial add-on solutions with outdated on-premise IT infrastructure.
- The IT industry's penetration of cloud services is rising daily as databases and servers are now being shifted to the cloud. Also, growth in cloud spending is expected to drive the cloud-based IAM solution market. The growth in the number of employees in the IT industry has led to the database of personal details being usually maintained over cloud-based storage. This move is in anticipation of the shifting IAM in the cloud.
- Telecom businesses mostly work with a vast user base across national boundaries. The users consider that the telecom system can be relied upon for various transactions that could be financial or sensitive. Within the telecom industry, digital identities and access governance algorithms are very complex, thus driving the demand for IAM solutions.
- In addition to this, growth in security spending in IT organizations is expected to drive cloud-based IAM adoption. Prominent telecom organizations have also begun to transform themselves into technology providers by creating mobile applications for the use of voice over internet protocol (VoIP) calls and storing data on cloud platforms. In addition, growth in security spending in IT organizations, along with the combined mobility and cloud computing, is expected to create new frontiers of risks for operators, thereby driving the adoption of a highly secure and robust cloud discovery platform.
- For instance, in December 2022, Wallix, a prominent IAM provider, joined forces with hyper-trust cloud 3DS Outscale to strengthen its cybersecurity offering. Wallix's identity management, authentication, and digital access security solutions are now available on the Outscale marketplace. Wallix and 3DS Outscale will help build a trusted digital space that preserves digital freedom. Personal and industrial data stored in the Outscale marketplace is now protected by design, meaning users can decide whether to share their data. As a result, public and private organizations that face the challenge of storing sensitive data on the cloud can regain control of digital access by utilizing a solution that meets the highest performance, security, and data protection requirements, while reducing internal and external cyber risk.
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North America Leads the Market with the Largest Market Share
- The North American region has two developed economies, including the United States and Canada, with well-established IT service sectors. These businesses have prioritized many IAM systems to protect login credentials and apply for least-privilege access across applications, networks, and infrastructure for themselves and their clients in a single scalable, multi-tenant solution. Examples include multi-factor authentication, single sign-on, privileged access management, technician elevated access, secrets management, and unified directory services.
- For instance, in June 2022, Evo Security, an American IAM platform provider, launched the Evo Partner Identity Cloud. This identity cloud is the first all-in-one IAM solution designed exclusively with the needs of managed service providers (MSPs) and their business customers in mind. The enterprise-grade cloud platform is a comprehensive identity and access management solution that gives MSPs an easy and highly secure way to protect small and medium-sized businesses and enterprises from the most common types of cybersecurity attacks that frequently exploit login and access vulnerabilities to penetrate network and cloud assets.
- Many financial institutions in the region have been witnessing security breaches due to a lack of access management systems. This is because the banking, financial services, and insurance (BFSI) sector holds valuable data, and their efforts to transition to the digital age are raising the possibility. For instance, in April 2022, unauthorized employees of the US mobile payment company, Block Inc., downloaded client information reports without permission. It is estimated that 8.2 million current and former consumers were included in the research.
- Small businesses are the backbone of the Canadian economy. As small businesses adapt to the digital economy and the lasting impacts of the COVID-19 pandemic, the Government of Canada is working to help them continue to grow, thrive, and create good jobs. The Canadian government intends to start a new digital infrastructure project to improve the country's supply chains which would be helpful country's manufacturing and Retail industries' vendors. In October 2022, the Minister of Transport declared to invest USD 136 million initiative in Advancing Industry-Driven Digitalization of Canada's Supply Chain. This digitalization trend among the small industries in the country would drive the requirement for IAM solutions because IAM solutions enable companies to have the desired security for their digital operations.
- Additionally, in March 2022, the prime minister of Canada announced the establishment of the Canada Digital Adoption Program (CDAP), which would help Canadian small and medium-sized businesses increase their online presence and update or implement digital technologies. This investment would provide USD 4 billion over four years to support up to 160,000 small businesses. The CDAP would enable small and medium-sized enterprises in Canada to assess their level of digital readiness and submit grant and loan applications online. They could utilize this cash to modernize or embrace digital technologies, digitize their business processes, and take advantage of e-commerce opportunities to stay competitive. Thus, the increasing rate of SMBs in the country and their adoption of digital technology would create an opportunity for the IAM service providers and fuel the market growth in the region.
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