Security Assertion Markup Language Authentication Market Size

Security Assertion Markup Language Authentication Market Analysis

The security assertion markup language authentication (SAML) market is expected to register a growth at a CAGR of 13.6% over the forecast period (2021-2026). SAML is an open standard which enables the identity providers to pass authorization credentials to service providers. The increasing need for managing large volumes of identities effectively and enhance security to operations is one of the main factor drving the market growth.

• According to the Identity Theft Resource Center, the number of compromised data records in the Yahoo data breach case stood at 3000 millions, as of May 2020. Whereas the number of compromised data records in the Facebook data breach case stood at 2,200 million as of May 2020. These instances and facts related to cybercrime and data breaches are further stimulating the need for deployment of enhanced and robust identity and access management solution.
• Cloud technology has significantly changed the way businesses work across various end-user industries, driven by cost efficiencies and economies of scale. The rising adoption of cloud services across the world is fueling the growth in cloud traffic growth. According to Cisco Systems, the global cloud traffic is expected to grow to approximately 14,078 exabytes per year in 2021, as compared to 3,850 exabytes per year in 2016. In 2019, cloud traffic in North America amounted to approximately 4,860 exabytes per year, which accounted for the largest share.
• Due to the ongoing COVID-19 outbreak, the countries across the world have implemented precautionary measures. While schools are being closed, and communities are asked to stay at home, and many organizations are finding a way to enable their employees to work from their homes. This has resulted in a rise in the adoption of video communication platforms. In the past four months, the new domain registration on these video communication platforms, including Zoom, has rapidly increased. According to the Checkpoint Security, since January 2020, more than 1700 new domains were registered and 25% of which registered in the first week of March 2020. Additionally, due to this, cybercriminals also have started targeting these platforms. For instance, in March and April 2020, Zoom meetings have been comprised across the world because of inefficient mangement of access identification data.