Market Overiew:
The global Identity Governance and Administration Market is projected to experience a robust growth, with an expected Compound Annual Growth Rate (CAGR) of 15.20% from 2023 to 2032, reaching a valuation of USD 19.65 billion by 2032. This growth is primarily driven by the increasing adoption of cloud-based solutions, the growing need for compliance, and the escalating frequency of cyberattacks.
Key Players:
Some of the key players in the global IGA market include
- SailPoint Technologies Holdings Inc.
- Oracle Corporation
- IBM Corporation
- One Identity LLC
- CA Technologies
- Saviynt Inc.
- Micro Focus
- Hitachi ID Systems Inc.
- RSA Security LLC
- Omada A/S
- AlertEnterprise
- Core Security
- SAP SE
- Microsoft Corporation
- Atos SE
These companies are actively developing innovative IGA solutions to meet the escalating demand from organizations and are investing in research and development to enhance the features and capabilities of their IGA solutions.
Market Segmentation:
The global IGA market is segmented by component, deployment mode, organization size, industry vertical, and region. This segmentation provides insights into the diverse aspects of the market, including the dominance of solutions over services, the growth of cloud-based deployment mode, the larger contribution of large enterprises compared to SMEs, the significant presence of the BFSI industry, and the regional distribution of the market across North America, Europe, Asia Pacific, and Rest of the World (RoW).
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Key Drivers:
The growth of the IGA market is propelled by the increasing adoption of cloud-based solutions, the growing need for compliance, and the rising number of cyberattacks. Cloud-based solutions offer scalability, flexibility, and cost-effectiveness, driving organizations to adopt cloud-based IGA solutions. Additionally, the growing need for compliance with regulations such as GDPR and SOX, along with the escalating sophistication of cyberattacks, further contribute to the market’s expansion.
Conclusion:
The global IGA market is poised for significant growth, driven by the increasing adoption of cloud-based solutions, the growing need for compliance, and the rising number of cyberattacks. Organizations are increasingly turning to IGA solutions to bolster their security posture and safeguard sensitive data, indicating substantial growth prospects for the market in the foreseeable future.
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Conclusion:
The global IGA market is expected to grow at a significant rate during the forecast period. The growth of the market is attributed to a number of factors, such as the increasing adoption of cloud-based solutions, the growing need for compliance, and the rising number of cyberattacks. Organizations are increasingly adopting IGA solutions to improve their security posture and protect their sensitive data. The market is expected to witness significant growth in the coming years.
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