The global identity governance and administration market size is expected to grow from USD 3.8 billion in 2018 to USD 7.7 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 15.2% during the forecast period.
The growing adoption of identity governance tools to meet regulatory compliances is expected to increase the demand for identity governance and administration offerings across the globe during the forecast period.
The identity governance and administration market includes major vendors, such as Oracle (US), IBM (US), SailPoint (US), SAP (Germany), Microsoft (US), CA Technologies (US), Evidian (France), NetIQ (US), One Identity (US), RSA Security (US), Hitachi ID (Canada), Saviynt (US), AlertEnterprise (US), Omada(Denmark), and SecureAuth (US). These players have embraced different growth strategies to expand their global presence and increase their market shares. New product launches and partnerships/collaborations are some of the significant strategies adopted by the major players to grow further in the identity governance and administration market.
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Oracle is strengthening its foothold in the identity governance and administration market by using various strategies, such as new product and service launches, and product enhancements. For instance, Oracle released version 12c PS3 of OIG that added features to significantly simplify operational aspects, such as installation, application onboarding, and upgrading of the solution. Furthermore, its Research and Development (R&D) expenditure in 2018 amounted to 15.3% of its total revenue. Oracle invested approximately USD 6.09 billion in 2018 in R&D to expand its existing product and services portfolios and introduce new products and services. Oracle has been categorically focusing on expanding its foothold in new verticals by making its products available to channel partners, resellers, regional distributors, network integrators, and Independent Software Vendors (ISV).
IBM, with an extensive experience in the IT industry, is aspiring to become the market leader for security, governance, and compliance solutions by offering strategies, capabilities, and technologies for security risk management. IBM’s IGI solution helps organizations increase end-user satisfaction, achieve regulatory compliance, reduce business risk, reduce operational insights, and provide advanced visual analytics for making smarter decisions. In august 2018, IBM upgraded its IGI solution to version 5.2.4 with additional capabilities, such as enhanced support for XenServer hypervisor, internal OpenID Connect provider to authenticate external applications, and configuration option that would enable user to authenticate SMTP mail server.
Identity Governance and Administration Market by Component (Solution and Services), Deployment Type, Organization Size, Industry Vertical (BFSI, Government and Defense, and Telecom and IT), and Region - Global Forecast to 2023
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