The identity governance and administration market is expected to grow at a CAGR of 13.5 percent from US$ 5.8 billion in 2021 to US$ 10.92 billion by 2026, according to Future Market Insights (FMI). Two main growth factors for the identity governance and administration market are globalization and a rise in regulatory compliance. Some of the factors that are likely to drive the growth of the identity governance and administration market during the forecast period include organizations’ increasing focus on meeting administrative compliances, the demand to improve the operational effectiveness of identity procedures, and the globalization and growing use of data.
However, the high cost of deploying identity governance and administration solutions, as well as a lack of understanding about identity governance and administration, are the issues that are most likely to stifle the market’s growth. Throughout the forecast period, the identity governance and administration market is expected to be stifled by high costs and limited demand among small and medium-sized businesses (SMEs).
With various worldwide and regional rivals, the identity governance and administration industry are somewhat fragmented. However, the industry is shifting toward the consolidation of several smaller rivals. Several industry participants are using innovation to gain a competitive advantage in the identity governance and administration market. Oracle, IBM, Sailpoint, SAP, and CA Technologies are among the prominent players profiled in the identity governance and administration market study.
- In May 2020, Okta, Inc. announced New Native Identity Integration with Amazon Web Services to improve security, simplify the user experience, and expand automation options for large, complicated businesses. The new functionality, which is available immediately through the Okta Integration Network, allows Okta clients to provide identities to AWS SSO for permission management, allowing for automated synchronization of user IDs and groups to reduce complexity.
- May 2020 – SAP SE announced that GEA had entered into a strategic partnership with SAP to accelerate enterprise-wide digital transformation. The collaboration will focus on the installation of a global ERP system based on SAP S/4HANA, through which GEA hopes to fully exploit the potential of intelligent data use within a company.