The market for identity governance and management is anticipated to grow at a CAGR of 13.5% between 2023 and 2033. The value of the global market is predicted to be US$ 7,689.6 million in 2023 and US$ 27,125.7 million in 2033.
Identity and access management, identity lifecycle management, and compliance reporting are important elements of IGA solutions. IGA solutions are in greater demand as a result of the rise of cloud computing, mobility, and cyber risks as businesses try to secure their digital assets and adhere to legal obligations. The demand for safe and effective identity management systems is projected to fuel the IGA market’s expansion in the upcoming years.
The technologies and solutions used for managing digital identities and restricting access to data and apps within an organization are referred to as the Identity Governance and Administration (IGA) market. A unified system for creating, administering, and enforcing security policies for user identities, roles, and permissions is made available by IGA solutions.
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One of the key drivers of the demand for identity governance and administration solutions during the projected period is the growing emphasis that organizations place on achieving administrative compliance as well as the need to enhance the operational efficacy of identification procedures.
It is projected that there would be enticing potential for market share expansion due to the rising use of hybrid deployments by businesses and the rising demand for identity governance and administration solutions to control security risks and threats among enterprises.
Recent Changes in the Market for Identity Governance and Administration
- For large, complicated enterprises, Okta, Inc. introduced a new native identity integration with Amazon Web Services in May 2020 to enhance security, streamline the user experience, and expand automation opportunities.
- The new feature enables Okta clients to provide identities to AWS SSO for permission management, allowing automatic synchronization of user IDs and groups to decrease complexity. It is now available through the Okta Integration Network.
- In May 2020, SAP SE announced that GEA and SAP had entered into a strategic partnership with the aim of quickening the pace of corporate-wide digital transformation.
- GEA intends to fully exploit the potential of data intelligence inside the partnership by deploying a worldwide ERP system based on SAP S/4HANA.v
