Cloud

Smart transportation market to register a double-digit CAGR of 20% over 2018-2024, IoT and government initiatives to be the driving forces behind industry growth

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With the robust penetration of smart technologies in the transit space, smart transportation market has been progressing at a prodigious pace in the recent years. The growth can be aptly credited to the efforts of the automotive industry players that have been striving to bring in innovative products to the masses. However, the governmental bureaucracy is also to be accredited with some appreciation, given that these authorized bodies have been extensively adopting smart technologies to solve traffic problems, in addition to providing substantial financial support for modernizing transportation.

Smart Transportation Market Size, By Mode of Transportation, 2017 & 2024 (USD Million)

Smart Transportation Market Size, By Mode of Transportation, 2017 & 2024 (USD Million)

Urban planners along with technology experts are focusing on building smart cities that will use automated transportation, smart grids, artificial intelligence and digital sensors. Such cities are expected to become a hub for the expansion of the smart transportation industry. Furthermore, the advent of the Internet of Things (IoT) and artificial intelligence (AI) will also be playing a major role in popularizing smart transport, extending its reach across the masses. Indeed, it is being speculated that smart transportation market will emerge as one of most revolutionizing business spaces of the 21st century.

How China is contributing toward smart transportation market share

China, the biggest automotive market across the globe, has been highly proactive in improvising its automobiles, thereby emerging as a pivotal contributor in smart transportation market. The nation has seemingly deployed intelligent transportation systems such as traffic signal control systems, variable message signs, car navigation, speed cameras and automatic number plate recognition. This is being done primarily to update transportation systems and resolve various social issues that are often indirectly related to poor transportation. In fact, one of the most iconic instances demonstrating China’s proactiveness in smart transportation industry is the construction of an intelligent highway equipped with battery chargers, solar panels and mapping sensors all along the 1.08 km stretch.

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China also aims at ensuring that at least 10% of all automobiles across the country are electric vehicles. This would warrant that smart highway projects such as the aforementioned are always on the run, thereby providing an added growth avenue for smart transportation industry. The Intelligent Transport System Association of China has recently even declared an investment of USD 30 billion in the intelligent transport industry by 2020 that would help construct electronic charging systems and encourage green transport system.

Dubai: Revolutionizing the dynamics of MEA smart transportation industry

Dubai has recently joined the trend of smart city development. Apparently, under the umbrella of the Dubai Plan 2021, the government is aiming at transforming infrastructure, designing ambitious projects and providing citizens with enhanced benefits. The regional smart transportation market has witnessed increased investment under the Dubai Plan, as transportation is being viewed as a key pillar to the development of a smart city.

The Roads and Transport Authority of Dubai has implemented unique smart car rentals that can be collected by tech-savvy commuters on an hourly basis and returned to kiosks located close to metro stations. Apparently, estimates claim that 40% of slow traffic movement in Dubai is caused by drivers looking for a parking spot. On these grounds, intelligent parking systems are being developed that will guide drivers to find parking spots near their destination. Safety of bus commuters is also being developed by the installation of a system of buses that will assess the physical condition of the driver and identify signs of exhaustion or illness. It has been estimated that IoT technologies can amplify Dubai’s potential value to reach $5 billion by 2019.

Smart technology, ideally, is still a long time away from reaching market maturation. Besides, even regulatory systems have much progress to make with regards to helping existing roads adapt to the new smart mode of travel. However, smart transit systems offer ubiquitous connectivity, remote sensors, dynamic traffic signals and vehicular communications – commendable social and economic benefits that are certain to aid smart transportation industry emerge as a mainstream vertical.

Experts point out that between 2035 and 2045, the advent of autonomous vehicles can save around 585,000 lives while reducing commuting time by 250 million hours per year on a global basis. Also, machine directed vehicles are likely to stray from distractions and will contribute towards improving highway safety. According to certain statistics, autonomous vehicle technology is expected to add $7 trillion to the global economy by 2050 when they will come to constitute more than half the new vehicles sold worldwide.

In the forthcoming years, vehicle ownership is likely to be displaced with the rapid proliferation of Mobility-as-a-Service technology. Smart transportation market is expected to witness an altogether new scenario of ride-hailing services and pilotless vehicle options, revolutionizing the automotive & transportation space in its entirety. As per estimates, smart transportation industry size is anticipated to increase commendably in the ensuing years, with a target valuation of USD 130 billion by 2024.

Author Name : Paroma Bhattacharya

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Software-based endpoint security market to accrue substantial revenue by 2024, increasing product deployment in public sectors to stimulate the industry growth

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Endpoint security market, tagged as a revolutionary subset of the smart technology space, seems to have garnered the status of a niche vertical in the recent years. This growth can be precisely attributed to the fact that malware attacks have gained ferocity in stealing identities, draining bank accounts and generally bringing services to a standstill. In May 2017 for instance, a colossal cyberattack sealed down files and badly affected businesses, government bodies and the National Health Service of UK. Unfortunately, NHS back then, was still using an outdated version of the Windows operating system, the consequence of which led to MHS paying a heavy ransom in the form of bitcoins to retrieve the files.

Endpoint Security Market Size, By Application, 2016 & 2024 (USD Million)
Endpoint Security Market Size, By Application, 2016 & 2024 (USD Million)

This revolutionary cyberattack which was later named WannaCry was an eye opener for the IT sector, which rapidly deduced that such attacks will only become more commonplace in the future if nothing definite and foolproof is done to thwart their onslaught. While numerous other incidences have served as focal drivers, this particular event was speculated to have a direct impact on endpoint security market trends.

Endpoint security market outlook from software component sales

Endpoint security systems essentially comprise centrally located software, that quite overtly categorizes software as a vital component of this business space. Driven by large-scale installations of antispyware, antivirus, firewall, login authentication and a host of intrusion prevention systems, endpoint security market has much to gain from the deployment of essential software. Indeed, estimates claim that software accounted for 80% of the overall endpoint security market share in 2016.

As budgets to improve client threat management witness an increase, endpoint security industry outlook from the software segment is likely to undergo an even more positive transformation. It is prudent to mention however, that the success and effectiveness of endpoint security depends on the proper implementation and updation of the endpoint protection that has to combat with constantly evolving threats. This has consequently added a considerable boost to the service-based endpoint security industry share as well, which is likely to witness favorable growth over 2017-2024.

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Public sector to adopt proactive approach to endpoint security

As the threat of malwares is becoming exponential and cyberattacks are increasingly demonstrating how crippling their effect can be, the public sector is changing its approach towards endpoint security. Sectors like BFSI and healthcare have emerged as pivotal growth avenues for endpoint security market, as they have begun to deploy the system in the dynamically changing customer and patient scenario. In fact, the financial institution demands the maintenance of strong web security. Consequently, the BFSI sector has turned to employ multilayered security to provide robust solutions against impending threats.

Endpoint security has become a major layer of security as it is software based and is targeted towards user devices like laptops, computers, smartphones and tablets. Therefore, the government has also enforced stringent norms to protect financial data, urging institutions to adopt such a host-based solution. This indeed led the BFSI sector to hold the largest share in endpoint security market in 2016 and lay the groundwork for further progress over 2017-2024.

The healthcare sector has also faced threats from cybercriminals who have put patients’ lives on the line by hijacking data and installing malware. The deployment of patient friendly devices for healthcare has created a challenge that required the deployment of robust endpoint security to maintain a safe IT ecosystem. As on today, the healthcare sector has to provide a seamless means of communication and collaboration among stakeholders. Not to mention, the rate of information flow and access has also risen at a commendable pace, increasing the risk of malicious content finding its way into the system. The criticality of endpoint security has thus been recognized to keep patient and stakeholder information safe in the healthcare sector, making it a viable avenue for endpoint security industry.

The latest trends in cybercrime rely heavily on social engineering, using legitimate software as cyber weapon, ranging from spam to phishing. Leading endpoint security industry players like Symantec, Kaspersky, McAfee, Microsoft, Trend Micro, Comodo, Cisco, and Panda Security are therefore continually upgrading and expanding their scope through research and development programs to keep pace with the changing dynamics of cyber threats. For instance, Kaspersky Lab recently released its flagship product called Kaspersky Endpoint Security for Business, which included next generation threat detection, increased visibility and granular security controls like credential detection and vulnerability management. This provides an apt demonstration of the efforts being undertaken to innovate highly advanced and efficient products in this business space. As per estimates, endpoint security industry size has been forecast to be pegged at $7.5 billion by 2024.

Author Name : Paroma Bhattacharya

APAC Container Technology Market to register an overwhelming CAGR of 40% over 2017-2024, China to majorly drive the global industry landscape

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Over the recent years, APAC container technology market has emerged as the most rapidly expanding sub-spheres among the overall smart and sustainable technologies industry verticals, in terms of remuneration. The IT sector in the region has been witnessing an exponential progression which has resulted in the creation of massive volumes of data and the requirement to store it. Furthermore, a number of developing nations in the region, it has been observed, are increasingly endorsing swift adoption of cloud computing technologies by enacting various legislations and undertaking favorable initiatives. As a consequence, this has compelled large enterprises operating in this region to actively embrace container technology, which eventually has impelled the growth prospects of APAC container technology industry share. As a matter of fact, a quick reading of a recent report by Global Market Insights would reinforce the significance of the APAC container technology market, whose total valuation stood at USD 120 million in 2016 and is now anticipated to witness a rather remarkable commercialization over the estimated time frame.

 

China Container Technology Market Size, By End-use, 2016 & 2024 (USD Million)
China Container Technology Market Size, By End-use, 2016 & 2024 (USD Million)

 

Elaborating further, the enthusiastic participation by the technology sharks to enhance APAC container technology market space can be affirmed by citing the success of Alibaba Cloud. The cloud computing arm of Chinese e-commerce giant Alibaba Group joined the bandwagon of prominent APAC container technology industry players in 2009 and has now established itself as the largest public cloud services provider within China with an estimated market share of 47 percent, as per the figures published by International Data Corporation (IDC).

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The firm has reportedly embraced advanced container technology and has been said to run a vast number of containers for processing transactions across its e-commerce marketplaces. In addition, the company has recently upgraded its Cloud Native Computing Foundation (CNCF) membership from Gold to Platinum grade in a bid to foster its cloud computing capabilities. Concurrently, it would be prudent to mention that the cloud computing giant now operates 7 data centers within China and 9 others globally, with the firm announcing its plans to open new data centers in India and Indonesia in 2018, which would further expand its presence in the APAC container technology industry space. Apparently, the aforementioned instance demonstrates the growth potential of APAC container technology industry giants operating in China’s container technology industry. Needless to say, China is likely to lead the regional landscape of APAC container technology market over the ensuing seven years, cite experts.

Apart from China, APAC container technology market would be driven by other developing economies such as India, Malaysia, and Singapore. Owing to the reputation as foremost investment hubs, major companies along with emerging start-ups in these nations are increasingly leveraging the cost-effectiveness and scalability of cloud platforms to direct their efforts on developing their core capacities. Consequentially, this would invariably boost the APAC container technology industry share in terms of product demand.

While enumerating upon the competitive landscape, APAC container technology industry appears to be rather fragmented with a bunch of participants comprising the container technology developers, cloud service vendors, and quite a few software behemoths. Some of the influential names in this business arena are Amazon, IBM, Docker, Cloud Foundry, Mesosphere, Microsoft, Sysdig, Red Hat, Twistlock, Cisco, ClusterHQ, and HP. While exploring the opportunities and tapping into new markets, the APAC container technology industry players seem to have been focusing on strategic mergers and alliances. Citing an instance of the same, IBM has recently teamed up with Docker Inc., to ease seamless modernization of their existing applications that are combined with Docker Enterprise Edition software and IBM Cloud. Apparently, this instance distinctly reflects the influence of container technology on the overall IT space, which is rather profound. Driven by rising inclination toward adopting cloud computing solutions across the region, the APAC container technology market is forecast to exceed a revenue collection of USD 1.5 billion by 2024, as per estimates.

Author Name : Saif Ali Bepari

Americas container technology market to earn perpetually humongous proceeds from the BFSI sector, U.S. and Latin America to be the pivotal growth grounds over 2017-2024

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Having been typecast as one of jeopardous business spheres for potential investments until a few years back, Americas container technology market has today evolved as a full-fledged niche vertical, the growth of which knows no visible boundaries ahead. How the technology has successfully penetrated the most essentially pivotal end-use domains within an oblivious matter of time has been a subject matter of intense pursuit and debate for tech sharks since a while now. Thriving in an extensively tech-driven era, Americas container technology industry has received substantial mass momentum, notwithstanding the tumultuous competition from similar technologies. The principal reason for this widespread popularity is the convenience that containers offer for various application deliveries. In an era where data is passkey to major operations, convenient, safe, and reliable data storage, access, security, and portability hold the numero uno position as far as end-user demands are concerned, especially across the Americas, that house some of the most advanced nations across the globe. This has consequently necessitated the launch of rather innovative technologies such as containers across this highly tech-obsessed topography, which has substantially propelled Americas container technology market share.

Canada Container Technology Market size in Canada, By Application, 2016 & 2024 (USD Million)
Canada Container Technology Market size in Canada, By Application, 2016 & 2024 (USD Million)

Making headway toward discovering the cryptic reason for the popularity of this technology, it would be imperative to commence the justification by enumerating the know-how of this mechanism. Essentially, this high-grade technology works by means of compartmentalizing the program libraries, configuration files, dependencies, and the application in one highly convenient and portable medium – a concrete fact that has been the core driving force of Americas container technology market growth. This technique conveniently reduces the files sizes – a rather pivotal factor in the IT cosmos that contributes to excellent efficacy in data operations and inherently, is responsible for the growth of Americas container technology industry. In fact, most containers measure merely a few megabytes, which is in sharp contrast to their arch antagonist, the virtual machines, that often scale up to gigabytes. As opposed to VMs, that require an operating system, containers are much more efficient, lightweight, and portable. On these grounds, they have emerged as the obvious choice for organizations that can now indomitably conduct a plethora of tasks such as freeing up more resources, lower capital expenses and overhead costs, and work on fitting many more applications on servers. These changing dynamics of organizational IT models are certain to fuel Americas container technology industry size. In tech-driven regions such as the United States, Brazil, Canada, and Colombia, subject to the massive development of the IT sector, the vast deployment of the cloud and other technologies in myriad end-use domains, and the intense number of R&D activities of novel IT solutions, the modus operandi of containers hold vastly significance, owing to which Americas container technology market outlook would continue to witness lucrative transformations in the ensuing years.

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How the banking sector has been stimulating Americas container technology market trends

One of the most vulnerable business spaces of today’s tech-oriented era, the banking arena is likely to heavily stimulate Americas container technology industry size. The intensely rising demand for virtualization in order to host heavily resourced functionalities on the cloud will prompt banking organizations to harness the container technology as much as possible, given that they are one of the many key proprietors of huge data volumes and storage.

Recently, Capital One, a reputed American bank, unveiled the beta version of Critical Stack, a Kubernetes-compatible, container orchestration platform, that has been designed to help BFSI enterprises orchestrate app deployment and configuration at scale in the cloud and effectively automate compliance & security controls. Even the Bank of America has been under intense pressure to adopt containers – thus validating the vast expanse of Americas container technology industry from banking.

Americas container technology market outlook: Focusing on LATAM and the BFSI sphere

As per statistics, the BFSI sector would account for the maximum share of Americas container technology market from Latin America. This astounding estimate can be essentially credited to the expansion of the regional cloud computing market and the robust growth in the insurance and financial verticals in the LATAM economies. Furthermore, it would be prudent to state that the meteoric popularity that Kubernetes – an orchestration engine for container technology, has experienced so far in 2017, is an apt indicator of the fact that containers would be the next groundbreaking technologies that the IT space would witness, which would subsequently drive Americas container technology market share.

The commercialization graph of Americas container technology market, as is projected by leading analysts, would continue to witness an exponential curve in the forthcoming years, driven by the massive transformation that containers have brought about in the traditional IT framework and the extensive deployment of the technology by various organizations in order to accomplish flexibility and simplicity in the entire IT infrastructure. By and large, the increasing replacement of VMs by containers and the efforts undertaken by the federal and state governments to further commercialize the utilization of containers in the mainstream IT devices business space, would have profound impact on the revenue graph of Americas container technology market.

Author NameSaipriya Iyer

EMEA container technology market to witness a phenomenal CAGR of 35% over 2017-2024, Docker to drive the technology landscape

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Endorsed by a barrage of tech benefactors, EMEA container technology market stands to gain substantial remuneration from myriad end-use domains in the coming years. As container technology has emerged to be a preferred alternative to virtual machines among the regional infrastructure providers, the growth prospect of EMEA container technology industry is forecast to be exponential over the coming years. A recent report put forth by Global Market Insights, Inc., claims overall market to cross a valuation of USD 2.4 billion by 2024. Substantially being driven by a plethora of factors such as expanding IT sector, subsequent increase in data volume and their storage demand, and increasing penetration of cloud computing technology, the regional industry is disrupting the traditional operation model across myriad end-user sectors. Perpetually acclaimed companies harnessing smart technologies are readily investing in EMEA container technology market, given the fact that Europe and MEA are considered to be two of the potential tech hubs.

Europe Container Technology Market Size, By Application, 2016 & 2024 (USD Million)
Europe Container Technology Market Size, By Application, 2016 & 2024 (USD Million)

For instance, as per a latest news snippet, BISON, one of the most acclaimed container technology giants, has chosen Europe to showcase its new portable container lift system. Reportedly, this absolutely innovative state-of-the-art lifting system would be unveiled at Intermodal Europe spanning between 28th to 30th November 2017. Considering the fact that traditional container handling equipment are comparatively much bigger, heavier, and more expensive, BISON’s portable compact system would prove to be a viable economic alternative for the regional logistic operators, contractors, and equip importers for lifting heavy containers in any location, cite experts. In fact, as per analysts – BISON’s C-Lift system that got launched back in August will bring a disruptive trend in the entire EMEA container technology industry.

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The appreciable popularity of container technology since the last few years can be majorly attributed to the increasing demand for improving scalability, developer efficiency, resource utilization, and supporting microservice architectures. Since for a decade now, this ground-breaking technology has been increasingly utilized as a software development approach in which pieces of codes are packaged in a standardized way so that they can be integrated seamlessly in any operating system.  As a matter of fact, the extensive utilization of cloud-based and on-premise deployment models is leaving an unparalleled impact on the overall EMEA container technology industry share. In this regard, it has been observed that Europe based organizations are relying more on on-premise deployment model, while some of the startups in EMEA container technology market are also looking forward to switching to cloud-based models, subject to its scalability and cost-effectiveness.

Speaking of the commercialization potential of EMEA container technology industry, it is imperative to mention that docker technology is taking the overall business space by storm, unveiling its unique ability to create self-sufficient lightweight containers from any kind of applications. With the increasing focus on containerizing enterprise applications by emerging startups in Europe and MEA, Docker technology is claimed to be one of the remunerative avenues for the entire EMEA container technology market share, with a procurement of 75% and 70% in Europe and MEA respectively. Rkt based container technology market is also forecast to gain appreciable momentum with a projected CAGR of almost 38% in Europe market, subject to its enhanced ability to ensure container security.

EMEA container technology industry has achieved quite some reputation over the recent years, primarily on account of extensive deployment of this technology by the regional infrastructure and technology providers. In this regard, experts claim that the competitive scenario in the business space is likely to get intense in the years ahead with renowned giants’ incessant effort to come up with viable alternatives to Docker containers, which presently encompass the majority of EMEA container technology marketplace. With more number of pivotal giants such as Microsoft, Mesosphere, AWS, ClusterHQ, IBM, and Joyent focusing toward deploying cloud-based data center services in their enterprise applications, the profitability quotient of EMEA container technology market is bound to escalate commendably in the ensuing years.

Author NameSatarupa De

Unified communications & collaboration (UCC) market to garner hefty proceeds from telephony platform over 2019-2025, strategic tie-ups to characterize global industry landscape

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The exponential growth trajectory being demonstrated by unified communications & collaboration (UCC) market has been a subject of intense debate for since a while now, given the rising popularity of BOYD trend and the immense need to streamline the existing communications infrastructure across enterprises on a global scale. The rapid maturation of unified communications & collaboration (UCC) industry can also be accredited to the increased utilization of ever-evolving cloud computing technology and the swift emergence of mobile devices that have evolved from just a medium for voice conversation to smartphones with sophisticated multi-function capacities, all within a decade.

UCC Market Size, By Application, 2016 & 2024 (USD Billion)
UCC Market Size, By Application, 2016 & 2024 (USD Billion)

Furthermore, large enterprises appear to have realized the significance of upgrading the traditional communications network to stay relevant in a dynamic business environment, a phenomenon that has in extension propelled the global unified communications & collaboration (UCC) market size expansion. Elucidating the growth potential of the overall unified communications & collaboration (UCC) industry, Global Market Insights, Inc. estimates this business space to an impressive y-o-y growth rate over the period of 2019-2025.

The recent trend of the increasing alliances between leading unified communications & collaboration (UCC) market players and some of the world’s renowned IT behemoths has vividly underlined the strategic and competitive landscape of this business space. To cite an instance, the U.S.-based UCC monitoring and analytics provider, Vyopta Incorporated has recently joined forces with Cisco Systems, Inc. to upgrade its SolutionsPlus Programs’ UCC user experience by providing custom alerts, improved device availability, comprehensive analytics, live call monitoring, failure insights, and multi-vendor collaboration ecosystems. In addition to this, Vyopta would offer refined UC asset management, custom business reporting, and enhanced utilization metrics which would improve Cisco’s overall ROI. Needless to mention, such remarkable partnerships are set to vigorously impel the global unified communications & collaboration (UCC) industry space over the estimated time frame.

Elaborating further, it is rather imperative to take note of the fact that UCC technology has brought about a paradigm shift in the way large enterprises communicate by streamlining diverse communication modes including video, voice, email, and instant messaging and enhance consumer satisfaction by improving business productivity. Moreover, the aforementioned factors have caused drastic reduction of infrastructure expenses by integrating telecommunication services and IT network into a single consolidated framework, something which has carved out a comprehensive roadmap for the unified communications & collaboration (UCC) industry to reap lucrative gains in the ensuing years.

Owing to the wide scale deployment of telephony applications across a host of business verticals to enable real-time communication with internal and external stakeholders, telephony platform is estimated to command a significant share of over 29 percent of the overall unified communications & collaboration (UCC) market by 2025. To highlight the rising influence of telephony platform in this swiftly evolving business space, a noteworthy instance can be cited. One of the foremost unified communications & collaboration (UCC) industry participant MegaPath, for instance, had been awarded with 2017 Internet Excellence Award for its MegaPath One ™, a unified communications platform which has been delivering commendable IP communications solutions to a range of small and large business enterprises. Furthermore, it would be prudent to mention that owing to numerous advantages over analog phones, IP phones segment of telephony platform is set to contribute immensely to the overall unified communications & collaboration (UCC) industry share.

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The growing popularity of unified communications & collaboration (UCC) market can further be attributed to the fact that as the prominent and emerging enterprises are aiming to expand their foothold in diverse geographical markets, the efficiency and effectiveness of streamlined communication functions would play a crucial role in ensuring beneficial output of business procedures. Therefore, it goes without saying that the leading unified communications & collaboration (UCC) industry players have a vital responsibility to deploy their expertise in assisting a variety of enterprises to make their presence felt in a rapidly transforming global business outlook. In terms of global commercialization potential, Global Market Insights, Inc. forecasts the unified communications and collaboration industry share to surpass a valuation of USD 60 billion by 2025.

Author Name : Saif Ali Bepari

Identity and access management market to accumulate sizable returns from the IT & telecom sector: North America to emerge as a lucrative investment ground over 2018-2024

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A robust increase in the adoption of advanced technologies such as cloud computing and IoT will drive the identity and access management market in the upcoming years. IAM apparently makes businesses more agile, efficient and scalable, and also offers them considerable benefits such as reduced risk of data breaches, centralized access control, ensured regulatory compliance, improved user experience, and a significant reduction in IT costs. This has quite overtly led to a spurt in investments in IAM market from venture capitalists and enterprise organizations.

Japan Identity and Access Management (IAM) Market Size, By Solution, 2017 & 2024 (USD Million)
Japan Identity and Access Management (IAM) Market Size, By Solution, 2017 & 2024 (USD Million)

IAM industry has also received a considerable boost from robust investments in new artificial intelligence and machine learning solutions that are being undertaken for managing the rapid proliferation of identities and achieving least privileged access. For instance, recently Google established a collaboration with Facebook to develop their artificial intelligence to offer users a much better work experience.

Proliferation of workplace mobility is a major factor that would propel identity and access management market. Global acceptance of workplace mobility by businesses has empowered employees to work from anywhere, at any time and from any device. As per sources, by 2020, mobile workforce will reach to about 105.4 million people, that translates to roughly 72.3% of the total workforce in the U.S. On a global scale, the number is set to reach 1.87 billion by 2020, or 42.5% of the worldwide workforce. These statistics provide vital evidence to the fact that identity and access management market share is likely to soar in the years to come.

The Internet of Things has already redefined the concept of identity management. As IoT moves beyond consumer mainstream wearables and into massive enterprise deployments, IT teams are paying more attention towards securing access to the networks that connect to valuable products, including smart grid hardware, factory equipment, and more. IAM and privileged access management (PAM) demands are expected to become more complicated, with tougher obstacles and exponentially more endpoints. In consequence, the requirement of a strong IAM solution would become more commonplace, thereby augmenting the overall IAM industry.

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IT & telecom applications to drive the IAM market trends:

The rapidly escalating growth in the telecom & IT sector is certain to impel identity and access management market. As the IT & telecom industry works with a large user base, it is essential for the service providers to maintain the security of the sensitive user data. According to a survey by The Communications Fraud Control Association (CFCA), the telecommunications industry experienced $38.1 billion in fraudulent charges in 2016. As per CFCA, cyber fraudsters are seemingly working to develop new ways to siphon money from renowned, well-established organizations of various sectors.

The aforementioned survey results are a strong indicator of the fact that the IT sector will serve to be one of the most profitable growth avenues for IAM market. By implementing IAM solution business could be shielded by fraudsters and hackers, eventually saving billions in remuneration for organizations. According to Global Market Insights, Inc., identity and access management market size from IT and telecom applications was worth USD 1,420 million in 2017 and is expected to register a commendable growth rate over the ensuing years.

Unveiling North America IAM industry outlook:

North America is undoubtedly one of the most crucial regional generators for identity and access management market. In 2017, North America accounted for a mammoth 46% of the overall industry share, primarily on account of the changing workforce requirements and the surging adoption of cloud applications and BYOD. The U.S. the most dominant regional ground for North America IAM market, given that security is the foremost crucial parameter for the plethora of companies in the country.

North America IAM market has also received a considerable boost owing to the presence of a stringent regulatory landscape in the region. The continent is known to face periodic cybersecurity thefts – in 2017 alone, the average cost of a data breach was around USD 117,000 for SMEs and USD 1.3 million for large enterprises. On these grounds, the regional governments have undertaken stringent initiatives and invested extensively to come up with highly secure systems to protect user data, thereby propelling North America IAM industry share.

Some of the most prominent contenders in the global identity and access management market include IBM Corporation, SailPoint Technologies Holdings, Inc., Okta, Inc., Symantec, Gemalto, Crossmatch, Oracle, HID Global Corporation, CA Technologies, OneLogin, Inc., OpenText Corp., Ping Identity, ForgeRock, Net IQ, and Dell, Inc. These companies are often found conducting mergers and acquisitions to increase their business reach and expand their customer base. For instance, Marsh, a global leader in insurance broking and innovative risk management solutions, recently announced a collaboration with IBM Corp. to provide clients with a wider access to blockchain solution for ensuring proof of insurance.

IAM solutions have proven to be effective in reducing challenges faced by organizations with regard to security and privacy such as data loss, data leakage, insecure usage, and insider attacks. IAM also decreases burden on the IT departments due to its self-service functionality. Driven by the fact that IAM delivers secure ways for authentication, authorization, and management of users without compromising on convenience and usability, the global IAM market share is anticipated to grow at a CAGR of 10.4% over 2018-2024.

Author NameMateen Dalal