Global Bimodal Identity Management Solutions Market Highlights Over 2022 - 2031
The global bimodal identity management solutions market is estimated to garner a large amount of revenue by growing at a notable CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the high need for proper authenticity check and raising security concerns in organizations around the world. Along with this, growing development of advanced identity management systems integrated with artificial intelligence, and rise in technological advancements in the IT sector globally are also expected to drive market growth significantly in the upcoming years. Furthermore, with the increase in the number of data breaches and cyberattacks, keeping data safe and secure is becoming a major concern in companies these days. In 2017, more than 700 million malware attacks were reported across the globe, which increased up to approximately 813 million attacks by the end of 2018. The requirement to ensure secrecy and proper management for accessing data is projected to offer ample growth opportunities to the market in the near future.
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The market is segmented by end use vertical into BFSI, telecom & IT, healthcare, retail, education, and others, out of which, the healthcare segment is anticipated to observe robust growth in the global bimodal identity management solutions market. This can be accounted to the fact that healthcare organizations experience more cyberattacks by their own employees than other end user industries. Apart from these, increasing implementation of identity management solutions to prevent unauthorized people from accessing protected healthcare information is also predicted to boost the growth of the market segment in the future. Additionally, on the basis of enterprise size, the large enterprises segment is assessed to grab the largest share during the forecast period owing to the higher number of cases of data breaches through stolen or weak privileged credentials in large organizations.
Major Macro-Economic Indicators Impacting the Market Growth
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Global Bimodal Identity Management Solutions Market Regional Synopsis
Regionally, the global bimodal identity management solutions market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the rising number of government initiatives regarding authenticated access control in workplaces in the region. In addition, growing number of small & medium enterprises in India and China is also expected to propel the growth of the market in the region in the coming years. There were more than 42 million small to medium-sized enterprises in China in 2020, up from 39 million and 33 million enterprises in 2019 and 2018 respectively. Moreover, the market in North America is projected to acquire the largest share during the forecast period owing to the high level of digitalization, which is raising the adoption of identity management solutions among companies, and strong presence of major market players in the region.
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The global bimodal identity management solutions market is further classified on the basis of region as follows:
Our in-depth analysis of the global bimodal identity management solutions market includes the following segments:
By Enterprise Size
By End Use Vertical
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are growing development of advanced identity management systems integrated with artificial intelligence, and rising technological advancements in the IT sector.
The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2022-2031.
Asia Pacific will provide more business opportunities for market growth owing to the rising number of government initiatives regarding authenticated access control in workplaces in the region.
The major players in the market are Sophos Ltd, SOTI Inc, VMware, Inc., Microsoft Corporation, Fischer International, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by deployment, enterprise size, end use vertical, and by region.
The large enterprises segment is anticipated to hold largest market size and is estimated grow at a steady CAGR over the forecast period and display significant growth opportunities.
High cost of deploying bimodal identity management solutions is estimated to hamper the market growth.
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