Europe Identity and Access Management Market to Exceed $4 Bn by 2024
According to a new report published by Graphical Research, titled, "Europe Identity & Access Management (IAM) Market Analysis based on Deployment Model, Solution, Application", predicted to reach USD 4 Billion By 2024.
As employees are moving beyond the traditional way of doing business by interacting with customers through multiple channels, it is essential for the enterprises to ensure that the employees, partners, and customers get simple and secured access to applications. This safety requirement coupled with centralized access control is a major factor contributing to market growth. Enterprises also need to meet the requirements of the evolving data privacy regulations such as GDPR. This law provides a control over who can access the user data with the enforcement of user consent, enhancing the adoption rate.
The audit, compliance, and governance solutions are growing at a rapid pace in the European IAM market, which is anticipated to grow at a CAGR of over 17% by 2024. The growing concern among organizations regarding data thefts of critical customer information is a major factor contributing to the market growth. The implementation of IAM solutions across various industries including IT & telecom, BFSI, public utilities, and healthcare also leads to higher market demand.
The healthcare sector is projected to grow at a CAGR of over 10% during the forecast timespan. The IAM solutions assist the healthcare department in reducing risks, meet the compliance, and deliver improved patient care. Stolen patient records are extremely lucrative due to their longer shelf life as compared to the financial data. Hence, it is essential to adopt IAM systems for providing a superior level of healthcare services by meeting regulatory demands.
Europe IAM solution providers are entering into strategic cooperative relationships, enabling customers to take advantage of the collaborative offerings. The key players functioning in this market include Oracle Corporation, Siemens, Microsoft Corporation, IBM Corporation, Computer Science Corporation, and SailPoint Technologies.
Industry: Cyber Security News
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