Identity Management Software Market - Global Industry Analysis, Growth, Trends and Forecast upto 2023

Identity management software enables management of individual’s authentication, principals, authorizations and privileges to access the systems or premises within or across the organization. These software are deployed with an intent of increasing the security while minimizing the downtime, redundancy in tasks and costs. Identity management software, ensure efficient management of identifying data related to entities such as individuals, computer-related hardware and applications. The technologies, terminologies and services involved in implementing identity management are Role-Based Access Control (RBAC) and Open Standard of Authorization (OAuth), SAML 2.0, WS-Trust, WS-Security, OPenID, Workflows, Service Token Services, Security Tokens, Single Sign-on, Password Managers, Digital Identities, Access Control, Web Service, Identity Providers and Directory Services. Identity management software encompasses functions such as providing user identity, protecting the identity and technologies such as digital certificates, network passwords and others.

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Moreover, identity management software are capable of performing functions such as access request management, account management, compliance management, multifactor authentication, password management, role management, single sign-on, user activity monitoring and user provisioning. These software are either installed on the systems or are available on cloud. Access request management includes a comprehensive solution to create process and approve access requests. Account management involves creating and maintaining accounts of the individuals for accessing a system or premises. Compliance management encompasses activities such as formulating and implementing standards, policies and regulation for identity management. Multifactor authentication comprise of three categories namely, knowledge factors (passwords), possession factors (such as smart cards) and inherence factors (such as biometric). In multifactor authentication, a user can access the electronic systems by using at least two of the above mentioned factors. Password management involves issuing and processing of both static and dynamic passwords for the users to physically or logically access an electronic system or premise. Role management includes activities such as providing role-based access control by allowing authority to the users depending upon the role of the individual or group. Single sign-on enables access to all the associated systems without asking for user’s credentials every time he wants to access those systems. User monitoring and user provisioning is important to avoid access of illegal or irrelevant systems, website or other applications.

Identity management software market is primarily driven by high crime rate and rising terrorism activities across the globe. Moreover, increasing investment by private and government organizations for developing infrastructure is further propelling the growth of identity management software. Additionally, the government regulations and standards to improve the security levels across the globe are boosting the growth of identity management software market across the globe. Increasing adoptions of biometrics, smart cards and centralized database for personal identifications supports the growth of identity management software market. However, lack of technological awareness is hindering the growth of this market. Conversely, with major business organizations expanding their businesses in the emerging economies, it is expected that the impact of the lack of awareness will reduce over the coming years and drive the market growth.

The leading companies in the identity management software are IBM Corporation, Okta, Inc., Nervepoint Technologies Limited, HID Global Corporation, ViewDS Identity Solutions, Pirean Limited, Geneous Software AG, Avatier Corporation, Institut für System-Management GmbH (iSM), Centrify Corporation, Covisint Corporation, Courion Corporation, Identacor, Quest Software (Dell), InnerApps LLC, Identification International, Inc., Omada A/S, Oracle Corporation, Ping Identity Corporation, GoodWorks Communications and Tools4ever.

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