The bimodal identity management solutions market size is expected to be worth US$ 1186.9 million in 2023 and is predicted to rise to US$ 8140.3 million by 2033. Bimodal identity management solution sales are anticipated to expand at a significant CAGR of 21.2% during the forecast period.
Bimodal identity management solutions are designed to address the complex challenges of managing user identities and access privileges in today’s digital landscape. These solutions allow organizations to manage traditional on-premises applications and cloud-based systems, ensuring secure and seamless access for employees, partners, and customers.
The need for efficient identity management solutions has become paramount due to the increasing adoption of cloud computing, mobile devices, and remote work. Bimodal identity management solutions provide organizations with a unified platform to authenticate and authorize users, enforce security policies, and streamline identity-related processes.
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It also become easy for organizations to strike a balance between security and user experience with bimodal identity management solutions offering robust security measures while ensuring convenient access for authorized individuals. The market is driven by factors such as:
- The growing demand for enhanced cybersecurity measures.
- Increasing regulatory compliance requirements.
- The need for centralized management of user identities across diverse systems and applications.
Key players in the market are focusing on innovation and strategic partnerships to develop advanced bimodal identity management solutions that cater to the evolving needs of organizations.
The bimodal identity management solutions market is poised for significant growth in the coming years, with the continued digital transformation of industries and the increasing emphasis on identity and access management.
Key Takeaways
Healthcare and life sciences hold a significant share of 18.2% in the bimodal identity management solutions market. These sectors prioritize secure and compliant access to healthcare systems and applications, given the sensitive patient data involved and regulatory requirements.
The cloud segment is expected to dominate the market with a 55% share in the forecast period. Cloud computing offers advantages such as scalability, cost-effectiveness, and flexibility, driving its adoption in bimodal identity management solutions.
Large enterprises are projected to hold a stake of 65.5% in the global market. These organizations face unique challenges in managing user identities and access privileges across multiple systems.
Bimodal identity management solutions provide comprehensive capabilities, including user provisioning, single sign-on, and privileged access management, to streamline user access processes and enhance security.
In North America, increasing reliance on computerized systems contributes to a market share of 27.5%. The region’s demand for individual data accessibility drives the growth of bimodal identity management solutions.
The Asia Pacific region, with its growing number of small and medium-sized businesses, is anticipated to exhibit a notable growth rate. China and India, in particular, contribute to the expansion of the market, with Asia Pacific projected to hold a 17% market share.
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Key Developments
- Microsoft announced the debut of the Entra IAM family in May 2022. Entra’s new offering, Decentralized Identity and Cloud Infrastructure Entitlement Management (CIEM) incorporates current technologies like Azure AD.
- According to ForgeRock, 80.0% of IT decision-makers have embraced, expanded, or plan to employ cloud-based solutions by March 2021. As a result, SMEs’ increasing adoption of cloud-based solutions fuels segment growth.
Key Segments Covered in the Bimodal Identity Management Solutions Market Report
By Vertical:
- for Education
- for BFSI
- for Manufacturing
- for Telecom and IT
- for Energy
- for Healthcare and Life Sciences
- for Public Sector & Utilities
- for Retail
- by Organization Size:
- for Small & Medium Enterprises (SMEs)
- for Large Enterprises
By Deployment:
- Cloud-based
- On-Premise
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan (APEJ)
- Japan
- The Middle East & Africa (MEA)
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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