The market size for bimodal identity management solutions is forecasted to reach US$ 1186.9 million in 2023 and is projected to grow to US$ 8140.3 million by 2033. Sales of bimodal identity management solutions are expected to experience substantial growth, with a notable CAGR of 21.2% throughout the forecast period.
Bimodal identity management solutions incorporate traditional enterprise identity architectures, providing an additional security layer to the current system. These solutions are employed to safeguard a company’s information system.
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Drivers and Challenges in the Bimodal Identity Management Solutions Market
The demand for Bimodal Identity Management Solutions is driven by a convergence of factors, including the imperative for robust authenticity checks and heightened security concerns within organizations. Safeguarding data and ensuring its confidentiality have emerged as paramount concerns, compelling the adoption of Bimodal Identity Management Solutions. The imperative to manage and control data accessibility further propels the need for these solutions.
A notable trend in this landscape is the integration of advanced identity management systems with artificial intelligence. This integration not only contributes to enhanced security measures but also fosters the development of new security-oriented products.
The significance of data security and controlled information access by authorized personnel adds to the momentum of Bimodal Identity Management solution adoption. This trend extends to both professional and personal realms, underpinning market expansion. However, challenges persist, notably the lack of domain expertise among the workforce, which can hinder the seamless deployment of Bimodal Identity Management Solutions.
In an era of rapidly evolving technological trends, heightened awareness of sophisticated hacking methods has come to the forefront. The escalating concern over the security of high-profile data acts as a significant driver for market growth. Additionally, the growing reliance on web applications and automated systems amplifies the potential for cyber-attacks, elevating the urgency for effective security solutions.
Bimodal Identity Management Solutions Market: Competition Landscape:
SOTI Inc, Sophos Ltd, Hitachi ID Systems, SailPoint Technologies, Ping Identity, IBM Corporation, Colligo Networks, CA Technologies, SAP, VMware, Inc., Microsoft Corporation, Good Technology, Fischer International OneLogin, Inc., MobileIron, Okta, Inc., NetIQ Corporation, Symantec Corporation, Oracle Corporation, Dell EMC, Alfresco Software, Centrify and Citrix Systems, Inc. are the key vendors for the Bimodal Identity Management Solution Market.
Recent Developments in the Bimodal Identity Management Solutions Market:
In February 2022, Sophos revealed its plans to establish new data centers in Mumbai, India, and Sao Paulo, Brazil. These data centers, set to launch in March and May, respectively, aim to facilitate compliance with stringent data sovereignty laws and regulations. This move particularly benefits organizations in sectors like banking and government, where regulatory compliance is paramount. These new additions will complement Sophos’ existing global network of data centers spanning the USA, Canada, Ireland, Germany, Japan, and Australia.
In March 2022, Hitachi ID unveiled its latest offering, Hitachi ID Bravura Safe, within the comprehensive Hitachi ID Bravura Security Fabric. This enterprise password safe addresses a significant cybersecurity concern by providing a secure and centralized tool for managing decentralized employee passwords, secrets, and files. The focus on centralization aims to combat a leading cause of cyberattacks, reinforcing Hitachi ID’s commitment to robust identity and access management.
In August 2022, Ping Identity, a prominent provider of Intelligent Identity solutions for enterprises, announced its acquisition agreement with Thoma Bravo, a distinguished software investment firm. The agreement entails an all-cash transaction at a value of approximately US$ 2.8 billion in Enterprise Value, translating to a per-share price of US$ 28.50. This strategic move underscores the growing recognition of the significance of intelligent identity solutions within the evolving enterprise landscape.
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Key Segments:
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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