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KUALA LUMPUR, July 4 (Bernama) -- A new study from Juniper Research has found that global spend on identity & access management solutions will rise from US$16 billion in 2022 to US$26 billion by 2027.
According to a statement, this represents an absolute growth of 62 per cent over the next five years.
Identity & access management includes B2B security solutions that enable the monitoring and management of users’ access to an enterprise’s applications, databases and IT services.
The new research found that 94 per cent of global identity & access management spend will be attributable to the subscription model by 2027; rising from 60 per cent in 2022.
It anticipates that the use of the subscription model will become increasingly popular amongst small businesses, by minimising the initial acquisition cost of identity & access management services.
Additionally, the subscription model will enable service vendors to provide regular software updates that continually improve the value proposition of their platforms.
The research found that annual spend on identity & access management solutions by small businesses via subscription models will surpass US$370 million globally by 2027, up from US$178 million in 2022.
In turn, identity & access management vendors must capitalise on this growth by developing flexible pricing models that appeal to the small business sector.
Furthermore, as enterprise adoption of cloud computing infrastructure increases, so too will the demand for effective cybersecurity policies to prevent revenue losses.
The report expects that identity & access management solutions will represent a significant cornerstone of corporate cybersecurity initiatives, as firms seek to meet increasingly stringent regulatory compliances; driving market growth.
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