The bimodal identity management solutions market size is projected to be valued at USD 1186.9 million in 2023 and is expected to rise to USD 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.
Traditional enterprise identity architectures are used in bimodal identity management solutions, which add a security layer to the existing system. To protect a company's information system, bimodal identity management solutions are used.
Bimodal identity management solutions primarily employ two types of security checks such as internal and external credentials. Internal credentials include pre-existing architecture such as passwords and biometrics, while external credentials include social media account validation and email account validation.
The company increases its security levels and allows only refined access to the data, by integrating internal and external credentials, reducing the possibility of unauthorized access.
| Attributes | Details |
|---|---|
| Bimodal Identity Management Solutions Market Estimated Size (2023) | USD 1186.9 million |
| Bimodal Identity Management Solutions Market CAGR (2023 to 2033) | 21.2% |
| Bimodal Identity Management Solutions Market Forecasted Size (2033) | USD 8140.3 million |
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
The global demand for bimodal identity management solutions is projected to increase at a CAGR of 21.2% during the forecast period between 2023 and 2033, reaching a total of USD 8140.3 million in 2033, according to a report from Future Market Insights (FMI). From 2018 to 2022, sales witnessed significant growth, registering a CAGR of 19.1%.
The increasing need for authentication and the rise in security concerns in organizations are the key factors driving the growth of bimodal identity management solutions. There is a growing demand for bimodal identity management solutions for purposes such as data security, confidential data protection, and proper authentication.
The advancement of technology has increased the likelihood of data being hacked and poses a threat to security systems, fueling demand for bimodal identity management solutions. Additionally, the market is witnessing a key trend that leads to the development of security products like the integration of identity management systems with artificial intelligence.
Increasing Demand for Proper Authentication to Boost Market Growth
The necessity for proper authentication checks, as well as increased security concerns within an organization, drives the demand for bimodal identity management solutions.
Also, keeping data safe and secure is becoming a crucial concern in organizations these days, so ensuring secrecy and proper data management is driving the demand for bimodal identity management solutions.
Advanced identity management systems integrated with artificial intelligence are key trends that are catering to the expansion of new security-related products these days. Other factors that contribute to the bimodal identity management product expansion include data security and access to information by the appropriate candidate.
In addition, the emerging utility of the bimodal identity management solution in professional and personal life is driving market growth.
People are becoming aware of advanced ways to hack security systems as technological trends change, so the increasing safety issue of high-profile data is a key driver for market growth. Furthermore, the increasing reliance on web applications and automated systems increases the possibility of cyber-attacks, so the need for an effective solution to evade such attacks is growing notably.
Principal Consultant
Scarcity of Experienced Workers to Impede Market Growth
The main challenge that organizations face in correctly deploying bimodal identity management solutions is a dearth of domain expertise in their workforce. Furthermore, data privacy concerns may limit the market's growth to some extent during the projected timeline.
The healthcare and life sciences sector holds a significant share of 18.2% in the bimodal identity management solutions market. As organizations within this sector deal with sensitive patient data and adhere to strict regulatory requirements, ensuring secure and compliant access to healthcare systems and applications is crucial.
Bimodal identity management solutions offer healthcare and life science organizations the ability to effectively manage and protect user identities, control access to patient records and confidential information, and monitor user activity for compliance purposes.
Further, these solutions enable healthcare providers, pharmaceutical companies, research institutions, and other healthcare-related organizations to enhance data security, streamline user access management processes, and improve overall operational efficiency.
The Cloud Segment to Remain High in Demand
On-premise refers to software and data that are installed and runs directly from the source media. In other words, the software and data are kept on the server where they were originally installed.
Further, the advantage of on-premise deployment is that all updates about changes in system files are done manually by an administrator or build automation tool, making it easy to manage because no third-party involvement is required.
Cloud computing and its application in BIM solutions is a new emerging trend in the industry. The primary goal of implementing cloud technology is to remotely store data, allowing users to access it via various devices such as laptops, smartphones, and tablets.
Cloud computing provides several advantages, including scalability, cost-effectiveness, and flexibility, which are expected to drive the market during the forecast period. Thus, by deployment type, the cloud segment is expected to hold a 55% market share for the bimodal identity management solutions market in the forecast period from 2023 to 2033.
Large Enterprises to Hold 65.5% Stake in the Global Market
Large organizations face unique challenges in managing user identities, access privileges, and security across multiple systems and applications with their extensive workforce and complex IT environments. Additionally, Bimodal identity management solutions provide these enterprises with comprehensive identity and access management capabilities, including user provisioning, single sign-on, multi-factor authentication, and privileged access management.
By implementing bimodal identity management solutions, large enterprises can streamline user access processes, enhance security measures, and improve overall operational efficiency. These solutions enable organizations to centrally manage user identities, ensure compliance with regulatory requirements, and mitigate the risks associated with unauthorized access and data breaches.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
Increasing Reliance on Computerized Systems Creating Opportunities for Bimodal Identity Management Solutions Manufacturers
North America is expected to have a significant market share in the bimodal identity management solutions market. Because of the increasing reliance on computerized systems in countries such as Canada and the USA, the market for ensuring individual data accessibility is expected to drive market growth in the nations of North America.
North America is expected to possess a 27.5% market share in 2022, registering a CAGR of 20% for the bimodal identity management solutions market in the assessment period from 2023 to 2033 due to the aforementioned factors.
Increasing Number of Small and Medium-Sized Businesses Fueling Rapid Adoption
The bimodal identity solution market is expected to expand at a notable rate in the coming years, with an increasing number of small and medium-sized businesses in Asia Pacific countries such as India and China.
In the Asia Pacific region, developing countries such as China and India have a growing number of small and medium-sized businesses, which is contributing to the growth of the bimodal identity management solutions market. Hence, Asia Pacific is expected to procure a 17% market share in 2022, recording a CAGR of 18% for the bimodal identity management solutions market in the assessment period between 2023 and 2033.
The key vendors for the bimodal identity management solutions market are 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.
Recent Developments in the Bimodal Identity Management Solutions Market
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 21.2% from 2023 to 2033 |
| Base Year of Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD million and Volume in Units and F-CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, growth factors, Trends, and Pricing Analysis |
| Key Segments Covered | Vertical, Deployment, Organization Size, Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia; The Middle East & Africa; Oceania |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, Italy, France, The United Kingdom, Spain, Russia, China, Japan, India, GCC Countries, Australia |
| Key Companies Profiled | 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; Citrix Systems, Inc. |
| Customization & Pricing | Available upon Request |
The United States, Canada, and China dominate the global market.
The market is forecast to register a CAGR of 21.2% through 2033.
From 2018 to 2022, the market grew at a CAGR of 19.1%.
The rising demand for secure and safe solutions disrupts the current market trends.
The global market size is to reach USD 8,140.3 million by 2033.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Analysis 2018 to 2022 and Forecast 2023 to 2033, By Vertical 5.1. Education 5.2. BFSI 5.3. Manufacturing 5.4. Telecom and IT 5.5. Energy 5.6. Healthcare and Life Sciences 5.7. Public Sector & Utilities 5.8. Retail 6. Global Analysis 2018 to 2022 and Forecast 2023 to 2033, By Organization Size 6.1. Small & Medium Enterprises (SMEs) 6.2. Large Enterprises 7. Global Analysis 2018 to 2022 and Forecast 2023 to 2033, By Deployment 7.1. Cloud-based 7.2. On-Premise 8. Global Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. SOTI Inc. 18.2. Sophos Ltd 18.3. Hitachi ID Systems 18.4. SailPoint Technologies 18.5. Ping Identity 18.6. IBM Corporation 18.7. Colligo Networks 18.8. CA Technologies 18.9. SAP 18.10. VMware, Inc. 18.11. Microsoft Corporation 18.12. Good Technology 18.13. Fischer International 18.14. OneLogin, Inc. 18.15. MobileIron 18.16. Okta Inc. 18.17. NetIQ Corporation 18.18. Symantec Corporation 18.19. Oracle Corporation 18.20. Dell EMC 19. Assumptions & Acronyms Used 20. Research Methodology
Explore Technology Insights
View Reports
Bimodal Identity Management Solutions Market
