Chicago, Oct. 31, 2023 (GLOBE NEWSWIRE) -- The global Role-Based Access Control Market size is expected to grow to USD 15.5 billion by 2027 from USD 8.7 billion in 2022 at a Compound Annual Growth Rate (CAGR) of 12.2% during the forecast period, according to a new report by MarketsandMarkets™.
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The increase in data breaches is driving the demand for centralized security solutions and rising number of smart and connected devices is expected to drive the demand of role-based access control market.
Role-Based Access Control Market Dynamics:
Drivers
- Need to improve compliance requirements in organizations
- Need to enhance operational efficiency
- Requirement of simplified workflows in order to eliminate bottlenecks
Restraints
- Rise in number of roles resulting in increased strain on RBAC systems
Opportunities
- Advent of blockchain technology in role-based access control
- Increased adoption of role-based access control systems for cloud security
List of Key Players in Role-Based Access Control Market:
- Microsoft (US)
- AWS (US)
- SolarWinds (US)
- IBM (US)
- ManageEngine (US)
- Oracle (US)
- JumpCloud (US)
- Okta (US)
- ForgeRock (US)
- Ping Identity (US)
Based on component, the solutions segment to hold the largest market size in 2022
Role-based access control solutions are crucial to improve cybersecurity and ensure compliance adherence. An automated role-based access control system has structured templates for user access controls, which ensures audit compliance. At any point, any user with an active role is provided the least number of privileges to complete a task. In addition, role-based authentication also helps provide access to a specific set of resources to user groups. Role-based access control solutions make it easier to set varied access control for different groups for the same set of resources used in a project.
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Based on verticals, BFSI vertical to hold the largest market share in 2022
Cybercriminals are leveraging privileged credentials to infiltrate financial infrastructure and access credit card information, bank statements, personal identifiable information, and other financial data. A recent report by Accenture and the Ponemon Institute states that the cost of cyberattacks is higher in financial services than any other industry with losses reaching USD 18.3 million annually per company. Managed privileged access to servers, databases, and applications is used in the finance sector. Instead of risky standing access, role-based access management solutions can enable users with granular, just-in-time access, so they have exactly what they need to do their jobs, at the right time. All major compliance bodies that impact financial organizations agree that protecting privileged credentials and access is essential to protecting sensitive data and business continuity. Vendors offering role-based access control systems are compliant with various regulations, such as PCI-DSS for credit card payments, SOX to prevent insider fraud, NCUA for credit unions, and FISMA/NIST for risk management.
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Europe to hold second largest market share of the role-based access control market in 2022
Europe holds the second-largest share of the role-based access control market. Europe comprises the UK, Germany, France, and the rest of Europe. With the increased usage of mobile applications and the internet, there is the need for an effective cybersecurity framework to manage unauthorized access has intensified significantly. The European Commission is focusing on developing policies related to the cloud and developed user monitoring and identity management projects, such as Privacy and Identity Management for Europe (PRIME) and the Future of Identity in the Information Society (FIDIS) Network of Excellence. The region also focuses on establishing agencies and organizations, such as the European Union Agency for Network and Information Security (ENISA), the European Computer Emergency Response Team (CERT-EU), and Network and Information Security (NIS) to support the growth of the private sector in the region.
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