Identity and access management (IAM) will be a major growth opportunity for the channel as the global market is expected to more than double, reaching nearly $22.7 billion by 2025.

That’s according to a new report by Grand View Research, which expects a compound annual growth rate (CAGR) of 12.7 percent. The market was valued at $8.85 billion last year.

Key players include Oracle, IBM, CA Technologies, NetIQ and HID Global.

Spiraling adoption of cloud services and mobile devices, and the emergence of insider threats combined with strict compliance necessities are leading to increased spending on organization IT security, which is estimated to fuel market growth.

Based on end use, the public sector and utilities segment accounted for the biggest share of the IAM market in 2017. The banking, financial services and insurance (BFSI) segment is projected to have the highest CAGR through 2025.

Extending a company’s identity services into the cloud model is a notable requirement for use of on-demand computing services in long run. Various cloud delivery models such as SaaS, PaaS and IaaS call for service providers and IT departments to extend organization’s IAM processes, practices and procedures to cloud services that are efficient and scalable for customers and providers. Using more cloud-based services puts the IT security function on the forefront of a company’s planning activities, which is likely to drive the market through 2025.

On premises was the most prominent deployment segment in the market in 2017 and is poised to exceed $11 billion by 2025.

The Asia Pacific market is estimated to experience the fastest growth in the global arena. Emerging economies such as China, India and Japan are playing a pivotal role in the development of the regional market.