LONDON, Nov. 14, 2016 /PRNewswire/ -- The global identity and access management market is expected to reach USD 24.55billion by 2022, according to a new report by Grand View Research, Inc. Increased spending by large scale enterprises and government organizations along with stringent regulatory compliances are expected to drive industry growth. Rise in web-based applications, risk management such as policy-based compliance and audit management combined with cost containment are the key factors driving demand. Additionally, growing popularity of connected devices, Bring Your Own Device (BYOD) and Internet of Things (IoT) are projected to positively impact the identity and access management market. Growing innovation with interoperable technologies are enabling providers in building advanced solutions including secure print authentication and EV charging station access. The global IAM market is expected to witness significant growth owing to surging demand across various application segments. Cloud-based and hybrid solutions are estimated to extend their footprints in the industry with enhanced security and minimize error rates features. Commoditization of identity functions and the explosion of available applications are expected to compel enterprises to seek more scalable options. Further key findings from the report suggest: Cloud-based identity and access management markets expected to witness robust demand by 2022, growing at a CAGR of over 18% from 2015 to 2022. Cloud is changing the way a business operates, driven by economies of scale and cost- effectiveness. Cloud is expected to redefine the traditional IT security landscape and gain maximum share of on-premise solutions by blending cloud technology in the IAM landscape. Rising demand for cloud-SSO is also a key factor supporting expansive adoption among enterprises. Public sector and utilities sector accounted for over 25% of the revenue in 2014 and is anticipated to exhibit significant growth over the next seven years. Notable trends such as economic growth, industrial transformation, and demographic changes need to be mastered by matching infrastructure and effective administration, thus driving demand.