USD 13.32 Billion
Report ID:
SQMIG45B2126 |
Region:
Global |
Published Date: June, 2024
Pages:
157
|Tables:
202
|Figures:
80
Identity and Access Management (IAM) Market size was valued at USD 13.32 Billion in 2022 and is expected to grow from USD 15.4 Billion in 2023 to reach USD 48.78 Billion by 2031, at a CAGR of 15.6% during the forecast period (2024-2031).
The Global Identity and Access Management (IAM) market is witnessing robust growth, fueled by the increasing need for enhanced cybersecurity measures and compliance with stringent regulatory frameworks. IAM solutions are crucial for managing digital identities, authenticating users, and authorizing access to organizational resources, thereby mitigating risks associated with cyber threats and data breaches. By evaluating the key market drivers, the following factors were highlighted underpinning the market growth presently: The growing threat of complex cyber threats, increasing emphasis on compliance, the escalating utilization of Cloud services, and continuous digital transformation activities in different industries.
Though, there are certain limitations which are challenging for the market to overcome such as IAM Systems have high implementation cost and could become a complex to synergize with current IT systems and few talented professionals who can handle the most sophisticated solutions. The research also indicates that; New threats emerge continuously, Data privacy is still a problem, Interoperability is a complication. However, there is considerable optimism as to the prospects available for IAM in this challenging environment. AI and machine learning in IAM improving threats and authentication improvements while the increasing use of Zero Trust can invade IAM solutions.
The increasing integration of IoT into various industries requires a more progressive IAM system to handle identities and accesses of numerous IoT devices. However, there are also more opportunities due to the desire for better UX by utilizing the novel and almost frictionless approaches to authentication. Due to the growing focus on security and utilization of technology with a rigorous approach, the IAM market is slated for a more crucial role of protecting identity as well as its management in multiple digital arenas.
Global Market Size
USD 13.32 Billion
Largest Segment
Workforce IAM
Fastest Growth
Workforce IAM
Growth Rate
15.6% CAGR
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Global Identity and Access Management (IAM) Market is segmented by Offering, Type, Deployment, Vertical, and region. Based on Offering, the market can be segmented into Solution (Data Directory, Identity Lifecycle Management [Provisioning, De- provisioning], Authentication [Single-factor authentication, Two-factor authentication, Multi-factor authentication], Verification, Access Management and Authorization [Single sign-on, Privileged Access Management (PAM)], Audit, Compliance, and Governance), Services (Integration and Deployment, Support and Maintenance, Consulting). Based on Type, the market can be segmented into Workforce IAM, Consumer IAM. Based on Deployment, the market can be segmented into Cloud, On-premises. Based on Vertical, the market is segmented into BFSI, Travel, Tourism and Hospitality, Healthcare, Retail and E-commerce, Education, IT and ITeS, Government and Defense, Others (Telecom, Energy and Utilities, Gaming and Gambling, Media). Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Identity and Access Management (IAM) Market Analysis by Type
The Workforce IAM segment stands out as the largest segment. Dominating the market, Workforce IAM solutions cater to the burgeoning need for robust security frameworks within enterprises. As businesses increasingly adopt digital transformation strategies, the necessity to manage employee access to corporate resources securely has surged. This segment benefits from the vast deployment of IAM systems across various sectors such as IT, healthcare, and finance, where safeguarding sensitive information and ensuring compliance with regulatory standards are paramount. With a commanding market share, Workforce IAM solutions are projected to continue their leadership, driven by the integration of advanced technologies like AI and machine learning that enhance authentication processes and security measures.
The Consumer IAM segment is experiencing the fastest growth in the market. This rapid expansion is fueled by the rising demand for seamless and secure customer experiences in an increasingly digital world. As businesses pivot towards online platforms, there is a pressing need to ensure that customer identities are protected against cyber threats while providing easy access to services. Consumer IAM solutions are becoming indispensable for industries such as retail, banking, and e-commerce, where user experience and data security are critical. With an impressive growth rate, the Consumer IAM market is set to thrive, propelled by innovations in biometric authentication, blockchain technologies, and the growing awareness among consumers about the importance of protecting their digital identities.
Identity and Access Management (IAM) Market Analysis by Vertical
The healthcare segment is expected to dominate the market. The health care sector moves fast to adopt new technological solutions to improve patient care and deliver more effective, efficient, and personalized approaches. IAM solutions help healthcare organizations address user credentials issues and improve the experience of an individual patient. Due to the lack of Patient Identification protections, patients suffer several problems as mentioned below. Patients can be victims of identity theft and can find unrelated information about their medical and health situation in the records including bogus information, which can endanger future treatments. All these lead to inefficiency and jeopardize patients’ care.
The BFSI segment is estimated to expand at the fastest CAGR over the forecast period. Advancements in digital payments platforms, e-wallets and the use of digital/retail banking are some of the trends that are poised to drive the adoption of such solutions in the BFSI sector appropriately grant access to the right stakeholders, mitigate risks, and check on security policies. We deduced that manufacturing, education IT & telecom, retail & consumer packaged goods and energy & utilities shall experience higher growth in the period in view.
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North America dominates the market globally and is regarded as having the most developed infrastructure and adoption of cyber technologies. To address the risk of cybersecurity, the administration of the region has deemed it as the most significant threat to both the growth of economy and security of the nation. This is due to the emerging requirements of the diverse coming workforce, integration of cloud applications, continued prevalence of the bring your own device concept, and the need for compliance with regulations among organizations in North America. Currently, there is always more emphasis on IAM, and different firms are trying to invest their efforts into talking about and ideating better IAM solutions. Risk and fraud analysis, measures in privacy, governance, and structures, enforcement of governance controls, management, compliance, and SIEM solutions are some of the areas where IAM solutions assist organizations.
The Asia-Pacific region is witnessing the fastest growth in the IAM market. This growth is propelled by a higher uptake of digitization initiatives, rising consciousness of cyber-risks, and the booming mobile and Internet usage. China and India, among others, are the key contributors to this growth, thanks to a robust IT industry, prosperous e-commerce market, and nurturing government policies towards digital security solutions. In addition, with the growing organization size, large, diverse, and complex user identity management and increased enrollment requirements in these countries have become essential, which has put continued and accelerated pressure on IAM technology adoption.
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Identity and Access Management (IAM) Market Drivers
Increasing Cybersecurity Threats:
Identity and Access Management (IAM) Market Restraints
High Implementation Costs:
Complex Integration Processes:
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Global Identity and Access Management (IAM) market is characterized by rapid innovation and intense competition, driven by the increasing need for robust security solutions in the face of growing cyber threats. Emerging companies like Ping Identity and CyberArk are gaining traction with specialized, cutting-edge offerings that cater to specific industry needs, such as healthcare and finance. The market is also seeing a surge in demand for cloud-based IAM solutions, fueled by the ongoing digital transformation across enterprises. As organizations continue to prioritize cybersecurity and regulatory compliance, the IAM market is poised for significant growth, with vendors striving to offer scalable, user-friendly, and cost-effective solutions to secure critical data and systems.
Identity and Access Management (IAM) Market Top Player’s Company Profiles
Identity and Access Management (IAM) Market Recent Developments
In April 2023, Saviynt announced that it teamed with the Worlds Technology and Consulting Giants like IBM to introducing New Saviynt Thus bringing to market Solution Exchange. It is a Hospitality Store of Ready-to-Improve Solutions that Help Organizations Scale Cloud Identity Security Eventually.
In March 2023, CyberArk released improvement in its Workforce Password Management Software. Some new capabilities Access control of High-Risk High Value Business Applications where the Web Application Firewall can assist business and help them secure and minimize risk.
In November 2022 Okta announced the Workforce Identity Cloud Innovations to Drive Business Security, Productivity and Resilience. New this will fortify single SCP for managing identity of all resources and enterprise users.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types of teams that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global Identity and Access Management (IAM) Market analysis, The Identity and Access Management (IAM) is still growing rapidly at an accelerated pace due to various factors that include rising threats, growing compliance and authorization standards, and developing cloud solutions. Most industries are now seeking IAM solutions to make their identity and access management more secure and efficient. Other factors, such as the increasing trend of working from home and the interconnectivity of devices have continued to enhance the demand for a more robust IAM system. There are various trends in the market such as using artificial intelligence and machine learning to strengthen the threat perception, trend to remove passwords from systems completely, and the growing concern of Zero Trust Security. Many organizations are currently focusing on embracing digital technologies, as well as safeguarding their data, attributes which have resulted in the IAM market being considered ideal for further growth and enhancement.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 13.32 Billion |
Market size value in 2031 | USD 48.78 Billion |
Growth Rate | 15.6% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Identity and Access Management (IAM) Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Identity and Access Management (IAM) Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Report ID: SQMIG45B2126