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IDENTITY AND ACCESS MANAGEMENT MARKET REPORT OVERVIEW
The global Identity and Access Management (IAM) market size was valued at approximately USD 13.67 billion in 2023 and is expected to reach USD 48.64 billion by 2032, growing at a compound annual growth rate (CAGR) of about 15.14% from 2023 to 2032
Solutions that aid in business to securely manage user identities and restrict information access are the domains of the global Identity and Access Management (IAM) market. And these systems make it so that only authorized people can have access to some data, making security is as good as possible and making it easier for people to go on task. In this sense IAM technologies consist of features like password management, two factor authentication and single sign on systems for accessing different systems with one login. With more and more businesses moving to digital systems to do business, IAM solutions are key to securing the sensitive data. Organizations are looking for ways to improve security, enhance user experience and reduce IT costs and it’s a growing market.
GLOBAL CRISES IMPACTING IDENTITY AND ACCESS MANAGEMENT MARKET
"Identity and Access Management Industry Had a Negative Effect Due to Budget Constraints and Delays During COVID-19 Pandemic"
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
The global Identity and Access Management (IAM) market growth was impacted significantly by the COVID–19 pandemic. When businesses are turned into remote with the circumstances, there is a need for secure access systems vastly. But the economic impact of lockdown was felt as many budget cuts and JIT adoption delays were suffered, particularly by small to medium companies. This slowdown in the market’s growth was short lived, because many businesses struggled financially for several months in the early stages of the pandemic.
LATEST TRENDS
"Rise in Cybersecurity Threats Drives Demand for IAM Solutions"
Businesses are being forced to use stronger security measures to keep up how frequently cyberattacks and data breaches are happening. The result has been an increased requirement for Identity and Access Management (IAM) system, since organizations are looking for safe means to keep tabs on who gets to access critical data and environment. This is why it is speeding up growth of IAM solutions for its fast rise of the cyber threats.
IDENTITY AND ACCESS MANAGEMENT MARKET SEGMENTATION
By Type
- Cloud: Cloud-based IAM solutions are hosted on the cloud and can be accessed via the internet. They offer flexibility and cost-effectiveness as companies don’t need to invest in physical infrastructure.
- On-Premise: On-premise IAM systems are installed locally within a company’s premises. They provide more control over security and data but come with higher maintenance and infrastructure costs.
By Application
- BFSI (Banking, Financial Services, and Insurance): IAM solutions in the BFSI sector help secure sensitive financial data and ensure only authorized users can access financial systems and accounts.
- Telecom and IT: In telecom and IT, IAM solutions safeguard user data, ensure secure access to communication networks, and protect digital services from unauthorized access.
- Retail and Consumer Packaged Goods: IAM is used to protect customer data in the retail industry, ensuring that only authorized users can access sensitive information like payment details and shopping history.
- Government: Government institutions use IAM to control access to sensitive public data, systems, and information, ensuring only authorized personnel can interact with critical systems.
- Energy and Utilities: IAM helps energy companies protect vital infrastructure and ensure only authorized employees can access critical systems that manage energy distribution and usage.
- Education: In education, IAM solutions manage access to student and faculty data, ensuring secure access to online resources and university systems, while preventing unauthorized access.
- Manufacturing: IAM systems in manufacturing control access to factory systems and sensitive production data, helping secure operations from cyber threats.
- Healthcare and Life Sciences: IAM helps healthcare organizations protect patient records and sensitive data by ensuring that only authorized personnel can access medical systems and patient information.
- Others: IAM is also used in other sectors like transportation, hospitality, and entertainment to secure access to business-critical data and resources.
MARKET DYNAMICS
Market dynamics include driving and restraining factors, opportunities and challenges stating the market conditions.
DRIVING FACTORS
"Rising cyber threats drive demand for stronger identity security solutions"
But of course, the need for robust security measures is driven by our own struggles, the rise of cyberattacks and the data breaches we’ve seen. With mounting and ever more serious threats to sensitive data, organizations are more and more realizing the critical importance of identity management systems to isolate sensitive data from unauthorized access. With IAM solutions, how to avoid risk is simplified with secured access to critical resources, improved cybersecurity posture and protection of sensitive customer and employee data.
"Data protection laws compel businesses to adopt secure identity management systems"
To enforce strict data privacy rules such as GDPR, organisations often need to implement the IAM. For compliance these regulations say that companies must protect the data of users and control access to sensitive information, which they should do with the help of infrastructure IAM systems. IAM technologies are helping companies to avoid some penalties and maintain trust with customers.
RESTRAINING FACTOR
"High costs and lack of standards hinder widespread system adoption"
A drawback to the growth of IAM solutions is a lack of standardization with user identification and access management. This it hard for the businesses to make uniform systems for the various regions. Also, small business might find it difficult with the high upfront cost and maintenance fee of IAM system, which can be a barrier to adoption by small businesses who may be cash strapped and unable to reach their coverage.
OPPORTUNITY
"Increased cyber threats drive demand for enhanced security solutions"
As the recent cyberattacks and data breaches have shown businesses have an increasing need to invest in stronger security. It is an opportunity for IAM solutions to fill and become essential to protect sensitive information. The need for IAM solutions grows along with companies focusing on secure access management, which opens a door for technology providers to provide advanced and fast IAM tools to respond to market demand.
CHALLENGE
"Complex IT environments create difficulties in seamless system integration"
One of the main challenges businesses face with IAM systems is integrating these tools across various platforms and ensuring they work smoothly together. Many organizations have complex IT environments, including cloud services, on-premise systems, and hybrid models. This makes it difficult to implement IAM solutions that cover all areas securely. Overcoming this complexity requires time, resources, and proper planning, making it a significant hurdle.
MARKET REGIONAL INSIGHTS
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North America
The North American market for Identity and Access Management (IAM) is robust, primarily driven by the United States. The United States Identity and Access Management market holds a significant share due to rising cybersecurity threats and the growing need for enterprises to protect sensitive data. With a strong focus on technological advancement, both private and public sectors are rapidly adopting IAM solutions, making North America a key player in the global market.
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Europe
In Europe, there has been tremendous expansion of the Identity and Access Management market share since regulations ensure data protection like GDPR. Leading the way here are countries such as the UK, Germany and France who are getting on board with IAM solutions to help them achieve compliance and protect themselves from cyber-attacks. However, with greater security challenges as organizations across the region adapt to changing requirements, the need for IAM systems with effective management and secure users identity management is high, hence the rising trajectory of the market in Europe.
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Asia
Market has grown significantly over recent years in Asia-Pacific, with China, India and Japan in the forefront. Major drivers for this being an increasing number of cyberattacks and digital transformation initiatives occurring within industries. As more businesses migrate to cloud based solutions, many business problems are being solved with IAM platforms to manage access and protect digital identities. Another possible reason for demand of IAM solutions in the coming years is the rapid technology adoption in the region.
KEY INDUSTRY PLAYERS
"Innovation drives player growth and strengthens their industry presence"
There are two very dominant players in identity management, certainly Okta and Microsoft. For Okta, the business is about helping people globally get secure access to their businesses, for example, in healthcare and finance, among other sectors. But Microsoft provides access control and user safety across its cloud services by means of some security features. However, both companies innovate and spread their offerings to respond to the rising security needs and remain strong in the industry.
List Of Identity and Access Management (IAM) Companies
- Okta (U.S.)
- Microsoft Corporation (U.S.)
- Ping Identity (U.S.)
- SailPoint Technologies (U.S.)
- Broadcom (U.S.)
- OpenText Cybersecurity (Canada)
- IBM Corporation (U.S.)
- Oracle Corporation (U.S.)
- Entrust (U.S.)
- CyberArk Software (U.S.)
INDUSTRIAL DEVELOPMENT
March 2021: Depishe disclosed that Okta acquired Auth0, a leading identity management platform. The strategic move aimed to give businesses the ability to securely manage access for employees and customers across the spectrum of devices and systems, as well as shape its customer and workforce identity solutions The deal strengthened Okta’s position in the IAM market, providing enhanced services to a wider range of clients globally.
REPORT COVERAGE
This report is based on historical analysis and forecast calculations that aim to help readers get a comprehensive understanding of the global Identity and Access Management (IAM) market from multiple angles, which also provides sufficient support to readers’ strategy and decision-making. This study comprises a comprehensive analysis of SWOT and provides insights for future developments within the market. It examines varied factors that contribute to the growth of the market by discovering the dynamic categories and potential areas of innovation whose applications may influence its trajectory in the upcoming years. This analysis encompasses both recent trends and historical turning points into consideration, providing a holistic understanding of the market’s competitors and identifying capable areas for growth.
This research report examines the segmentation of the market by using both quantitative and qualitative methods to provide a thorough analysis that also evaluates the influence of strategic and financial perspectives on the market. Additionally, the report's regional assessments consider the dominant supply and demand forces that impact market growth. The competitive landscape is detailed meticulously, including shares of significant market competitors. The report incorporates unconventional research techniques, methodologies, and key strategies tailored for the anticipated frame of time. Overall, it offers valuable and comprehensive insights into the market dynamics professionally and understandably.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 13.67 Billion in 2023 |
Market Size Value By |
US$ 48.64 Billion by 2032 |
Growth Rate |
CAGR of 15.14% from 2023 to 2032 |
Forecast Period |
2024-2032 |
Base Year |
2024 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered | |
By Type
|
|
By Application
|
Frequently Asked Questions
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What Identity and Access Management (IAM) Market expected to touch by 2032?
The Identity and Access Management (IAM) Market is expected to reach USD 2.1 billion by 2032.
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What are the key segments of the global Identity and Access Management (IAM) Market?
The IAM market is segmented by type (cloud and on-premise) and by application, with the BFSI sector being the largest, holding a significant market share.
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Which are the driving factors of the global Identity and Access Management (IAM) Market?
Increasing cybersecurity threats, rising data breaches, and the growing need for secure identity management are key driving factors of the IAM market.