Identity Management Solutions Market Size, Share, Growth, And Industry Analysis By Type (Cloud and On-Premises) By Application (Telecommunication & IT, BFSI, Retail & Consumer Goods, Media & Entertainment, Government, Travel & Hospitality, Healthcare & Life Sciences, and Others) Regional Forecast To 2032

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Identity Management Solutions Market Report Overview

The global identity management solutions market size was USD 2.552 billion in 2023 and the market is expected to reach USD 4.69 billion in 2032, exhibiting a CAGR of 7.0% during the forecast period.

 The market's growth and demand returning to pre-pandemic levels when the pandemic is finished is what caused the abrupt increase in CAGR.

Identity Management (IdM), often referred to as Identity and Access Management (IAM), makes ensuring that only individuals who have been given permission may access the technological resources required to carry out their job duties. It consists of policies and technological tools that cover an organization-wide procedure for correctly identifying, authenticating, and authorizing individuals, teams of individuals, or software programmers using characteristics such as user access privileges and constraints based on their identities.

According to a recent (ISC)2 study, weak or poorly handled credentials were the cause of 80% of breaches in the identity access system. Passwords might be compromised, phishing attempts might be enabled, and breaches or ransomware attacks might happen if the right controls are not in place if Identity Management Solutions policies and processes are not correctly followed. A user can be removed from the directory when the HR system indicates an employee has left the company thanks to the automation offered by current Identity Management Solutions platforms, which helps guarantee controls are used.

Assuring that only authorized users have access to data and that the data itself is where it should be can help the business comply with the many regulatory and governmental regulations in place. Identity management solutions can play this important role. This is because new privacy and data secrecy legislation are frequently created. Since access is ultimately the key to IT security, a strong Identity Management Solutions strategy is essential to overall IT security and provides the first line of defense against any threat, whether it originates from outside or inside the firewall.

COVID-19 Impact: Adoption of Cloud-based Technology Propelled Market Growth

A sizable portion of the worldwide Identity Management Solutions market in 2020 was accounted for by the U.S. To assure digital security management, many suppliers are providing clever and cutting-edge tools. The rise in investments and the transition to a digitally driven environment as a result of the lockdown limitations put in place during the pandemic are two important reasons propelling the market's growth in the U.S. The market of Identity Management Solutions is expanding in North America because of an increase in the use of cloud-based technology to enable remote working and guarantee company continuity.

Additionally, in 2020–21, ransomware attacks have impacted a significant number of state and local public sector institutions. In 2020, there was a sharp increase in demand for identity management solutions software because of significant sensitive data leaks, service interruptions, and, in some cases, the need for entire local governments to declare a state of emergency.  

Latest Trends

"Implementation of Cyber Security Mesh to Promote Market Development"

By 2025, it is anticipated that cybersecurity mesh models would support more than half of all Identity Management Solutions requests. These cybersecurity mesh models are well-suited to assist businesses in securely managing resources, devices, permissions, and users outside the security barrier as more people than ever work remotely. By 2025, it is anticipated that cybersecurity mesh models will support more than half of all Identity Management Solutions requests. These cybersecurity mesh models are well-suited to assist businesses in securely managing resources, devices, permissions, and users outside the security boundary as more people than ever work remotely.

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Identity Management Solutions Market Segmentation

• By Type Analysis

According to type, the market can be segmented into Cloud and On-Premises. Among these Cloud is projected to experience rapid growth through 2030.

• By Application Analysis

Based on application, the market can be divided into Telecommunication & IT, BFSI, Retail & Consumer Goods, Media & Entertainment, Government, Travel & Hospitality, Healthcare & Life Sciences, and Others. Telecommunication & IT is expected to hold the largest Identity Management Solutions market share in the upcoming years.

Driving Factors

"Connect Anywhere Computing for Better Access Control to Aid Market Growth"

Access management implementations are being put under additional stress as computing becomes more distributed and accessible from anywhere. Access management services must advance in sophistication to distinguish between legitimate users and fraudulent or malicious bots without upsetting legitimate users.

Additionally, companies must integrate support for a variety of user and device access options, as well as support for a variety of digital asset generations, into a flexible modern identity infrastructure (identity fabric). If they haven't previously been fully implemented, recommended practices including multifactor authentication (MFA), zero-standing rights, and zero-trust architecture should be used to mitigate risk.

All privileged access should be subject to MFA, and providers should provide support for all necessary use cases, including voice, biometrics, phone-as-a-token, and smart cards. Utilize adaptive access control, a crucial component of zero-trust architecture, context-aware access control that acts to balance trust against access risk.

"Need to Improve User Experience to Boost Identity Management Adoption"

The demand for a fantastic overall user experience is growing along with the volume and significance of digital interactions. According to Gartner, companies who follow this advice will perform 25% better than their rivals in terms of satisfaction measures for both the employee and customer experience by 2024.

Businesses should develop a unified approach for all external users (consumers, business customers, and partners). For instance, provide an Omni channel experience, consolidate consumer profile data, and match Identity Management Solutions priorities with business and IT priorities.

Apply a zero-trust strategy to a company's digital supply chain in parallels, such as by offering complete end-to-end security and privacy protection for customer data and other resources in the digital ecosystem. Create an identity for remote privileged users that authenticates them each time they want to carry out administrative duties or other privileged operations to further empower privileged users without compromising security. Use a shared account managed by the privileged access management (PAM) program after that.

Restraining Factors

"Improper Management of Network/application/data Access Could Hamper Market Trends"

Management of role-based access control (RBAC) within an organization has the potential to go wrong. Administrators can combine several users that need access to the same resources by using RBAC. Access groups make it considerably simpler to create and maintain fewer access constraints, but many businesses put too many people in a single group. As a result, some consumers have access to services and applications they don't need. In the best-case scenario, this causes user access to be less restricted than it might otherwise be. In the worst-case circumstances, this can result in users who don't properly separate their responsibilities, which might violate the compliance of access control.

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Identity Management Solutions Market Regional Insights

"North America to Dominate Market Owing to Robust Cyber Security Infrastructure "

Between 2022 and 2030, the identity and access management market will be dominated by North America (the U.S., Canada, and Mexico). Factors driving the identity management solutions market growth in this region include the well-developed technological infrastructure that permits the adoption of such a system, an increase in cyberattacks as a result of the high rates of internet penetration experienced by businesses, and rising demand for data security and cybersecurity management.

Additionally, the identity and access management market is anticipated to experience the fastest growth in the Asia Pacific (India, China, Japan, Malaysia, Singapore, and the Rest of Asia Pacific) region. The expansion of regional markets is being fueled by the accelerated development of digital infrastructure, rising internet penetration rates, the prevalence of numerous SMEs implementing such systems, and the growing digitalization of business processes.

Key Industry Players

"Key Players Focus on Collaborations to Gain an Advantage"

Several players in the market are using acquisition strategies to build their business portfolios and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

LIST OF TOP IDENTITY MANAGEMENT SOLUTIONS COMPANIES

• IBM (U.S.)
• Microsoft (U.S.)
• Salesforce (U.S.)
• SAP (Germany)
• Okta (U.S.)
• Broadcom (U.S.)
• Janrain (U.S.)
• Ping Identity (U.S.)
• ForgeRock (U.S.)
• LoginRadius (Canada)
• IWelcome (Netherlands)
• GlobalSign (Belgium)
• Trusona (U.S.)
• SecureAuth (U.S.)
• WidasConcepts (Germany)
• Acuant (U.S.)
• EmpowerID (U.S.)
• Onegini (Netherlands)
• Pirean (U.K.)
• Auth0 (U.S.)
• Avatier (U.S.)
• Ergon Informatik (Switzerland)
• Zoho (India)
• Simeio Solutions (U.S.)
• Ubisecure (Finland)

Report Coverage

This study looks at a report with in-depth studies that outline the market players with an impact on the predicted time frame. By examining aspects including segmentation, opportunities, industry innovations, trends, growth, size, share, and restrictions, it provides a thorough analysis based on in-depth research. This study may need to be modified if significant players or relevant market dynamics change.