IDENTITY AND ACCESS MANAGEMENT (IAM) MARKET WORTH $32.6 BILLION BY 2028 - EXCLUSIVE REPORT BY MARKETSANDMARKETS™

CHICAGO, May 30, 2023 /PRNewswire/ -- Cloud-based solutions, integration with AI/ML, adoption of Zero Trust architecture, Identity as a Service (IDaaS), biometric authentication, privacy and consent management, and safeguarding IoT and IIoT devices are the characteristics of the IAM market's future. The industry's emphasis on improved security, user experience, scalability, and adherence to data privacy laws is reflected in these themes.

The global Identity and Access Management (IAM) Market size is projected to grow from USD 15.7 billion in 2023 to USD 32.6 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 15.6% during the forecast period, according to a new report by MarketsandMarkets™. The growth of the IAM market is driven by factors such as rising instances of security breaches and escalating instances of identity-related fraud.

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Scope of the Report

Based on the identity lifecycle management, provisioning segment is expected to hold largest market share during the forecasted period

All the steps in an identity's lifespan, from the time it first becomes an employee or contractor until it is terminated, are included in identity lifecycle management (ILM). This covers all the actions taken throughout the employee's employment, such as name changes, brief maternity absences, and leaving and returning to the company. To minimise effort, time, and expense, provisioning is required to automate the process of generating, managing, and removing identities as much as feasible. Depending on their position or role inside the company, users should have access to different resources. User accounts are created, given the appropriate rights, updated, deactivated, and destroyed through a process called user account provisioning. When new or updated information is added to or removed from a personnel system, these identity management procedures are initiated. Making a group member's identification known creates roles.

By offerings, solutions to hold a larger market size during the forecast period

The increase in data breaches drives enterprises to adopt centralized security solutions, boosting the demand for IAM solutions. IAM solutions help in customizing the experience and making it an easy and smooth process, enabling a positive user experience. It also help with authentication features such as communication preference, social profile integration, multi-factor authentication, and single sign-on enhance customer interactions with the website. IAM solutions help businesses implement adequate security policies across all systems, platforms, applications, and devices. These benefits create a massive demand for IAM solutions in the market.

By region, Asia Pacific is to grow at the highest CAGR during the forecast period

In recent years, Asia Pacific has undergone tremendous economic and political changes. This has eventually increased the number of enterprises and industries in Asia Pacific. Governments in countries such as China, Singapore, and Japan are investing a significant portion of their federal budgets in developing cybersecurity tools. This is expected to drive the adoption of IAM solutions. Moreover, various initiatives are taken by the government toward tackling identity-related frauds, especially for strengthening eKYC to verify identities, such as compliance regulations initiated by countries, which also drives the need for robust and stronger IAM practices in Asia Pacific. This motivates Asia Pacific governments to adopt identity management solutions and services.

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Identity and Access Management (IAM) Market Dynamics

Driver:

• Rising instances of security breaches and identity-related fraud
• Growing awareness about compliance management
• Increasing need for IAM for IoT
• Increased spending on cybersecurity following COVID-19 pandemic

Restraint:

• Lack of identity standards and budgetary constraints in deploying IAM solutions

Opportunities:

• Cultural shift from traditional IAM to CIAM
• Proliferation of cloud-based IAM solutions and services and growing adoption of hybrid cloud model
• Increasing integration of technologies into IAM

Challenges:

• Scarcity of skilled cybersecurity professionals among enterprises
• Difficulties in addressing complexity of advanced threats

Top Key Companies in Identity and Access Management (IAM) Market:

Microsoft (US), Okta (US), IBM (US), Oracle (US), Salesforce (US), Ping Identity (US), HID Global (US), ForgeRock (US), CyberArk (US), Micro Focus (US), Thales (France), RSA Security (US), Avatier (US), ManageEngine (US), SecureAuth (US), EmpowerID (US), SAP (Germany), Simeio (Georgia), One Identity (US), FusionAuth (US), Auth0 (US), IDnow (Germany), Zephr (UK), Signzy (US), Civic (US), Trusona (US), Beyond Identity (US), Akamai (US), Delinea (US), Optimal IdM (US), Netwrix (US), Zoho Vault (US), Transmit Security (US), are the key players and other players in the IAM market.

Recent Developments

• In April 2023, Saviynt Partnered with World's Leading Technology and Consulting Firms, which includes IBM to Launch Saviynt Solution Exchange. It is a Marketplace of Pre-Built Solutions that Accelerate and Optimize Organizations' Journey to Cloud Identity Security.
• In march 2023, CyberArk launched enhancements to its Workforce Password Management. The new capabilities include securing access to high-risk, high-value business applications to help organizations improve security and reduce risk.
• In November 2022, Okta launched Okta Workforce Identity Cloud Innovations to Power Enterprise Security, Productivity, and Agility. This new solution will strengthen single control plane for managing identity across all enterprise resources and users.
• In August 2022, ForgeRock announced a strategic partnership with Secret Double Octopus (SDO). This partnership will extend password less and Multi-factor Authentication (MFA) capabilities of ForgeRock to enterprise workstations and infrastructure
• In February 2022, Ping Identity launched new service, PingOne DaVinci. It is a new no-code identity orchestration service that enables organizations to integrate and orchestrate identity services from a wide range of vendors.

Identity and Access Management (IAM) Market Advantages:

• A strong framework for managing user identities, access rights, and permissions is offered by IAM solutions. IAM helps prevent unauthorised access and data breaches by mandating strong authentication techniques like multi-factor authentication (MFA). The danger of internal and external attacks is decreased because it enables organisations to set granular access restrictions, ensuring that users only have access to the resources they require.
• The management of user identities, roles, and access privileges is centralised by IAM. Through numerous systems and apps, this makes user provisioning, deprovisioning, and access control operations simpler. By effectively managing user onboarding, updates, and offboarding, administrators can lessen the administrative burden and opportunity for error that come with manual operations.
• In order to comply with laws and regulations like the General Data Protection Regulation (GDPR), the Health Insurance Portability and Accountability Act (HIPAA), and the Payment Card Industry Data Security Standard (PCI DSS), IAM solutions are essential. IAM gives businesses the ability to implement strict access controls, monitor user activity, and keep thorough logs for compliance audits.
• IAM solutions simplify user permission and authentication procedures, allowing users to easily and securely access resources and applications. Users that use single sign-on (SSO) capability only need to authenticate once to access numerous applications. This raises user productivity, lessens password fatigue, and improves user experience all around.
• IAM solutions assist businesses in reducing costs and improving operational effectiveness. Organisations can cut human labour and related expenses by automating operations related to user lifecycle management, including user provisioning, role-based access control (RBAC), and self-service password resets. IAM also aids in preventing security lapses and data breaches, which can cause large monetary losses and reputational harm.

Report Objectives

• To define, describe, and forecast the IAM market based on type, offering, solution, identity lifecycle management, service, deployment mode, verticals, and regions
• To define, describe, and forecast the Identity and Access Management market based on offering, solution, service, deployment mode, verticals, and regions
• To provide detailed information about the major factors (drivers, opportunities, restraints, and challenges) influencing the growth of the identity and access management market
• To forecast the identity and access management market size across five main regions: North America, Europe, Asia Pacific, Middle East and Africa, and Latin America
• To analyze subsegments of the market with respect to individual growth trends, prospects, and contributions to the overall market
• To profile the key players of the identity and access management market and comprehensively analyze their market size and core competencies
• To profile key players and comprehensively analyze their market rankings and core competencies
• To map the companies to get competitive intelligence based on company profiles, key player strategies, and game-changing developments such as product developments, collaborations, and acquisitions
• To track and analyze the competitive developments, such as product enhancements and new product launches; acquisitions; and partnerships and collaborations, in the identity and access management market globally.

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