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. The expansion of the IAM market is being propelled by increasing need for IAM for IoT and rising instances of security breaches and escalating instances of identity-related fraud.
Government regulations and the imperative for compliance have also played a significant role in driving the adoption of IAM solutions and services, as businesses strive to meet security requirements and protect sensitive data. Additionally, Integration of biometrics and blockchain into identity are considered to be emerging megatrends in IAM to better identify authorized users for networked systems. Together, these factors form a powerful force behind the growth and advancement of the IAM market.
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What is Identity and Access Management (IAM) Market?
IAM ensures the right people and job roles in an organization (identities) can access the tools they need to do their jobs. Identity management and access systems enable an organization to manage employee apps without logging into each app as an administrator. IAM systems enable an organization to manage a range of identities, including people, software, and hardware such as robotics and IoT devices.
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.
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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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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.
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The market research report on the Global Consumer Identity and Access Management (IAM) Market published by Reports and Data has been formulated through a series of extensive primary and secondary research and further verified and validated by industry experts and professionals.
The well formulated research report aims to provide the readers a better understanding of the industry and help them formulate strategic investments plans to maximize on lucrative growth opportunities and gain a strong foothold in the market.
The report also evaluates the market dynamics including drivers, restraints, opportunities, threats, challenges, and other key segments.
The study covers critical current market trends along with an extensive analysis of emerging trends.Key companies operating in the global market include: Mitek Systems Inc., Salesforce (US), Microsoft (US), Okta (US), SAP (Germany), CA Technologies (US), Ping Identity (US), ForgeRock (US), Janrain (US), LoginRadius (Canada), GlobalSign (UK), Trusona (US), iWelcome (Netherlands), SecureAuth (US), WidasConcepts (Germany), Acuant (US), EmpowerID (US), Onegini (Netherlands), Pirean (UK), Auth0 (US), Avatier (US), ManageEngine (US), Ergon (Switzerland), Simeio Solutions (US), Ubisecure (Finland), TransUnion, Ping Identity Corporation, Gigya, Inc., Okta, Inc., Experian PLC, Centrify Corporation, Janrain, Inc., IBM (US), LexisNexis Risk Solutions Inc., Traxion Inc., MorphoTrust USA, GB Group Plc, ID Analytics LLP, Aware Inc. and Equifax Inc, among others.Get a sample of the report @ https://www.reportsanddata.com/sample-enquiry-form/1074The report covers a detailed examination of the market scenarios and trends on a regional and global level.
The section covers expected growth rate of each geographical region, micro and macro-economic factors, upstream and downstream industries, regulatory framework, growth trends, and shift in consumer preferences.
It also studies import/export, supply and demand ratio, production and consumption and presence of key companies in the region.The study covers the current competitive scenario with a special emphasis on the strategic initiatives taken by the prominent players of the industry.
According to the new market research report by IndustryARC titled “Cloud Identity Access Management(I.A.M) Market - By Services (directory services, access management, governance and compliance management ); By Industry (IT and Tele communication, education ,Others) - Forecast(2018 – 2023),” the market will be driven by BYOD(Bring Your Own Device) which is adopted by different organisations and growing adoption of cloud services.
To access the full report, click the link below:https://industryarc.com/Report/15168/cloud-identity-access-management-market.htmlNorth America will Dominate the Cloud Identity Access Management Market:North America will dominate the Cloud Identity Access Management Market during the forecast period.
Asia Pacific is expected to show the highest growth due to the factors such as adoption of cloud by SMEs in the region and development in enterprise IT infrastructure.
Regulatory reforms and economic stability are also responsible for the growth of the cloud identity access management in Asia Pacific.
Selected Regulatory Analysis Done in the Full Report:BFSI, IT & Telecom, and retail will have the largest share in the Cloud identity access management market in the forecast period.
Banking, financial services, and insurance sector organisations are using cyber security solutions for detecting, monitoring, and countering cyber threats.
