Identity Access Management Market Is Estimated To Witness High Growth Owing To Increasing Instances of Data Breaches & Growing Adoption of Cloud Computing

Purvaja Jadhao

posted on 11 months ago — updated on 1 second ago

79
views

The Identity Access Management (IAM) market is estimated to be valued at US$ 12.26 billion in 2023 and is expected to exhibit a CAGR of 14.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Identity Access Management Market Is Estimated To Witness High Growth Owing To Increasing Instances of Data Breaches & Growing Adoption of Cloud Computing

Market Overview:
Identity access management is an essential tool for organizations to ensure secure access to various applications and systems. It provides a centralized platform for managing user identities, controlling user access rights, and enforcing security policies. IAM solutions offer a wide range of functionalities such as user provisioning, single sign-on, multi-factor authentication, and privileged access management. These solutions find applications in various industries such as healthcare, BFSI, IT & telecom, and retail to protect sensitive data, meet compliance requirements, and enhance operational efficiency.

Market Dynamics:
The Identity Access Management market is driven by the increasing instances of data breaches and cyber-attacks, which highlight the need for robust identity and access control systems. Additionally, the growing adoption of cloud computing, along with the rising trend of BYOD (Bring Your Own Device), is creating a demand for IAM solutions, as they provide secure access to cloud-based applications and enable better management of employee identities. Moreover, the increasing emphasis on regulatory compliance, such as GDPR and HIPAA, is further propelling the market growth for IAM solutions, as organizations need to ensure secure data access and protect user privacy.

Segment Analysis:
The Identity And Access Management Market Demand can be segmented based on component, deployment type, organization size, and vertical. On the basis of the component, the market is dominated by the solution segment, which includes various solutions such as provisioning, single sign-on, password management, directory services, and access governance. The solution segment holds the largest market share due to the increasing need for secure access control and authentication across organizations. The rising instances of cyber threats and data breaches have led to the adoption of IAM solutions, driving the dominance of this segment.

PEST Analysis:
Political: The political environment plays a crucial role in shaping the identity access management market. Governments across the globe are implementing stringent data privacy regulations, which has increased the demand for IAM solutions.

Economic: The economic factor has a significant influence on the market. As businesses are becoming more digitized, they are investing heavily in cybersecurity measures, including IAM systems, to protect sensitive data from breaches and cyberattacks.

Social: The social factor focuses on changing societal trends and consumer behavior. With the increasing awareness of data privacy and the need for secure online transactions, there is a growing demand for identity access management solutions.

Technological: The technological factor highlights the impact of advancements in technology on the market. The integration of technologies such as artificial intelligence, machine learning, and biometrics in IAM solutions is driving market growth and offering enhanced security measures.

Key Takeaways:
The global identity access management market is expected to witness high growth, exhibiting a CAGR of 14.5% over the forecast period of 2023-2030. This growth can be attributed to the increasing adoption of IAM solutions by organizations to safeguard their critical data against unauthorized access and cyber threats. The market size for 2020 was estimated to be US$ 12.26 billion.

In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the identity access management market. This can be attributed to the presence of major players, advanced technological infrastructure, and stringent data protection regulations in this region.

Key players operating in the identity access management market include Amazon Web Services, CA Technologies, Centrify Corporation, Dell Emc, ForgeRock Inc., Hewlett Packard, HID Global Corporation, Hitachi Id Systems, Inc., IBM Corporation, Intel Corporation, McAfee, and Oracle Corporation. These key players contribute significantly to market growth through their product innovations, strategic partnerships, and acquisitions.