The identity and access management market comprises solutions that help organizations securely manage digital identities and control access privileges. With the growing adoption of cloud, mobile and bring your own device policies, there is a rising need to control and monitor user access to enterprise applications, networks and resources securely. Identity and access management solutions help in identity proofing, authentication and authorization and allow organizations to get a real-time view of all access requests and approvals. They deliver features like single sign-on, multi-factor authentication, directory services, access governance etc.
The Global Identity and Access Management Market is estimated to be valued at US$ 18.09 Billion in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031
Key Takeaways
Key players operating in the identity and access management market are Autodesk Inc., IES (Integrated Environmental Solutions), Bentley Systems, Dassault Systèmes, EnergyPlus, CYPE Software, DesignBuilder Software, IESVE (IES Virtual Environment), Carrier, eQUEST, Trane Technologies, IES TaP, IES SCAN, Trimble, EnergySoft. Growing BYOD trend and stringent authorization regulations are fueling the demand for identity and access management solutions. Major technology trends in the market include business driven identity security, artificial intelligence powered access management and multifactor authentication.
Market Trends
The identity and access management market is witnessing rapid adoption of cloud-based solutions. Hosting identity management infrastructure on cloud platforms allows organizations to deploy solutions at low upfront cost and with high scalability. Cloud identity and access management is also driving the adoption of Software-as-a-Service delivery models. Another trend is the integration of identity and access management with other enterprise systems like ERP and CRM. This is helping organizations achieve seamless access control and single sign-on across multiple applications.
Market Opportunities
Increasing focus on zero trust security poses a big opportunity for identity and access management vendors. Zero trust access validates the user, device, location and access relationship continuously with every request. Growing security spending on controlling access in dynamic work environments will also create demand. Another growth area is likely to be blockchain-powered decentralized identity management solutions which help in informed consent management and reducing security risks of centralized systems.
Impact of COVID-19 on Identity and Access Management Market Growth
The COVID-19 pandemic has significantly impacted the growth of the identity and access management market. The lockdowns enforced across various countries resulted in work from home becoming a new norm. This led to a surge in demand for remote access, single sign-on, and user provisioning solutions to securely manage identities and access credentials of remote employees. Various identity and access management vendors focused on enhancing their product capabilities to address security challenges arising from increased remote access and collaboration during the pandemic. Now organizations are realizing the importance of access security and management with a distributed workforce which is expected to drive higher adoption of identity and access management solutions post pandemic as well. However, short term reduction in IT budgets during the peak of pandemic posed challenges for market growth. Going forward, identity and access management solution providers need to offer increased collaboration with other cybersecurity solutions to provide robust identity governance from any device and location.
Europe accounts for largest share of Identity and Access Management market
Europe accounts for the largest share in the global identity and access management market in terms of value. Presence of stringent data protection and privacy regulations like the General Data Protection Regulation (GDPR) has resulted in higher demand for identity and access management solutions from organizations based in Europe. Countries like Germany, United Kingdom, and France have seen increased adoption of identity management platforms to securely manage employee identities and comply with compliance needs. organizations across industries like banking, healthcare and government have invested significantly in access control and identity governance projects which has further propelled the Europe identity and access management market growth.
Asia Pacific emerging as fastest growing region for Identity and Access Management market
Asia Pacific region is poised to grow at the fastest rate for the identity and access management market during the forecast period. This can be attributed to rising mobile workforce, increasing digital transformation of businesses and growing awareness around identity access risks across organizations in Asia Pacific countries including India, China and Japan. Governments in several asian countries have also undertaken identity projects involving digital ID programs, e-governance initiatives that manage large citizen identities which present significant growth opportunities. Additionally, the continuing expansion of multinational companies in Asia Pacific and their focus on centralized identity management is supporting regional market growth. To tap into rising identity and access management demands, globalsolution providers are strengthening their presence while local players are also emerging with customized offerings for asian customers.
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