Identity and Access Management Market size is set to grow by USD 14.80 billion from 2024-2028, Increase in data thefts globally boost the market, Technavio

NEW YORK, May 30, 2024 /PRNewswire/ — The global identity and access management market  size is estimated to grow by USD 14.80 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 13.04%  during the forecast period. 

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Segment Overview 

1. End-user 

• 1.1 Large enterprises
• 1.2 Government organizations
• 1.3 SMEs

• 2.1 On-premises
• 2.2 Cloud-based

• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Large enterprises-  Large enterprises are increasingly adopting Identity and Access Management (IAM) solutions due to their benefits in performance, affordability, security, scalability, and managing sensitive information. Procurement outsourcing services, including order management and spend analysis, also encourage adoption. The Bring Your Own Device trend in large enterprises necessitates IAM for data protection and managing access to on-premises and cloud-based applications. These factors contribute to the growth of the IAM market among large enterprises.

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Market Driver

The BYOD trend in organizations has led to an increase in the use of personal devices for professional tasks. This shift has necessitated advanced security systems, such as Identity and Access Management (IAM), to ensure network security and functionality across various user platforms. IDaaS applications, with their ease of installation and configuration, have gained popularity due to their time-saving benefits. As a result, the global IAM market is expected to grow significantly during the forecast period, driven by the increasing adoption of BYOD policies. 

The Identity and Access Management (IAM) market is experiencing significant growth due to the increasing need for secure and efficient user access solutions. Solutions such as cloud-based identity management, multi-factor authentication, and identity as a service are trending. Companies are focusing on technologies that enable deposit-only access, provide identity analytics, and support bring-your-own-identity (BYOD) policies.

IAM systems are crucial for passwordless authentication, identity governance, and compliance with data protection regulations. Additionally, the integration of IAM with other technologies like AI and machine learning enhances security and streamlines processes. Overall, IAM is a vital business tool for managing user access and ensuring data security. 

Market Challenges

• Open-source Identity and Access Management (IAM) solutions are gaining popularity among small-scale enterprises in developing economies like India and China. These solutions offer less upfront expense and more flexibility, making them an attractive option for cost-sensitive businesses. Soffid, a provider of open-source full Single Sign-On (SSO) and IAM solutions, offers a self-service portal for end-users and control over permissions and access privileges.
• This solution’s security features help enterprises enhance productivity and keep assets safe. The shift to open-source IAM solutions may inhibit the growth of the global IAM market during the forecast period.
• In today’s digital business landscape, Identity and Access Management (IAM) plays a crucial role in securing critical data and systems. However, implementing IAM solutions comes with challenges. One major challenge is ensuring compatibility with various systems and technologies. Another challenge is maintaining up-to-date identities and access permissions in a dynamic environment.
• Additionally, implementing IAM requires significant resources and expertise. Furthermore, ensuring privacy and compliance with regulations like GDPR and HIPAA can be complex. Lastly, integrating IAM with other security solutions like SIEM and IDS can be a challenge. Addressing these challenges requires a comprehensive IAM strategy and the right technology partner.
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Research Analysis

The Identity and Access Management (IAM) market encompasses a range of cloud-based services designed to secure digital platforms against various threats. These solutions include multifactor authentication, user verification, and biometric solutions for identity modifications and access privileges management. IAM systems also provide password management features, single sign-on capabilities, and automation for provisioning and access control. Moreover, IAM solutions help mitigate risks associated with digital identity fraud, data breaches, and policy violations through robust audit, compliance, and governance mechanisms.

Regulatory compliance management and identity analytics are integral components of these systems, ensuring adherence to industry standards and regulatory requirements. Implementing IAM solutions can result in significant cost savings through the elimination of inactive accounts and streamlined access management. While there are installation and production costs associated with implementing these systems, the long-term benefits in terms of security and operational efficiency far outweigh the initial investment.

Market Research Overview

The Identity and Access Management (IAM) market refers to the technologies and services that enable organizations to manage digital identities and control access to their systems and applications. IAM solutions help organizations ensure security, comply with regulations, and improve operational efficiency. These solutions include identity governance, access management, and identity analytics.

IAM is critical in today’s digital world where the number of identities and access requests continue to grow. IAM solutions provide centralized management of user access, enable policy-driven access control, and offer real-time monitoring and reporting of access activities. IAM solutions are essential for organizations to protect their digital assets and maintain data privacy and security.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user
• Large Enterprises
• Government Organizations
• SMEs
• Deployment
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio