Identity & Access Management Market Size is projected to | #cybersecurity | #cyberattack


New York, United States, July 28, 2022 (GLOBE NEWSWIRE) — As the number of applications, systems, and data has increased, businesses have realized that requiring a username and password for validating the identities of individuals accessing resources is insufficient.

In order to secure access and prevent data breaches, Identity and Access Management Market tools were developed. The IAM technology is employed to initiate, capture, manage, and record user identities, as well as to grant authorized access to various enterprise resources to the staff of an organization. IAM is the management of individual identities, their authorization, and the provision of access according to predefined rules.

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Security Breaches Are Driving the Market

According to industry experts, there was a slight decline in identity theft cases in 2019, which unfortunately reversed in 2020 and 2021 due primarily to the pandemic’s effects. According to the Federal Trade Commission (FTC), identity fraud incidents increased by approximately 45 percent in 2020, resulting in enormous financial losses. Javelin Strategy estimates that this trend will continue in 2021, costing North America a total of USD 56 billion. In addition, the FTC reported that more than one million children were victims of identity theft in 2020 and that losses from identity theft increased from USD 1.8 billion in 2019 to USD 3.3 billion in 2020. Forty percent of account takeovers occurred within 24 hours of criminal gaining access to a victim’s account, according to Javelin Strategy’s 2020 research on identity fraud. Instances of cyberattacks, particularly identity-related frauds, have increased over the past few years, as evidenced by the statistics presented here. The increase in these cyberattacks can be attributed to technologies such as machine learning, which enable attackers to generate multiple variants of malicious code every day. Constantly evolving cyberattacks have a negative impact on the reputations of businesses, their assets, and their bottom lines. Consequently, protecting against cyber threats has become a necessity for the development of businesses. In order to prevent security breaches and cyberattacks, this has prompted businesses to adopt IAM.

Cloud-Based Solutions Are Driving the Market

Organizations today are extremely diverse and receptive to newer trends that improve employee productivity. Companies offer a variety of roles to their employees, have offices in various locations, and require a resource-ready environment for new hires; thus, in order to secure their data, they are focusing on adopting IAM solutions on a large scale. The cloud-based IAM solutions provide increased security and remote access with two-step authentication and verification based on a variety of policies. Moreover, enforcement concerns, security governance, and a decline in the quality of security services within organizations will accelerate the adoption of Identity and access management solutions.

Report Scope

Report Metric Details
Market Size USD 36.96 Billion by 2030
CAGR 14.12%
Historical Data 2019-2020
Base Year 2021
Forecast Period 2022-2030
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Component, Deployment and End-Users
Geographies Covered North America, Europe, Asia-Pacific, LAME and Rest of the World
Key Companies Profiled/Vendors Microsoft (US), IBM (US), Oracle (US), Broadcom (US), Salesforce (US), Ping Identity (US), Okta (US), HID Global (US), ForgeRock (US), CyberArk (US), RSA Security (US), Avatier (US), ManageEngine (US), SecureAuth (US), EmpowerID (US), SAP (Germany), Simeio (Georgia), OneIdentity (US), FusionAuth (US), Auth0 (US), IDnow (Germany), Zephr (UK), Signzy (US), Civic (US), Trusona (US), Beyond Identity (US).
Key Market Opportunities The Hybrid Cloud Model Is Expected To Bring In New Opportunities
Key Market Drivers Security Breaches Are Driving the Market
Cloud-Based Solutions Are Driving the Market

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The Hybrid Cloud Model Is Expected to Bring in New Opportunities

As the cloud market expands, the need to secure and manage multiple accounts that can be accessed via the cloud by employees also increases, resulting in a rise in the adoption of IAM solutions. Historically, organizations viewed IAM technologies as capital expenditures, and they had to be purchased and implemented on-premises. There was a significant cost structure associated with the successful implementation of IAM projects, which required months of intensive labor. With the proliferation of the cloud, this trend is now changing, making implementation and access to cloud-based IAM services simpler. Hybrid deployments of IAM solutions aid end-users in selecting between IAM technologies that can be deployed on-premises and technologies that can be accessed in the cloud. This transition in the market, coupled with attractive pricing options such as a monthly subscription model and pay-as-you-go, affords IAM service providers the opportunity to expand their market presence. Additionally, cloud-based IAM solutions for consumers require fewer capital expenditures and less implementation time. This factor, along with the growth of SMEs, is anticipated to increase the adoption of consumer IAM solutions across all sizes of organizations.

Regional Analysis

In terms of revenue, North America dominated the market with a 40 percent market share. Regarding the adoption of cyber technology and its infrastructure, North America is regarded as the most developed region. In North America, cyber security is regarded as a serious economic and national security challenge due to the increasing number of security threats and data breaches in this region. The changing needs of the workforce, BYOD trends, the increasing adoption of cloud applications, the need to ensure compliance with regulations, and the push for organizations in this region to adopt IAM solutions are expected to fuel the market’s growth. The region also contains a number of large corporations and small and medium-sized businesses, making the protection of the consumer data of the large labor force the organization’s top priority. All of these factors augur well for market demand in identity access management during the forecast period.

From 2022 to 2030, it is anticipated that the Asia-Pacific market will have the highest CAGR. The region includes emerging economies including China, India, Japan, and Australia. Numerous small and medium-sized businesses are located in these nations. It is difficult for SMEs to adopt identity access management due to the high investment required; nevertheless, the region is undergoing a transition, and factors such as rising Internet usage, rising smartphone adoption, and compliance regulations are driving the market.

Key Highlights

  • The global Identity & Access Management Market was valued at USD 12.85 billion in 2022 and is projected to reach USD 36.96 billion by 2030 at a CAGR of 14.12% from 2022 to 2030.
  • This market can be segmented on the basis of components, deployment, end-users, competitors, and regions.
  • Security Breaches and Cloud-Based Solutions are driving the market for Identity and Access Management solutions.
  • By 2030, North America is anticipated to have the largest market share, with the Asia Pacific emerging as the fastest-growing market.

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Key Companies in The Global IAM Market Include

  • Microsoft(US),
  • IBM (US),
  • Oracle (US),
  • Broadcom(US),
  • Salesforce(US),
  • Ping
  • Identity(US),
  • Okta(US),
  • HID
  • Global(US),
  • ForgeRock(US),
  • CyberArk(US),
  • RSA
  • Security(US),
  • Avatier(US),
  • ManageEngine(US),
  • SecureAuth(US),
  • EmpowerID(US),
  • SAP(Germany),
  • Simeio(Georgia),
  • OneIdentity(US),
  • FusionAuth(US),
  • Auth0(US),
  • IDnow(Germany),
  • Zephr(UK),
  • Signzy(US),
  • Civic(US),
  • Trusona(US),
  • BeyondIdentity(US).

Segmentation of the Global IAM Market

By Component

  • Audit, Compliance & Governance
  • Directory Service
  • Multifactor Authentication
  • Provisioning
  • Password Management
  • Single Sign-On

By Deployment

By End-Users

  • BFSI
  • Energy, Oil & Gas
  • Telecom & IT
  • Education
  • Healthcare
  • Public sector & utilities
  • Manufacturing
  • Others

By Regions

  • North America
  • Asia Pacific
  • Europe
  • LAMEA

TABLE OF CONTENT

  1. Introduction
    1. Market Definition
    2. Market Scope
  2. Research Methodology
    1. Primary Research
    2. Research Methodology
    3. Assumptions & Exclusions
    4. Secondary Data Sources
  3. Market Overview
    1. Report Segmentation & Scope
    2. Value Chain Analysis: Identity and Access Management Market
    3. Key Market Trends
      1. Drivers
      2. Restraints
      3. Opportunities
    4. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitution
      4. Threat of New Entrants
      5. Competitive Rivalry
    5. Market Share Analysis
  4. Component Overview
    1. Introduction
      1. Market Size & Forecast
    2. Audit
      1. Market Size & Forecast
    3. Compliance & Governance
      1. Market Size & Forecast
  5. Deployment Overview
    1. Introduction
      1. Market Size & Forecast
    2. Cloud
      1. Market Size & Forecast
    3. Hybrid
      1. Market Size & Forecast
  6. Regional Overview
    1. Introduction
      1. Market Size & Forecast
    2. America
      1. North America
      2. U.S.
        1. By Component
        2. By Deployment
      3. Canada
        1. By Component
        2. By Deployment
      4. Mexico
        1. By Component
        2. By Deployment
      5. Latin America
        1. By Component
        2. By Deployment
    3. Europe
      1. Market Size & Forecast
      2. Germany
        1. By Component
        2. By Deployment
      3. France
        1. By Component
        2. By Deployment
      4. U.K.
        1. By Component
        2. By Deployment
      5. Italy
        1. By Component
        2. By Deployment
      6. Spain
        1. By Component
        2. By Deployment
      7. Rest of Europe
        1. By Component
        2. By Deployment
    4. Asia Pacific
      1. Market Size & Forecast
      2. Japan
        1. By Component
        2. By Deployment
      3. China
        1. By Component
        2. By Deployment
      4. Australia
        1. By Component
        2. By Deployment
      5. India
        1. By Component
        2. By Deployment
      6. South Korea
        1. By Component
        2. By Deployment
      7. Rest of Asia-Pacific
        1. By Component
        2. By Deployment
    5. Middle East & Africa
      1. Market Size & Forecast
      2. Saudi Arabia
        1. By Component
        2. By Deployment
      3. South Africa
        1. By Component
        2. By Deployment
      4. Kuwait
        1. By Component
        2. By Deployment
      5. Rest of Middle East & Africa
        1. By Component
        2. By Deployment
  7. Company Profile
    1. Microsoft
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    2. IBM
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    3. Oracle
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
  8. Conclusion & Recommendation
  9. Acronyms & Abbreviations

Table of Content and Figure @ https://straitsresearch.com/report/identity-and-access-management-market/toc

Recent Developments

  • Microsoft acquired Nuance in March 2022 to enable organizations across industries to accelerate their business goals using conversational AI and ambient intelligence in conjunction with Microsoft’s trusted industry cloud offerings.
  • In February 2022, Ping Identity introduced PingOne DaVinci, a new no-code identity orchestration service that enables organizations to integrate and orchestrate identity services from multiple vendors.
  • IBM acquired SXiQ, an Australian digital transformation services company that specializes in cloud applications, cloud platforms, and cloud cybersecurity, in November 2021.
  • Okta launched Okta Identity Governance in April 2021, which provides a modern, cloud-first approach to IGA. Okta Identity Governance provides the most important capabilities of identity governance and administration in a cloud-first solution.
  • Broadcom partnered with Google Cloud in April 2021 to accelerate innovation and strengthen cloud services integration in order to provide enterprises with secure access to cloud applications and enhanced performance.
  • Oracle released the proactive Enterprise Single Sign-On Suite Plus (ESSO) terminal patch for 11.1.2.3.2 in July 2020. This update is known as the 31071051 Patch.

News Media
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Increasing Popularity of the Cloud Services to Bolster the Security as a Service Market Growth
Colossal Shift Towards Cloud Technology across Industrial Sectors Drives the Business Plan Software Market

Have a Look at the Related Research Report               
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AI in IoT Market : Information by Component (Software Solutions, Services), Technology (Machine Learning,Deep Learning), Application (Transportation & Mobility) and Region-Forecast Till 2026
Consumer Identity and Access Management (IAM) Market: Information by Service (Professional Services), Solution (Advanced Authentication), Deployment, Industry Vertical-Forecast Till 2026

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