New York, USA, Sept. 30, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Global Identity and Access Management MarketBy Deployment, Verticals, Organization Size, and Region – 2030 Forecast, the market is expected to acquire a valuation of approximately USD 35.71 billion by the end of 2030. The reports further predict that the market will flourish at a Robust CAGR of over 13.50% during the review period.
Identity and Access Management Market Overview:
Previously, identity and access management focused on capabilities to support access management and related agreement requirements. These solutions focused only on the provisioning technology, preventing the user from understanding the value of execution. Additionally, solutions were limited to certain applications and systems, requiring companies to comply with compliance requirements. On the other hand, increased investment and rapid research and development activities have spurred the growing adoption of advanced IAM products, providing flexibility in ease of use and essential control to meet process needs. IAM solutions have significantly reduced identity theft through risk-based program with features focused on deploying logical access control and rights management. The global identity and access management market has grown in recent years. With these systems, companies began to feel the benefits not only in their IAM costs, but also in the challenges of managing time-consuming processes such as provisioning and manual approval. Identity administration functions continue to be offered in enterprise silos, resulting in users with an inefficient process, higher costs, and excessive provisioning and deprovisioning access. Over time, IAM has become a crucial and complex segment of IT infrastructure. Today, IAM has become an essential part of the business landscape.
IAM Market Competitive Analysis
The list of major participants in the global identity and access management market includes players such as:
- United States F5 Networks
- Oracle Corporation of the United States
- US Amazon Web Services
- Siemens AG of Germany
- US HP
- Dell Inc from USA
- IBM of the United States
- CA Technologies
- Microsoft Inc from USA
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Scope of the IAM Market Report:
|Revenue forecasts in 2030||$35.71 billion|
|Rate of growth||CAGR of 13.50% from 2022 to 2030|
|Key market opportunities||The cost structure of IAM projects requires successful implementation|
|Key Market Drivers||The role of the identity and access management market in the IoT is growing at a rapid pace|
Browse the in-depth market research report (110 pages) on the Identity and Access Management Market:
Covered USP market
Identity and Access Management Market Drivers
The global identity and access management market has recently grown considering aspects such as massive data protection, growing adoption of cloud technology, and increase in cyber crimes across the globe.
On the other hand, the growing number of cyber crimes may limit the growth of the market.
Impact of COVID-19
The global health crisis in the form of COVID-19 has had a massive impact on the majority of industrial sectors across the world. Like all industrial areas, the global identity and access management market also faced several challenges at the onset of the pandemic. However, at the end of 2020, the market accelerated. With rapid vaccination rates and all industrial and financial activities returning to normal, the global identity and access management market is expected to increase during the review period.
Identity and Access Management Market Segment Analysis
Among all the components, provisioning components segment is expected to secure the leading position in the global identity and access management market during the review period. The main parameter driving an acceleration in the growth of the segment is the increase in the number of users accessing the systems and applications. On the other hand, the multi-factor authentication segment is expected to register the highest CAGR over the review period. Strict internet banking compliance and policies are the major parameter driving the growth of the segment.
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Among all the deployment modes, the on-premises solutions segment is likely to dominate the global identity and access management market in the era of assessment. Large enterprises enjoy cost savings from automated user provisioning and increased auditability and compliance across their full portfolio of Software as a Service (SaaS) applications such as Box.net, Google Apps, Yammer and WebEx. On the other hand, the cloud segment is expected to show the maximum growth rate in the coming years. The main parameter supporting the growth of the segment is the growing implementation of cloud model among various enterprises considering cost efficiency and economies of scale.
Among all end-use sectors, public sector and utility segment is expected to dominate the global identity and access management market in the coming years. various regulatory reforms and stringent government standards are the central aspects causing an acceleration in the growth of the segment. On the other hand, the BFSI segment is likely to show the maximum CAGR in the next few years.
Identity and Access Management Market Regional Analysis
The global Identity and Access Management market is analyzed across five major regions: North America, Latin America, Europe, Asia-Pacific, and Middle East & Africa.
According to research reports by MRFR, the North American region is expected to secure the top spot in the global Identity and Access Management market during the review period. The region counts Canada and the United States as the main contributors to growth. The main parameter supporting the growth of the regional market is the comprehensive development of technology in the region. Moreover, the presence of competitive market players who have helped to build the countries such as regions is another paramount aspect causing an acceleration in the growth of the regional market in the coming years. Additionally, factors such as growing adoption of cloud technology, strong presence of crucial IAM solution providers, and growing number of cyber attacks are also expected to catalyze the growth of the regional market over the forecasted period.
The identity and access management market for the European region is expected to show substantial growth over the review period. The rapid growth of the BFSI sector across the region is the major parameter driving the growth of the regional market. Additionally, growing compliance and security awareness is expected to catalyze the growth of the regional market over the coming years. Additionally, growing number of regulations to comply with GDPR standards and increasing number of small and medium-sized enterprises in the region are also expected to drive the growth of the regional market over the coming years.
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The Asia-Pacific regional Identity and Access Management market is expected to witness the fastest growth over the next few years. The growing revenue share of Indian and Chinese regions is the central aspect causing an acceleration in the growth of the regional market. The region counts countries like Taiwan, South Korea and China as major contributors to growth. In addition, aspects such as growing adoption of cloud technology, increasing instances of identity theft and fraud, increasing urbanization and increasing technological proliferation are also expected to drive the growth of the regional market over the course of the evaluation period.
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