Identity and Access Management Market to Reach Valuation of USD 53.1 Bn at CAGR of 13.7% by 2032 | Market.us

Advertisement

The last few years have witnessed a notable increase in cyber-attacks and identity fraud, making protection against cyber threats a critical component of business development. To prevent security breaches and cyber-attacks, enterprises are adopting latest solutions, driving the growth of the global Identity and Access Management Market.

New York, April 17, 2023 (GLOBE NEWSWIRE) — The Global Identity and Access Management Market size accounted for USD 14.7 billion in 2022. It is expected to reach USD 53.1 billion in the forecast year of 2023-2032 with a CAGR of 13.7%. Due to the increasing number of data, systems, and applications, many businesses are identifying that security measures like providing passwords and usernames to verify the identity of authorized personnel are not sufficient. Due to this identity and access management tools are used by businesses to avoid data breaches and secure the access of users.

Identity and Access Management Market

Advertisement

To get additional highlights on major revenue-generating segments, Request an Identity and Access Management Market sample report at https://market.us/report/identity-and-access-management-market/request-sample/

Key Takeaway:

  • By Component, the provisioning segment leads the market in 2022.
  • By Deployment, the on-premise segment dominated the market with a 58% share in 2022.
  • By the End-Use industry, the healthcare sector is anticipated to continue its domination throughout the forecast period of 2023 to 2032.
  • In 2022, North America dominated the market with the highest revenue share of 34.6%.
  • Asia Pacific is expected to register the fastest-growing CAGR during the forecast period of 2023 to 2032.

The demand for identity and access management solutions is rising in the market owing to security concerns and regulatory compliances. Additionally, the ongoing trend of cloud-based systems is a major factor in the growth of the identity and access management market. Also, the integration of innovative technologies like artificial intelligence, machine learning, and blockchain is expected to boost the identity and access management market over the forecast period.

Factors affecting the growth of the Identity and Access Management Market

There are several factors that can affect the growth of the identity and access management market. Some of these factors include:

  • Rising cyber-attacks and identity frauds: Cyber-attacks, data breaches, and identity fraud cases have increased significantly in the last few years. This is boosting the IAM market by rising the demand for IAM solutions for the safety and security of the business.
  • Cloud-based IAM solutions: Companies are moving towards cloud-based IAM, which offers remote access and high security with multiple verification and authentication process according to the policies of the organization. This is driving the growth of cloud-based IAM solutions in the IAM market.
  • Integration of advanced technology: Using advanced technologies such as blockchain and biometrics for access is a trend in identity and access management. To provide access to authorized individuals, many companies are using biometrics for the verification of iris, fingerprints, and facial recognition.
  • Increasing demand in the healthcare sector: Identity and access management helps the healthcare sector to secure health-related databases. This is due to the high risk of data breaches and security issues in the healthcare sector regarding the personal credentials of patients and associated users.

To understand how our report can bring a difference to your business strategy, Inquire about a brochure at https://market.us/report/identity-and-access-management-market/#inquiry

Top Trends in Global Identity and Access Management Market

Cyber-attackers target and exploit specific network vulnerabilities to gain access to an organization’s network. Many attackers are evolving with advancing technology. The attacker applies strategies and techniques for penetrating in organization’s corporate network system and remains undetected. A lack of awareness of emerging cyber threats has led businesses to spend heavy money on security infrastructure.

Adopting advanced technologies such as blockchain provides a transparent and secure identity and access management platform to protect organizational and individual identities from attackers and fraudsters. By leveraging the verification and identity authorization benefits of blockchain-integrated identity and access management systems, many organizations and governments around the world are funding and investing in identity and access management solutions. In addition, blockchain-integrated identity and access management systems can reduce costs and operational risks by eliminating archived data and identities by intermediaries. Increasing adoption of blockchain-integrated identity and access management systems is expected to propel market growth.

Market Growth

In the last few years, cyber-attacks and identity fraud have increased significantly due to technologies like machine learning that allow attackers to generate multiple types of malicious code on a regular basis. Evolving cyber-attacks are negatively impacting a company’s reputation, assets, and bottom line. As a result, protection against cyber threats has become essential for business development. Enterprises have adopted IAM to prevent security breaches and cyber-attacks. This is boosting the growth of the global IAM market.

Regional Analysis

North America dominated the global identity and access management market by accounting for a large revenue share of 34.6%. North America’s domination in the identity and access management market is owing to the increase in security breaches and cyber-attacks in this region. These cyber-attacks have increased significantly in the past few years due to easier access to the Internet. Rising demand for data safety and cyber-security management is expected to boost his identity and access management growth in the North American region.

Following North America, Asia Pacific is anticipated to register the fastest-growing CAGR during the forecast period of 2023 to 2032. Key companies and organizations in this region are heavily investing in advanced and innovative technologies such as identity and access management solutions to avoid attacks on databases by hackers who steal sensitive data.

Competitive Landscape

The competitive landscape of the market has also been examined in this report. Some of the major players in the global identity access management market include Amazon Web Services Inc., Intel Corp., Microsoft, IBM, McAfee LLC, Broadcom, One Identity LLC., ForgeRock, HID Global Corp., Oracle, OneLogin, and other key players.

Recent Development of the Identity and Access Management Market

  • In March 2022, Microsoft acquired Nuance to allow businesses and organizations to propel their business goals by integrating artificial intelligence and ambient intelligence in support through cloud offerings of Microsoft.
  • In February 2022, Ping Identity announced PingOne DaVinci. It is a new no-code authorization service that permits businesses to adopt and authorize identity services from any service provider.

Have Queries? Speak to an expert or Click Here To Download/Request a Sample

Scope of the Report

Report Attribute Details
Market Value (2022) USD 14.7 Billion
Market Size (2032) USD 53.1 Billion
CAGR (from 2023 to 2032) 13.7%
North America Revenue Share 34.6%
Historic Period 2016 to 2022
Base Year 2022
Forecast Year 2023 to 2032

Market Drivers

With organizations adopting digitization, the data uploaded on databases and servers has increased the risk of data breaches. Data like personal information is stored on many servers across the world increases the risk of identity theft. In the past few years, it has been reported that there has been an increase in cases of cyber-attacks and identity fraud. This is due to the integration of advanced techniques like machine learning and artificial intelligence that help attackers to generate new malicious code on a regular basis. To protect businesses and organizations from such attacks, many organizations are customizing their IAM solutions for business security.  Which drives the market growth of the identity and access management market during the forecast period.

Market Restraints

Advancing technology is a challenging factor for the identity access and management industry. Cybercriminals and attackers are using advanced technologies like artificial intelligence and machine learning to enter into databases and hack the server’s organization. This poses a major threat to the identity and access management industry. Cybercriminals and attackers use these technologies to hack servers and steal data from them, which affects adversely the market. Also, high installation costs and initial investments are hindering the growth of the identity and access management market.

Market Opportunities

Using advanced technologies such as blockchain and biometrics for access is a trend in identity and access management. To provide access to authorized individuals, many companies use biometrics to verify iris, fingerprints, and facial recognition. This helps organizations to deny access to unauthorized persons. Biometrics is expected to create many opportunities in the identity and access management market during the forecast period.

Many companies permit third-party organizations to access their data, which can pose a threat like a data breach to the company. To avoid such threats, artificial intelligence and machine learning can be integrated into identity and access management to avoid such problematic situations. Technologies like these offer easy access to individuals with a high degree of security to the organizations. These technologies are therefore expected to create many opportunities in the identity and access management market.

Grow your profit margin with Market.us – Purchase This Premium Report at https://market.us/purchase-report/?report_id=49431

Report Segmentation of the Identity and Access Management Market

Component Insight

By component, identity and access management is classified into provisioning, directory service, single sign-on, audit compliance and governance, password management, multifactor authentication, and other components. From all the components, the provisioning segment is the market leader owing to accounting for a major revenue share in 2022. Identity and Access Management provides additional security by authorizing, validating, and identifying authorized individual access to the organization’s databases. This will drive the growth of the provisioning segment in the identity and access management market.

The multifactor authentication segment is anticipated to grow as the fastest-growing segment during the forecast period of 2023-2032.  It provides security by offering the users multiple layers of security that provide give various authorized credentials and IDs for users to access the data. This added security enhances the overall security that many organizations are adapting to multifactor authentication. This is expected to drive the growth of this segment during the forecast period.

Deployment Insight

The on-premise segment dominated the market in 2022 by accounting for a major revenue share than cloud-based deployments. The growth of this segment is attributed to the simple functionality of solutions without access through wide area networks (WANs) and external network connections. However, the cloud-based deployment segment is expected to witness a significant CAGR during the forecast period. The growth of this segment is attributed to the increased adoption of cloud-based solutions by various companies due to low costs and economies of scale. More and more business, sales, and IT functions are moving to cloud-based deployments due to their advantages and benefits. Cloud-based deployments provide software and hardware-free IAM services with advantages such as lower cost and easier management. These factors are expected to boost the growth of the cloud-based deployment segment during the forecast period.

End-Use Industry Insight

The healthcare industry is leading the IAM market in 2022. The growth of the healthcare sector is owing to the wide applications of IAM in various roles across the healthcare industry. IAM is used by various healthcare clinics, doctors, hospitals, pharmaceutical companies, biotechnology companies, and other healthcare-related service companies. IAM helps the healthcare sector to secure healthcare-related databases from security threats. This is due to the high risk of data breaches and security issues in the healthcare sector regarding the personal credentials of patients and associated users.

For more insights on the historical and Forecast market data from 2016 to 2032 – download a sample report at https://market.us/report/identity-and-access-management-market/request-sample/

Market Segmentation

By Component

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

By Deployment Mode

  • Cloud-Based
  • On-Premise

By End-Use Industry

  • Education
  • Healthcare
  • Public Sector and Utilities
  • BFSI
  • Energy, Oil, and Gas
  • Telecommunication and IT
  • Manufacturing
  • Other End-Use Industries

By Geography

  • North America
    • The US
    • Canada
    • Mexico
  • Western Europe
    • Germany
    • France
    • The UK
    • Spain
    • Italy
    • Portugal
    • Ireland
    • Austria
    • Switzerland
    • Benelux
    • Nordic
    • Rest of Western Europe
  • Eastern Europe
    • Russia
    • Poland
    • The Czech Republic
    • Greece
    • Rest of Eastern Europe
  • APAC
    • China
    • Japan
    • South Korea
    • India
    • Australia & New Zealand
    • Indonesia
    • Malaysia
    • Philippines
    • Singapore
    • Thailand
    • Vietnam
    • Rest of APAC
  • Latin America
    • Brazil
    • Colombia
    • Chile
    • Argentina
    • Costa Rica
    • Rest of Latin America
  • Middle East & Africa
    • Algeria
    • Egypt
    • Israel
    • Kuwait
    • Nigeria
    • Saudi Arabia
    • South Africa
    • Turkey
    • United Arab Emirates
    • Rest of MEA

Market Key Players:

  • Amazon Web Services Inc
  • Microsoft
  • Intel Corp
  • IBM
  • McAfee. LLC
  • Broadcom
  • One Identity LLC.
  • ForgeRock
  • HID Global Corp.
  • Oracle
  • OneLogin
  • Other Key Players

Related Reports

About Us:

Market.US (Powered by Prudour Pvt Ltd) specializes in in-depth market research and analysis and has been proving its mettle as a consulting and customized market research company, apart from being a much sought-after syndicated market research report-providing firm. Market.US provides customization to suit any specific or unique requirement and tailor-makes reports as per request. We go beyond boundaries to take analytics, analysis, study, and outlook to newer heights and broader horizons.

Follow Us On LinkedIn Facebook Twitter

Our Blog: 

CONTACT: Global Business Development Team – Market.us Market.us (Powered By Prudour Pvt. Ltd.) Email: [email protected] Address: 420 Lexington Avenue, Suite 300, New York City, NY 10170, United States Tel: +1 718 618 4351 Website: https://market.us 

Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. AfternoonHeadlines.com takes no editorial responsibility for the same.