Dublin, Aug. 01, 2024 (GLOBE NEWSWIRE) -- The "Global Identity and Access Management Market by Type, Offerings, Solution, Service, Deployment Mode, Verticals (BFSI, Travel & Hospitality, Healthcare, Retail & E-Commerce, Education, IT & ITES, Government & Defense) & Region - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The Global Identity and Access Management market size is projected to grow from USD 22.9 billion in 2024 to USD 34.3 billion by 2029 at a CAGR of 8.4%
The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the IAM market and the subsegments. The report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.
Several key factors are fueling the IAM market's growth. As businesses undergo digital transformations, there is an increasing need for secure digital identity solutions to manage and authenticate user identities effectively.
The trend towards MFA and advanced authentication methods is gaining momentum, offering enhanced security layers essential in today's digital age. Furthermore, the growing adoption of cloud computing requires robust IAM systems to secure cloud-based applications and data against unauthorized access. Lastly, the push towards enhanced user experiences without compromising security drives innovation in IAM, making it a vital component of modern IT environments. These factors are collectively propelling the growth of the IAM market.
Rising instances of security breaches and escalating instances of identity-related fraud, growing awareness about compliance management, increasing need of IAM for IoT, increased spending on cybersecurity following COVID-19 pandemic, and the growing adoption of IAM solutions by SMEs is fueling the market's expansion.
In-depth assessment of market shares, growth strategies, and service offerings of leading players like Microsoft (US), Okta (US), IBM (US), Oracle (US), and Salesforce (US), among others, in the IAM market strategies.
By deployment mode, the cloud segment will grow at the highest CAGR during the forecast period.
The cloud segment of the IAM market is anticipated to have the highest CAGR due to several compelling reasons. The scalability and flexibility offered by cloud-based IAM solutions make them highly attractive, allowing businesses to easily adjust their security measures in line with changing needs and growth.
Additionally, the cloud model supports a cost-effective approach by reducing the need for extensive on-site hardware and maintenance expenses. The rapid increase in remote work has also amplified the demand for cloud-based IAM solutions that can be accessed securely from anywhere. Moreover, cloud deployments are quicker to implement and update, enabling organizations to stay ahead of emerging threats and compliance requirements more effectively. These factors make cloud-based IAM solutions increasingly preferred over traditional on-premises installations.
By vertical, the BFSI segment will grow at the largest market size during the forecast period.
The BFSI segment is anticipated to have the largest market size in the IAM market due to its critical need for stringent security measures and compliance with regulatory standards. This sector handles highly sensitive financial data and is, therefore, a prime target for cyber threats, necessitating robust IAM systems to protect against unauthorized access and potential breaches.
The increasing adoption of online banking, mobile banking services, and digital transactions further drives the demand for advanced IAM solutions to secure user identities and transactions across multiple platforms. Additionally, regulatory bodies in the financial sector enforce strict guidelines for data security, which compel BFSI institutions to continually update and strengthen their IAM capabilities to ensure compliance and protect consumer data effectively.
Asia Pacific is anticipated to account for the highest CAGR during the forecasted period.
The Asia Pacific region is expected to exhibit the highest CAGR in the IAM market due to several unique factors. Rapid technological adoption and digitalization across crucial economies like China, India, and Japan drive the need for advanced IAM systems. The region is experiencing a digital transformation in government and public sectors, which mandates secure and efficient identity management solutions.
Furthermore, the increasing penetration of broadband and mobile internet has expanded the user base accessing digital services, necessitating robust IAM to secure consumer and enterprise data. Additionally, the growing startup ecosystem and SME sector in this region are increasingly aware of the importance of cybersecurity, which further stimulates demand for IAM solutions. Finally, Asia Pacific's diverse regulatory landscape pushes businesses to adopt IAM to comply with local data protection laws, accelerating market growth.
The report provides insights on the following pointers:
- Analysis of key drivers (Rising instances of security breaches and escalating instances of identity-related fraud, Growing awareness about compliance management, Increasing need of IAM for IoT, Increased spending on cybersecurity following COVID-19 pandemic, and Growing adoption of IAM solutions by SMEs), restraints (Lack of identity standards and budgetary constraints in deploying IAM solutions and Privacy concerns in IAM adoption), opportunities (Cultural shift from traditional IAM to CIAM, Proliferation of cloud-based IAM solutions and services and growing adoption of hybrid cloud model, and Increasing integration of technologies into IAM), and challenges (Scarcity of skilled cybersecurity professionals among enterprises and Difficulties in addressing complexity of advanced threats).
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and product & service launches in the IAM market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the IAM market across varied regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the IAM market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 384 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $22.9 Billion |
| Forecasted Market Value (USD) by 2029 | $34.3 Billion |
| Compound Annual Growth Rate | 8.4% |
| Regions Covered | Global |
Companies Featured
- Microsoft
- Okta
- IBM
- Oracle
- Salesforce
- Ping Identity Corporation
- HID Global
- ForgeRock
- CyberArk Software, Inc.
- Micro Focus International PLC
- Thales Group
- Akamai Technologies, Inc.
- OpenText Corporation
- Entrust Corp.
- SAP
- RSA Security LLC
- Avatier Corporation
- ManageEngine
- SecureAuth
- EmpowerID
- Simeio
- One Identity
- FusionAuth
- Auth0
- IDnow
- Zuora Inc.
- Signzy
- Civic Technologies, Inc.
- Trusona
- Beyond Identity
- Delinea
- Optimal IdM
- Netwrix Corporation
For more information about this report visit https://www.researchandmarkets.com/r/r2g6rl
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
