Chicago, June 11, 2024 (GLOBE NEWSWIRE) -- The global Identity And Access Management (IAM) 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% during the forecast period. The growth of the IAM market is being driven by several factors.
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Identity and Access Management Market Dynamics:
Drivers:
- Rising instances of security breaches and identity-related fraud
- Growing awareness about compliance management
- Increasing need for identity access management solutions for IoT
- Increased spending on cybersecurity following COVID-19 pandemic
- Growing adoption of IAM solutions by SMEs
Restraints:
- Lack of identity standards and budgetary constraints in deploying IAM solutions
- Privacy concerns in IAM adoption
Opportunities:
- Cultural shift from traditional IAM to customer identity and access management
- Proliferation of cloud-based IAM solutions and services and growing adoption of hybrid cloud model
- Increasing integration of technologies into IAM
List of Top Companies in Identity and Access Management Market:
- Microsoft
- Okta
- IBM
- Oracle
- Salesforce
- Ping Identity
- HID Global
- ForgeRock
- CyberArk
- Micro Focus
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These include the increasing occurrence of security breaches and identity-related frauds, which have created a heightened demand for robust IAM solutions. Additionally, organizations are becoming more aware of the importance of compliance management and are investing in IAM systems to meet regulatory requirements. The expanding need for IAM solutions in the context of the Internet of Things (IoT) is also contributing to market growth. Furthermore, the COVID-19 pandemic has led to a greater focus on cybersecurity, prompting organizations to increase their investments in IAM solutions to enhance their defenses. These factors are pushing organizations to adopt MDR services for advanced threat detection and response capabilities.
The promising growth potential of the IAM market can be attributed to various factors, including the introduction of AI/ML-powered IAM services, blockchain aspect, and the increasing adoption of IAM among SMEs.
Trend: Artificial Intelligence
As cybercriminals increasingly employ Artificial Intelligence (AI) and Machine Learning (ML) techniques in their attacks, the decryption of complex passwords has become more accessible. To address this security concern, there is a growing trend towards adopting biometric authentication methods as an alternative to passwords. Biometric authentication, including retinal scans, facial recognition, and fingerprints, is witnessing widespread adoption. These advanced techniques have demonstrated their potential in accurately identifying authorized personnel for networked systems, marking a significant trend in enhancing authentication security.
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Trend: Blockchain
The growing demand for transparency, robustness, reliability, and integrity has led to the increasing importance of blockchain technology in both public and private sectors. Within the realm of Identity and Access Management (IAM), two key aspects of blockchain have emerged as significant trends: self-sovereign identity and audit trail. Self-sovereign identity aims to replace traditional centralized identity providers by empowering individuals to have full control over their own identities. This decentralized approach allows for the storage of identity attributes in encrypted form, ensuring privacy and enabling decryption only when necessary. The second aspect, the audit trail, involves logging entries whenever users enroll, request permissions, disengage, or modify attributes. This feature not only helps organizations meet compliance requirements but also aids in fraud detection. As organizations increasingly prioritize the need for secure and verifiable IAM practices, the adoption of blockchain technology to enable self-sovereign identity and robust audit trails is becoming a prominent trend.
By type, the consumer IAM segment accounts for a larger market size
Consumer IAM solutions play a pivotal role in facilitating online interactions between organizations and users, benefiting both parties involved. From the perspective of organizations, consumer IAM is indispensable for effectively onboarding, authenticating, and recognizing users. By implementing consumer IAM, organizations can gain comprehensive insights into their customers, enabling them to personalize online engagements and deliver exceptional customer experiences. Consumer IAM also enables organizations to securely and transparently collect customer information, ensuring compliance with privacy and security regulations. Notably, Ping Identity offers robust consumer IAM solutions that empower organizations to securely capture and manage customer identity and profile data, guaranteeing an optimal user experience and robust data protection measures. Thus, the consumer IAM segment accounts for a larger market size during the forecasted period.
By Offering, Services segment to account for the highest CAGR
In the dynamic IAM services market, vendors continually enhance their offerings by providing a diverse range of services, including consulting, installation and integration, maintenance, and support. These vendors leverage the latest techniques, comprehensive strategies, and expertise to address the security requirements of organizations effectively. By leveraging cutting-edge technologies, tools, and strategies, they offer a wide array of services to fulfill the IAM needs of organizations. Additionally, vendors provide customized implementation and risk assessment services, assisting organizations in deploying IAM solutions in alignment with industry-defined best practices. Their goal is to ensure that organizations receive tailored and high-quality IAM services that meet their specific requirements and adhere to the highest standards of security and efficiency. Thus, the services segment accounts for a higher CAGR.
Opportunity: Proliferation of cloud-based IAM solutions and services and growing adoption of hybrid cloud model
The rapid growth of the cloud market presents a significant opportunity for IAM service providers. As organizations increasingly adopt cloud services, the need to secure and manage multiple accounts becomes paramount. IAM solutions, such as Okta's single sign-on technology, offer a practical and centralized approach to controlling user access to cloud services. With IAM becoming an integral part of organizations' overall security posture, there is immense potential for service providers to offer integrated and robust IAM solutions that span the entire application lifecycle. The shift from on-premises IAM implementations to cloud-based services opens up new possibilities, allowing for easier implementation and access to IAM services. Furthermore, the flexibility of hybrid deployments caters to the diverse needs of end users, while attractive pricing models like monthly subscriptions and pay-as-you-go options make IAM solutions more accessible and appealing. As cloud-based consumer IAM solutions require lower capital investments and implementation time, this creates an opportunity for organizations, including SMEs, to adopt IAM solutions and enhance their security posture effectively. Overall, the expanding cloud market and evolving IAM landscape offer service providers a promising opportunity to meet the growing demand for secure and efficient IAM solutions.
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