Selbyville, Delaware,, Dec. 13, 2022 (GLOBE NEWSWIRE) --
The identity and access management market valuation is estimated to exceed USD 45 billion by 2032, as reported in a research study by Global Market Insights Inc.
The rising prominence of compliance policies and procedures as a key factor boosting the requirement for identity management and access management tools. These tools can aid organizations in meeting specific standards associated with regulations, including Payment Card Industry Data Security Standard, to provide a secure environment. The rise of enterprise mobility, due to high flexibility, reduced operational costs, and other benefits, is another reason for augmenting the adoption of IAM systems for secure authentication.
Cybercriminals rely on customer credentials to access user data, targeting them through phishing, pretexting, spoofing, and other breaches. These targeted users are mainly employees who have administrative access to crucial organizational systems. The increasing dependence on user passwords, which are prone to cyber-attacks, and IDs as authentication technologies may thus hinder IAM market statistics.
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Flexible functionality increase the adoption of on-premise IAM technology
The on-premise deployment model accounted for more than 84% of the industry share in 2022, owing to its ability to deliver secured and continuous access to varied applications. With an increasing number of companies adopting a strategic approach and demanding flexible functionality, IAM technology is expected to gain further ground. Additionally, the ability to operate without access to external networks or the Internet will contribute to the consumption of on-premise IAM solutions.
Rise in data breach incidents to accelerate audit, compliance & governance tool adoption
The audit, compliance, and governance solution segment will hold 7% of the IAM market revenue share by 2032. The growing incidence of data breaches and theft of sensitive information from enterprises is stimulating the use of audit, compliance, and governance tools. As per data from the ITRC (Identity Theft Research Center), in Q1 of 2022, the actual number of reported breach incidents rose by 14%. These factors, alongside the rapid deployment of IoT, cloud computing, and big data, among other technologies, will escalate the use of enterprise compliance and governance solutions.
Expanding user base to drive the adoption of identity & access management solutions in IT & telecom sector
The IAM market from the IT & telecom application segment is slated to expand at nearly 15% CAGR between 2023 and 2032. This is attributed to the rapid expansion of user bases and the subsequent rise in demand for advanced tools to safeguard sensitive user data. Government organizations have also been introducing stringent regulatory frameworks for IT and telecom service providers to minimize huge financial losses, supporting to higher acceptance of identity and access management solutions.
Robust investment in IT security to bolster IAM tool development in LATAM
Latin America identity and access management market value will surpass USD 4 billion by 2032. Government organizations across the region have been relying on varied security management systems to ensure public safety, increase security and IT spending, and reduce cybercrimes and data thefts. The region is also home to various developers of identity and access management tool developers, providing lucrative growth opportunities across the region.
Strategic initiatives to define the competitive landscape
OpenText Corp., CA Technologies, Crossmatch, HID Global Corporation, Microsoft Corporation, Netreo Inc., Oracle Corporation, Ping Identity, SailPoint Technologies Holdings Inc., ForgeRock, and Siemens AG are some of the key players profiled in the IAM market. These companies are adopting strategies such as business expansions to strengthen their footprints in the global market.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 IAM industry 360° synopsis, 2018 – 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2023 -2032
2.3 Regional trends
2.4 Type trends
2.5 Solution trends
2.6 Deployment model trends
2.7 Application trends
Chapter 3 Identity and Access Management Industry Insights
3.1 Introduction
3.2 Impact of COVIID-19 outbreak
3.3 Impact of Russia-Ukraine war
3.4 Industry ecosystem analysis
3.5 Industry evolution
3.6 Industry architecture
3.7 Investment portfolio
3.8 Patent landscape
3.9 Key news
3.10 Regulatory landscape
3.11 Technology & innovation landscape
3.12 Industry impact forces
3.12.2 Industry pitfalls & challenges
3.13 Growth potential
3.14 Porter’s analysis
3.15 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
