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.
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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.
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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.
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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.
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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.
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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
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- Digital Transaction Management Market was valued at USD 7,954 million in 2021. It is projected to grow at a CAGR of 25.0% between 2023 and 2032.
- Vendor Risk Management Market was valued at USD 7,296 million. It is expected to grow at a CAGR of 14.0% between 2023 and 2032.
- Managed Security Services (MSS) Market size is expected to be worth around USD 74.2 Billion by 2032 from USD 25.9 Billion in 2022, growing at a CAGR of 11.40% during the forecast period from 2023 to 2032.
- Healthcare Cyber Security Market was worth USD 15.2 Bn in 2022. It is projected to grow at a CAGR of 17.1% and is expected to reach USD 70.8 Bn from 2023 to 2032.
- Physical Security Market was valued at US$ 132.5 Billion. Between 2023 and 2032, this market is estimated to register the highest CAGR of 7.9%.
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