Identity and Access Management (IAM) Market

[336 Pages Report] The global IAM market size is projected to grow from USD 15.7 billion in 2023 to USD 32.6 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 15.6% during the forecast period. The expansion of the IAM market can be attributed to a range of influential factors including rising instances of security breaches and escalating instances of identity-related fraud. Moreover, scarcity of skilled cybersecurity professionals among enterprises may hinder the market growth.

Moreover, the IAM market is experiencing growth due to the introduction of AI/ML-powered services, increasing adoption by SMEs, and scalability benefits. These factors contribute to the market's promising growth potential, providing enhanced identity management capabilities and proactive security measures for organizations. Thus, driving the demand for IAM products in the near future.

To know about the assumptions considered for the study, Request for Free Sample Report

To know about the assumptions considered for the study, download the pdf brochure

COVID-19 Impact

The COVID-19 pandemic has had a significant impact on the IAM market. With the sudden shift to remote work and increased reliance on digital infrastructure, the threat landscape has expanded, leading to a surge in cyberattacks. As a result, the demand for IAM services has increased as businesses seek to enhance their security posture and protect their sensitive data. Also, the pandemic has highlighted the critical importance of robust cybersecurity measures, driving the adoption of IAM solutions and services across industries.

Identity And Access Management (IAM) Market Dynamics

Driver: Rising instances of security breaches and escalating instances of identity-related fraud

Each consumer’s personal information resides on hundreds of servers across the globe, resulting in increased identity theft. Since 2010, identity fraud has risen steadily, which is expected to continue. In 2021, 22% more identity thefts were filed to the Federal Trade Commission than in 2020. According to industry experts, there was a slight drop in ID theft cases in 2019 that unfortunately reversed in 2020 and 2021, mostly due to the effects of the pandemic. In 2021, there were around 1.7 million reports of identity theft filed with the Federal Trade Commission. Consumers most frequently complained about identity theft, which comprised 29.4% of all claims received by the FTC. Fraudsters using stolen identity information to open new bank accounts under a victim's name grew by 64% in 2021. According to the FTC, about 84,000 Americans reported new account bank fraud in 2021 compared to roughly 51,000 in 2020.

Restraint: Lack of identity standards and budgetary constraints in deploying IAM solutions

The expanding cyber threat landscape is one of the main worries for businesses across all industrial sectors. The consumer IAM industry is experiencing slow development due to a lack of identification standards, inadequate financial resources, and high installation costs of consumer IAM systems. As strong security technologies must be integrated, consumer IAM solutions have substantial upfront costs and ongoing maintenance expenses. SMEs disregard IAM in favour of concentrating on the resources necessary for company survival. They frequently ignore security until there has been a breach.

Opportunity: Proliferation of cloud-based IAM solutions and services and growing adoption of hybrid cloud model

As the cloud market proliferates, the need to secure and manage multiple accounts that can be accessed via the cloud by employees also increases, resulting in the growing adoption of IAM solutions. IAM technology were formerly viewed by businesses as a capital expense that required on-premises purchase and implementation. With the emergence of the cloud, this tendency is now changing, making the deployment and access to cloud-based IAM services easier. There was a significant cost structure involved with the effective implementation of IAM projects, which needed months of arduous labour.

Challenge: Difficulties in addressing complexity of advanced threats

Cyberattacks are becoming more sophisticated; every month, several new malware variants are found attacking mobile phones. Over the last five years, APTs and targeted threats have significantly increased in volume, breadth, and complexity, becoming the most important security challenge for any organization. Cybercriminals use advanced attack techniques to infiltrate organizations’ networks and steal data, which can make organizations vulnerable. Due to the diverse nature of threats, it has become a challenge to understand the types of cyberattacks. Hence, organizations seek comprehensive mobile security solutions to predict, detect, and protect mobile devices. Addressing the complexity of advanced threats represents a significant challenge to the IAM market.

Identity and Access Management Market Ecosystem

By vertical, the healthcare segment is to grow at the highest CAGR during the forecast period

Cybercriminals attack the healthcare industry more than any other industry in the globe. The healthcare industry quickly implements cutting-edge technology to provide patients with better, more intuitive, and individualised treatment. IAM solutions assist healthcare organisations in resolving security concerns about user credentials and enhancing the patient experience. Patients face several difficulties as a result of the absence of patient identification protections. Patients may experience medical identity theft, which might lead to their health records including fictitious medical and health information, endangering future treatments. All of these result in ineffective and hazardous patient care.

By region, North America accounts for the highest market size during the forecast period

In terms of infrastructure development and technological uptake, North America is the market leader. In terms of global cybersecurity events, the area is the most affected; North America dominates the market globally and is regarded as having the most developed infrastructure and adoption of cyber technologies. The region's administration has designated cybersecurity as its most pressing economic and national security threat. Organisations in North America are adopting IAM solutions as a result of the changing demands of the workforce, the deployment of cloud applications, the consolidation of the BYOD trend, and the requirement to maintain regulatory compliance. As the awareness of IAM is increasing in the business sphere, various firms are putting efforts into discussing and developing ideas for better IAM solutions. IAM solutions help organizations in risk and fraud analytics, privacy measures, governance enforcement, infrastructure management, compliance management, and SIEM integrations.

Key Market Players

Microsoft (US), Okta (US), IBM (US), Oracle (US), Salesforce (US), Ping Identity (US), HID Global (US), ForgeRock (US), CyberArk (US), Micro Focus (US), Thales (France), RSA Security (US), Avatier (US), ManageEngine (US), SecureAuth (US), EmpowerID (US), SAP (Germany), Simeio (Georgia), One Identity (US), FusionAuth (US), Auth0 (US), IDnow (Germany), Zephr (UK), Signzy (US), Civic (US), Trusona (US), Beyond Identity (US), Akamai (US), Delinea (US), Optimal IdM (US), Netwrix (US), Zoho Vault (US), Transmit Security (US), are the key players and other players in the IAM market.

Get online access to the report on the World's First Market Intelligence Cloud

• Easy to Download Historical Data & Forecast Numbers
• Company Analysis Dashboard for high growth potential opportunities
• Research Analyst Access for customization & queries
• Competitor Analysis with Interactive dashboard
• Latest News, Updates & Trend analysis

Request Sample

Click on image to enlarge

Scope of the Report

The study categorizes the IAM market by security type, offering, solution, identity lifecycle management, service, deploymenet mode, verticals, and regions.

By Type:

• Workforce IAM
• Consumer IAM

By Offering:

• Solution
• Service

By Solution:

• Data Directory
• Identity Lifecycle Management
• Authentication
• Verification
• Access Management and Authorization
• Audit, Compliance, and Governance

By Identity Lifecycle management:

• Provisioning
• De-Provisioning

By Service:

• Integration and Deployment
• Support and Maintainance
• Consulting

By Deployment Mode:

• Cloud
• On-Premise

By Vertical:

• BFSI
• Travel, Tourism and Hospitality
• Healthcare
• Retail and e-commerce
• Education
• IT and ITeS
• Government and Defense
• Other Verticals (Telecom, Energy and Utilities, Gaming and Gambling, Automotive, Media)

By Region:

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

Recent Developments

• In April 2023, Saviynt Partnered with World’s Leading Technology and Consulting Firms, which includes IBM to Launch Saviynt Solution Exchange. It is a Marketplace of Pre-Built Solutions that Accelerate and Optimize Organizations’ Journey to Cloud Identity Security.
• In march 2023, CyberArk launched enhancements to its Workforce Password Management. The new capabilities include securing access to high-risk, high-value business applications to help organizations improve security and reduce risk.
• In November 2022, Okta launched Okta Workforce Identity Cloud Innovations to Power Enterprise Security, Productivity, and Agility. This new solution will strengthen single control plane for managing identity across all enterprise resources and users.
• In August 2022, ForgeRock announced a strategic partnership with Secret Double Octopus (SDO). This partnership will extend password less and Multi-factor Authentication (MFA) capabilities of ForgeRock to enterprise workstations and infrastructure
• In February 2022, Ping Identity launched new service, PingOne DaVinci. It is a new no-code identity orchestration service that enables organizations to integrate and orchestrate identity services from a wide range of vendors.

Frequently Asked Questions (FAQ):

To speak to our analyst for a discussion on the above findings, click Speak to Analyst