Customer Identity and Access Management (IAM) Market to Grow by USD 19.37 Billion (2024-2028), Rising Data Thefts Drive Growth, AI Redefining Market Landscape - Technavio

NEW YORK, Nov. 14, 2024 /PRNewswire/ -- Report with market evolution powered by AI - The global customer identity and access management (IAM) market  size is estimated to grow by USD 19.37 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  21.48%  during the forecast period. Increase in data thefts globally is driving market growth, with a trend towards increased adoption of byod. However, complexity of network infrastructure  poses a challenge.Key market players include Akamai Technologies Inc., Aware Inc., Broadcom Inc., Cisco Systems Inc., Equifax Inc., Experian Plc, GB Group plc, Mitek Systems Inc., NortonLifeLock Inc., Okta Inc., One Identity LLC, Ping Identity Corp., RELX Plc, Safran SA, SAP SE, Sennovate Inc., Swiss IT Security AG, Thales Group, TransUnion, and Verizon Communications Inc..

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Key Market Trends Fueling Growth

In today's digital world, ensuring strong Customer Identity and Access Management (IAM) is crucial for businesses to protect against cybersecurity threats such as identity theft, cyberattacks, and fraudulent activities. IAM systems help manage user identities, granting access to business technologies like healthcare platforms, mobile apps, and the Internet of Things. CIAM technologies, including Single Sign-On (SSO) and social login capabilities, enhance user experience while maintaining security. With the rise of cybercrime, privacy measures are essential. Skilled cybersecurity professionals are in high demand to implement IAM systems that comply with cyber regulations. IAM systems utilize automation, artificial intelligence, and cloud technologies for efficient identity management and audit. Business expansions in sectors like manufacturing, logistics, energy, education, transportation, and utilities require IAM systems to secure IT infrastructure, protect against cyberattacks, and maintain compliance. Vendors of IAM solutions offer various deployment options, including cloud, hybrid, and on-premise, to cater to diverse business needs. In summary, IAM systems are essential business technologies for managing user identities, ensuring cybersecurity, and maintaining compliance in an increasingly digital world. 

Organizations are embracing the Bring Your Own Device (BYOD) trend, allowing employees to use their personal smartphones, tablets, laptops, and other devices for work. This shift towards mobility has become essential as more employees work remotely, requiring constant access to organizational data and resources. SMEs have particularly benefited from this trend, boosting productivity and efficiency. The popularity of BYOD policies is on the rise, making personal devices a primary tool for professional tasks in workplaces. 

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Market Challenges

• In today's digital world, managing customer identities and access to business technologies has become a top priority for organizations. With the increasing number of cybersecurity threats such as identity theft, cyberattacks, and fraudulent activities, the need for Identity and Access Management (IAM) systems is more critical than ever. IAM systems help businesses ensure secure access to their IT infrastructure, including healthcare records, mobile devices, and cloud technologies. However, implementing IAM solutions comes with challenges. Cyber regulations, cybercrime, and skilled cybersecurity threats require businesses to invest in advanced capabilities like artificial intelligence, automation, and single sign-on (SSO). IAM systems must also support hybrid deployments, including on-premise, cloud, and hybrid cloud, and integrate with utilities, manufacturing, logistics, transportation, energy, education, and other industries. Additionally, IAM systems must provide audit and compliance capabilities, directory services, provisioning, and social login. Vendors of IAM technologies must keep up with the latest cyber regulations and provide solutions that can adapt to business expansions and the Internet of Things (IoT), including smart homes, smart buildings, and smart devices.
• The consumer Identity and Access Management (IAM) market faces a significant challenge due to the intricacy of modern network infrastructures. As vendors introduce new security solutions, integration issues arise, leading to system slowdowns. This negatively impacts customer satisfaction and potentially results in customer loss. To mitigate this, vendors must ensure seamless integration of their security offerings with third-party solutions and previous versions. However, this complexity may create operational or interface issues for end-users. Thus, managing the complexity of network infrastructure remains a major challenge for IAM market vendors.

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Segment Overview 

This customer identity and access management (iam) market report extensively covers market segmentation by

1. Deployment 
• 1.1 On-premises
• 1.2 Cloud-based
2. End-user 
• 2.1 Large enterprises
• 2.2 Government organizations
• 2.3 SMEs
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 Middle East and Africa
• 3.5 South America

1.1 On-premises-  On-premises Customer IAM involves end-users purchasing software licenses for in-house deployment, requiring substantial capital investment in hardware and software. Despite the high cost, on-premises IAM is favored for its security, as it eliminates third-party interference. Customization and enhanced data security are driving growth in this segment, particularly in the BFSI sector in APAC. However, the shift towards cloud-based solutions among SMEs may result in a decline in on-premises IAM market share. Technological advances and the pay-as-per-use model of cloud-based solutions have led many enterprises to migrate, potentially impeding market growth. Vendors provide customizable on-premises IAM solutions, catering to specific organizational needs and offering greater control, safety, and security over data, resulting in increased demand. Thus, the on-premises segment is expected to grow during the forecast period.

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Research Analysis

The Customer Identity and Access Management (IAM) market is a critical component of cybersecurity, focusing on managing digital identities and controlling access to systems and data. With the increasing number of cyberattacks, identity theft, and security breaches, the need for IAM systems has become essential. IAM solutions help protect against unauthorized access, ensure privacy measures, and mitigate fraud. IAM systems are deployed in various sectors, including healthcare, utilities, manufacturing, and financial institutions, to secure IT infrastructure. The market is witnessing significant growth due to business expansions and the adoption of cloud, hybrid, and on-premise deployments. Skilled cybersecurity professionals are in high demand to implement and manage these systems. Moreover, the emergence of decentralized identity solutions is transforming the IAM landscape by providing individuals with more control over their digital identities. IAM systems play a crucial role in mobile security, ensuring secure access to applications and data on mobile devices. Overall, the IAM market continues to evolve, offering innovative solutions to meet the ever-changing cybersecurity landscape.

Market Research Overview

The Customer Identity and Access Management (CIAM) market is a critical component of cybersecurity, focusing on managing digital identities and controlling access to business technologies and applications. With the increasing number of cyberattacks, identity theft, and fraudulent activities, the need for IAM systems has become essential. CIAM solutions help protect against cybercrime by implementing privacy measures, identity management, and single sign-on (SSO) capabilities. The healthcare sector, mobile security, and IoT devices are particularly vulnerable to cyber threats. CIAM technologies play a crucial role in securing sensitive data and ensuring compliance with cyber regulations. Artificial intelligence and automation are transforming IAM, enabling faster identity verification and reducing the risk of errors. Cloud technologies, hybrid deployment models, and on-premise deployment are popular choices for CIAM solutions. Utilities, manufacturing, logistics, transportation, education, and energy industries are expanding their use of CIAM to secure their IT infrastructure and protect against cyber breaches. Vendors of identity and access management offer solutions that cater to various business needs, including directory services, provisioning, and audit and compliance capabilities.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Deployment
• On-premises
• Cloud-based
• End-user
• Large Enterprises
• Government Organizations
• SMEs
• Geography
• North America
• Europe
• APAC
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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