Rising IT Spending, Cloud Adoption, and Security Concerns Drive Identity and Access Management (IAM) Market, with Multifactor Authentication Leading the Way

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Nov 02, 2023, 19:00 ET

DUBLIN, Nov. 2, 2023 /PRNewswire/ -- The "Global Identity and Access Management Market (by Sub Category, Deployment Type, Solution, Enterprise Size, End User, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2027)" report has been added to ResearchAndMarkets.com's offering.

The global identity and access management (IAM) market is poised for significant growth and is projected to reach a value of US$17.31 billion by 2023, experiencing a robust Compound Annual Growth Rate (CAGR) of 14.10% during the forecast period.

Understanding Identity and Access Management (IAM)

Identity and Access Management (IAM) encompasses the systems and processes that enable IT managers to issue a single digital identity to each user, authenticate users during login, authorize users to access specific resources, and monitor and manage these identities. IAM has become the critical layer of an organization's security in response to increased application usage, cloud adoption, data threats, security breaches, and the transition to remote work.

Market Segmentation

By Sub Category: The global IAM market is segmented into four sub-categories: Access Management, User Authentication, Identity Governance and Administration (IGA), and Privileged Access Management (PAM). Access management currently holds the largest market share and is expected to be the fastest-growing segment due to increased awareness of security concerns and data theft.
By Deployment Type: IAM can be deployed in two ways: On-Premise and Cloud. On-premise IAM holds the majority of the market share, while cloud-based IAM is expected to exhibit the highest CAGR during the forecast period due to its ease of deployment, multifactor authentication capabilities, and flexibility.
By Solution: IAM solutions include Provisioning, Single Sign-On, Multifactor Authentication, Audit, Compliance, and Governance, Password Management, and Directory Services. Audit, Compliance & Governance is the fastest-growing segment, helping organizations comply with regulatory requirements and internal security policies.
By Enterprise Size: The market caters to both Large Enterprises and SMEs, with large enterprises currently dominating the market due to their valuable and sensitive data.
By End-User: IAM is adopted across various industries, including Public Sector & Utilities, Telecom & IT, BFSI, Manufacturing, Healthcare, Education, Energy, Oil & Gas, and Others. The telecom and IT segment is expected to witness the highest growth, driven by the need to secure digital identities and prevent cyber threats.

Geographic Coverage

The global IAM market spans five major regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America leads the market, with the US at the forefront due to the adoption of remote work, digitalization, and increased IAM applications in industries such as healthcare and BFSI. Europe is also a significant market, with Germany holding the largest share, while Spain is expected to exhibit the fastest growth. In Asia Pacific, China leads the IAM market, driven by a high income and a well-developed AI ecosystem.

Top Impacting Factors

Growth Drivers

Rising Information Technology (IT) Spending
Shift towards Adoption of Cloud
Increase in Data Thefts
Digital Transformation

Challenges

Security Breach
Lack Of Identity Standards And Budgetary Constraints

Trends

Introduction of AI and Robotics
Bring Your Own Device (BYOD) Policies
Multifactor Authentication
Zero Trust Security

Key Market Drivers

Increased Regulatory Compliance and Security Concerns: The market benefits from growing acceptance of heightened regulatory compliances and security concerns, particularly in the wake of the COVID-19 pandemic.
Rise in Demand for Multifactor Authentication: There is a global increase in demand for multifactor authentication in organizations and enterprises, contributing to market growth.

Challenges

Lack of Identity Standards: The absence of identity standards and budget constraints hinder IAM adoption. The high installation costs of IAM solutions and limited resources affect organizations' ability to integrate robust security technologies.

Trends

Introduction of AI and Robotics: AI and nonhuman identities, including bots, service accounts, IoT devices, and robots, are gaining prominence. IAM services are essential in managing digital identities across these nonhuman entities.

Impact of COVID-19

The COVID-19 pandemic accelerated digitalization, remote work, and cloud adoption, increasing the demand for IAM solutions. Organizations faced greater security challenges, emphasizing the importance of IAM in protecting digital identities.

Analysis of Key Players

Key players in the IAM market include IBM, Okta Inc., Broadcom Inc., Oracle Corporation, Cisco Systems Inc., Microsoft Corporation, Amazon.com, Inc. (Amazon Web Services, Inc.), Hewlett Packard Enterprise Co. (HPE), Thales S.A., Ping Identity Holding Corp., Avatier Corporation, Core Security Technologies Inc., Fisher International Systems Corporation, ForgeRock, Inc., and CyberArk Software Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/quboet

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