Identity and Access Management Market Expected To Reach CAGR Value Of Over 14.1% By 2032
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Published Via 11Press: In 2022, the Identity and Access Management Market are valued at USD 13.4 Billion and it is expected to Grow around USD 50.1 Billion in 2032, with a CAGR of 14.1% from 2022 to 2032.
The identity and access management market is booming as businesses require secure authentication and authorization to protect their digital assets. As organizations increasingly rely on digital systems to store, share and manage sensitive data, they must invest in the best identity and access management (IAM) solutions. Companies around the world are realizing that IAM technology is essential to protecting customer identities and preventing unauthorized access while still providing a convenient user experience.
IAM technology solutions have evolved over time from basic password-based authentication protocols to more advanced multi-factor authentication processes that combine biometrics, tokens, smart cards, RFID tags, and other reliable methods of verification. These solutions also provide a range of features such as single sign-on (SSO), role-based access control (RBAC), user provisioning and de-provisioning tools, audit trails for regulatory compliance purposes, and more.
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Key Takeaways
- The IT Asset Management (IAM) market is projected to experience a compound annual growth rate (CAGR) of 14.1% between 2022 and 2032.
- The growing adoption of cloud-based IAM solutions is fueling market expansion.
- Regulation compliance requirements are another major driver of the IAM market, as organizations strive to guarantee they are meeting various regulatory obligations.
- The growing threat of cyberattacks is also fueling market growth, as organizations seek to implement more stringent security measures.
- The rise of remote work and mobile devices has created a greater challenge for organizations to manage access to corporate resources, necessitating more sophisticated Identity & Access Management (IAM) solutions.
- The IAM market is highly competitive, with numerous vendors providing various solutions and capabilities.
- Some of the major players in the IAM market include Onegini, TransUnion, Ping Identity Corporation, Gigya, Centrify Corporation, Okta, Experian, Janrain, Mitek Systems, Traxion, LexisNexis Risk Solutions, MorphoTrust, GB Group, ID Analytics, Aware, Equifax
- IAM solutions typically offer a suite of capabilities, such as single sign-on, multi-factor authentication, identity governance and administration, and privileged access management.
- The IAM market is expected to experience steady growth over the coming years, as organizations prioritize cybersecurity and compliance.
Regional Analysis
- North America is the leading market for IAM solutions, due to the high adoption of cloud-based IAM tools and increasing cyberattack risks. Furthermore, major vendors such as Okta and Microsoft are present in this region which further fuels market expansion.
- Europe has emerged as a key market for IAM solutions, driven by the need to meet GDPR and other regulatory obligations. The region also houses several prominent IAM vendors such as IBM and Oracle.
- The Asia Pacific region is expected to experience significant growth in the IAM market due to the increasing adoption of cloud-based solutions and an uptick in mobile device ownership. Furthermore, there has been an uptick in cybersecurity investments, which should further fuel demand for IAM solutions.
- The Middle East and Africa region is expected to witness moderate growth in the IAM market due to increased adoption of cloud-based solutions and requirements for regulatory adherence.
- The Latin America market for IAM solutions is relatively small but is expected to expand due to increased investment in cybersecurity and compliance with regulatory requirements.
- Overall, the IAM market is a global one with different regions experiencing different drivers of growth. North America and Europe are currently the two leading markets for IAM solutions, but Asia Pacific is expected to experience substantial expansion over the coming years.
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Drivers
Increased Adoption of Cloud-Based Solutions With the rise in cloud computing, many organizations are exploring cloud-based IAM solutions that provide secure access to resources across multiple cloud platforms. Cloud-based solutions offer greater flexibility and scalability compared to on-premise alternatives. Need for Regulatory Compliant Organizations Organizations across a range of industries must abide by various regulatory requirements such as HIPAA, GDPR, and PCI DSS. IAM solutions can assist organizations in fulfilling these responsibilities by ensuring access to sensitive data is properly controlled and audited.
Rising Threat of Cyberattacks As cyberattacks become increasingly sophisticated and frequent, organizations are looking for stronger security measures such as Identity Access Management (IAM). IAM solutions can help organizations prevent unauthorized access and detect suspicious activity more efficiently. Increasing Adoption of Mobile Devices and Remote Work As mobile devices and remote work becomes more prevalent, organizations face an increasing challenge managing access to corporate resources. IAM solutions offer organizations the ability to securely manage access from any device anywhere while adhering to security protocols and regulations. Advancements in Technology The IAM market is constantly developing, with new technologies and solutions developed to address emerging threats and challenges. Advances such as artificial intelligence, machine learning, and biometric authentication are fueling innovation within this space.
Overall, the IAM market is being driven by regulatory compliance requirements, an increasing threat of cyberattacks, and the need for flexible and scalable security solutions that can adapt to evolving business demands. As organizations prioritize cybersecurity and compliance more heavily than ever before, this market is expected to continue expanding.
Restraints
Complexity and Implementation Challenges Implementing IAM solutions can be complex, requiring extensive expertise which may pose a problem for some organizations. Furthermore, integrating them across multiple systems and applications may prove to be another obstacle that slows adoption rates. Integration Challenges Organizations often face legacy systems and applications that do not easily integrate with modern IAM solutions, creating a barrier to adoption. Furthermore, integration issues increase the complexity of IAM implementations, making them harder to manage.
Cost IAM solutions can be costly, especially for small and mid-sized businesses that may not have the funds to invest in comprehensive IAM systems. This could be a deterrent to adoption, particularly in highly competitive markets where cost is an important factor. User Experience IAM solutions can have an adverse effect on user experience, particularly if they require extra login steps or aren't integrated with existing workflows. This may cause frustration among users and lead to lower adoption rates.
Resistance to Change Some organizations may be reluctant to adopt new IAM solutions, especially if they already have existing systems in place. This resistance can slow adoption rates and prevent organizations from reaping the full benefits of IAM solutions. Security Risks IAM solutions are intended to enhance security, but can also introduce new risks if not properly implemented or kept up-to-date. For instance, vulnerabilities within IAM solutions could allow cybercriminals to gain unauthorized access to sensitive data.
Overall, the IAM market faces a variety of obstacles and limitations, such as complexity, integration issues, cost issues, user experience issues, resistance to change, and security risks. Solving these problems will be essential in driving adoption and realizing the full potential of IAM solutions.
Opportunities
Rise of IoT and BYOD The Internet of Things (IoT) and Bring Your Own Device (BYOD) trends pose new challenges for IAM, yet also offer opportunities for vendors who can develop solutions that manage access to these devices while upholding security and compliance requirements. Integration with Other Security Solutions IAM solutions can be integrated with other security solutions, such as Security Information and Event Management (SIEM) or Network Access Control (NAC) applications. This presents an opportunity for IAM vendors to develop and market solutions that are easily integrated with other security tools to create a comprehensive security platform. Artificial intelligence (AI) and machine learning (ML) are increasingly being employed to bolster security, including IAM solutions. IAM vendors can develop and market solutions that use AI/ML for identity verification, fraud detection, and cyberattack prevention.
Overall, the IAM market provides vendors with several opportunities to develop and market solutions that address emerging challenges and trends such as cloud computing, multi-factor authentication, IoT/BYOD integration, and AI/ML capabilities. By capitalizing on these chances, vendors can increase their market share while meeting the ever-changing needs of their customers.
Challenges
Complexity Implementing and administering IAM solutions can be challenging, particularly for large organizations with multiple systems and applications. This complexity could increase costs and cause adoption rates to stagnate. Integration Legacy systems and applications in many organizations do not readily integrate with modern IAM solutions, making it challenging to roll out these solutions across multiple applications and systems.
User Adoption of IAM solutions can have a detrimental effect on the user experience, particularly if they require extra login steps or aren't integrated with existing workflows. This may cause frustration among users and lead to lower adoption rates. Security Risks While IAM solutions are designed to enhance security, they can also create new vulnerabilities if not properly implemented or kept up-to-date. For instance, vulnerabilities within IAM solutions could allow cybercriminals to gain unauthorized access to sensitive data.
Cost IAM solutions can be costly, particularly for small and mid-sized businesses that may not have the budget to invest in comprehensive IAM systems. This may pose a barrier to adoption, particularly in highly competitive markets where cost is an important consideration. Regulatory Compliant Organizations Organizations across a range of industries must abide by various regulatory standards such as HIPAA, GDPR, and PCI DSS. IAM solutions can assist organizations in fulfilling these responsibilities by ensuring access to sensitive data is properly controlled and audited however, this adds complexity and increases costs.
Overall, the IAM market faces several obstacles such as complexity, integration, user adoption, security risks, cost issues, and regulatory compliance. Addressing these difficulties will be essential in driving adoption and realizing all the potential of IAM solutions.
Recent Development
- Okta's launch of Okta identity governance was announced in April 2021. Okta Identity Governance is a cloud-first, modern approach to IGA. Okta Identity Governance provides the most important capabilities in identity governance and administration in an updated solution that is cloud-first.
- Microsoft announced in July 2020 that it had acquired CloudKnox. CloudKnox was acquired by Microsoft Azure Active Directory. This acquisition has given CloudKnox customers granular visibility, continuous monitoring, and automated remediation for hybrid and multi-cloud permissions.
- Ping Identity and Carahsoft announced a partnership in February 2022. The two organizations partnered together to assist US federal agencies in modernizing their cybersecurity defenses using advanced identity, credential, and access management (ICAM).
Key Market Segments
Type
- Advanced Authentication?
- Identity Proofing Services
Application
- Banking
- Financial Service
- Insurance (BFSI)?
Key Market Players
- Onegini
- TransUnion
- Ping Identity Corporation
- Gigya
- Centrify Corporation
- Okta
- Experian
- Janrain
- Mitek Systems
- Traxion
- LexisNexis Risk Solutions
- MorphoTrust
- GB Group
- ID Analytics
- Aware
- Equifax
Report Scope
| Report Attribute | Details |
| The market size value in 2022 | USD 13.4 Bn |
| Revenue forecast by 2032 | USD 50.1 Bn |
| Growth Rate | CAGR Of 14.1% |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and the Rest of the World |
| Historical Years | 2017-2022 |
| Base Year | 2022 |
| Estimated Year | 2023 |
| Short-Term Projection Year | 2028 |
| Long-Term Projected Year | 2032 |
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