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Identity and Access Management Market Size, Growth, Future Prospects and Competitive Analysis 2027

(IT-NEWSWIRE.COM, August 12, 2022 ) Identity and Access Management market size is expected to grow from USD 13.4 billion in 2022 to USD 25.6 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 13.7% from 2022 to 2027.



Rising instances of security breaches and escalating instances of identity related fraud, growing awareness about compliance management, increasing need for IAM for IoT, and increased spending on cybersecurity following COVID-19 pandemic to boost the growth of IAM market across the globe during the forecast period. Moreover, Cultural shift from traditional IAM to IAM, proliferation of cloud-based IAM solutions and services and growing adoption of hybrid cloud model, and increasing integration of technologies, such as AI, ML, blockchain, and biometrics, into identity and access management would provide lucrative opportunities for IAM market vendors.



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Top Market Key Players



Major vendors in the global IAM market include Microsoft (US), IBM (US), Oracle (US), Broadcom (US), Salesforce (US), Ping Identity (US), Okta (US), HID Global (US), ForgeRock (US), CyberArk (US), RSA Security (US), Avatier (US), ManageEngine (US), SecureAuth (US), EmpowerID (US), SAP (Germany), Simeio (Georgia), OneIdentity (US), FusionAuth (US), Auth0 (US), IDnow (Germany), Zephr (UK), Signzy (US), Civic (US), Trusona (US), Beyond Identity (US).



Solutions to have a higher market share during the forecast period



IAM solutions help businesses implement adequate security policies across all systems, platforms, applications, and devices. These benefits create a massive demand for IAM solutions in the market. The increase in data breaches is driving enterprises to adopt centralized security solutions, which is boosting the demand for IAM solutions and services. COVID-19 has exacerbated the challenges of managing digital identity. The later (post-COVID-19 onset) survey by Imprivata revealed that 71% of organizations use manual processes for identity management, which, in turn, can be prone to various identity frauds and identity theft; hence, organizations can see a surge in IAM solutions adoption rate.



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Asia Pacific to grow at the highest CAGR during the forecast period



According to Jumio’s research, 4 out of 5 banks in Asia Pacific have witnessed a surge in losses due to fraud after the introduction of the real-time payment’s platform; 2 out of 5 banks confirmed that most fraudulent attacks are carried out through social engineering. Hence, the need for robust and transparent identity verification practices is gaining traction in Asia Pacific countries. Initiatives are taken by the government toward tackling identity-related frauds, especially for strengthening eKYC to verify identities, such as compliance regulations initiated by countries, which is also driving the need for robust and stronger IAM practices in Asia Pacific. Growth in the startup ecosystem in Asia Pacific is a major factor driving the growth of the IAM market in the region. The lack of common legislation frameworks among Asia Pacific countries has led to an inconsistent and complex cyber landscape in the region, forcing enterprises to implement advanced cybersecurity solutions. Governments in countries such as China, Singapore, and Japan are investing a significant portion of their federal budgets in developing cybersecurity tools. This is expected to drive the adoption of IAM solutions.



About MarketsandMarkets™



MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.



Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.



MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.



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MarketsandMarkets™

Mr. Aashish Mehra

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raviraj.tak@marketsandmarkets.com

Source: EmailWire.Com



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