Identity and Access Management (IAM) Market is Expected to Surpass USD 48.78 Billion by 2031, Growing Emphasis on Security to Help Market Expansion| SkyQuest Technology

WESTFORD, Mass. , July 9, 2024 /PRNewswire/ -- According to SkyQuest, the global Identity and Access Management (IAM) Market size was valued at USD 13.32 Billion in 2022 and is expected to grow from USD 15.4 Billion in 2023 to reach USD 48.78 Billion by 2031, at a CAGR of 15.6% during the forecast period (2024-2031). 

Rising emphasis on improving the security of digital and physical environments is boosting the demand for identity and access management (IAM) solutions. IAM solutions play a vital role in managing identities, providing secure access to users and keeping out unauthorized users from accessing crucial data. The growing sophistication of cyberattacks and the imposition of stringent safety regulations mandating the use of IAM are also driving the identity and access management (IAM) market growth. The global identity and access management (IAM) market is segmented into type, offering, solution, identity lifecycle management, service, deployment mode, vertical, and region.

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Identity And Access Management (IAM) Market Overview:

Segments covered in Identity And Access Management (IAM) Market are as follows:

• Offering
  • Solution (Data Directory, Identity Lifecycle Management [Provisioning, De- provisioning], Authentication [Single-factor authentication, Two-factor authentication, Multi-factor authentication], Verification, Access Management and Authorization [Single sign-on, Privileged Access Management (PAM)], Audit, Compliance, and Governance), Services (Integration and Deployment, Support and Maintenance, Consulting)
• Type
  • Workforce IAM, Consumer IAM
• Deployment
  • Cloud, On-premises
• Vertical
  • BFSI, Travel, Tourism and Hospitality, Healthcare, Retail and E-commerce, Education, IT and ITeS, Government and Defense, Others (Telecom, Energy and Utilities, Gaming and Gambling, Media)

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Workforce IAM Solutions Take Precedence as Need for Robust Security in Organizations Increase

The frequency of sophisticated cyberattacks has increased around the world and this has pushed identity and access management (IAM) companies to improve their security framework. Workforce IAM solutions play a crucial role in access management to prevent unauthorized use of a company's resources. Growing adoption of digital transformation initiatives and rising emphasis on protecting networks are also forecasted to create an opportune setting for identity and access management companies in the future.

A high emphasis on improving customer experience whilst maintaining optimal security is projected to help identity and access management companies grow through this segment. Retail, e-commerce, and banking are some key industries where the demand for consumer IAM solutions is projected to increase at a notable CAGR in the future.

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High Demand for Patient Data Protection Promotes IAM Use in Healthcare Industry Vertical

The growing digitization of the healthcare industry has resulted in a growing amount of patient data, safeguarding this data is a necessity as this data in the wrong hands could compromise patient safety. Identity and access management (IAM) solutions are extensively being deployed by healthcare providers to bolster their data security. Increasing the use of digital healthcare systems will also uplift the demand for novel IAM solutions in the future.

Meanwhile, the banking, financial services, and insurance (BFSI) industry is projected to present highly attractive opportunities for identity and access management (IAM) providers over the coming years. A growing number of digital transactions and rapid digitization of the BFSI sector are also forecasted to create new opportunities for identity and access management companies going forward. The manufacturing industry and IT & telecom industry are also slated to be highly opportune for all identity and access management (IAM) market players in the long run.

New as well as established IAM providers can succeed in the market by targeting the right segments.  Upcoming identity and access management (IAM) companies should focus on consumer IAM and BFSI segments to penetrate the market and compete with leading market players. Established IAM companies need to focus on innovation and offer robust workforce IAM solutions to help maintain their dominance. Targeting the right segment will be essential for any identity and access management (IAM) company to get the best return on its investments.

Related Report:

Cyber Security Market

Network Security Market

Endpoint Security Market

Managed Security Services Market

Application Security Market

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SOURCE SkyQuest Technology