Identity and Access Management Market to grow by USD 14.80 billion (2024-2028), driven by rising global data thefts, with AI powering market evolution - Technavio

NEW YORK, Dec. 5, 2024 /PRNewswire/ -- Report on how AI is driving market transformation - The global identity and access management market  size is estimated to grow by USD 14.80 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 13.04%  during the forecast period. Increase in data thefts globally is driving market growth, with a trend towards increased adoption of byod concept. However, threat from open-source iam solutions  poses a challenge. Key market players include Avatier Corp., CyberArk Software Ltd., Dell Technologies Inc., EmpowerID Inc., ForgeRock Inc., FusionAuth, International Business Machines Corp., Microsoft Corp., Okta Inc., Ping Identity Corp., Quest Software Inc., Salesforce Inc., SAP SE, SecureAuth Corp., Simeio Solutions LLC, Zoho Corp. Pvt. Ltd., Zuora Inc., ASSA ABLOY AB, Broadcom Inc., and Oracle Corp..

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Identity and Access Management (IAM) is a crucial business area focusing on managing digital identities and controlling access to systems and data. Trends in IAM include AI for identity analytics, automation, and policy enforcement. Cloud technologies and digital platforms are driving the deployment of IAM solutions, with options for on-premise, cloud, or hybrid deployment. IAM solutions help manage access privileges, user verification, and biometric solutions for smartphones. IAM is essential for preventing data breaches and digital identity fraud in various industries like SMEs, Energy, oil & gas, Telecom & IT, Healthcare, Public sector & utilities, and Manufacturing. IAM contracts often include components such as directory services, multifactor authentication, provisioning, password management, single sign-on, and production costs. Connectivity, identity modifications, and prerogatives are also managed through IAM. Capital technology investments include installation costs for IAM solutions and cloud-based IAM services. Internet services are integral for IAM, with WAN and cloud computing enabling seamless access. Policy violations and inactive accounts are key areas of focus for IAM. 

Organizations are embracing the use of mobile devices in the workplace, allowing employees to work remotely and access organizational data and resources. The Bring Your Own Device (BYOD) trend is gaining popularity among businesses, enabling a significant increase in productivity and efficiency. Small and medium enterprises (SMEs) are particularly adopting this approach, as employees can use their personal laptops, smartphones, and tablets for professional tasks. This shift to mobile devices as primary tools in the workplace is a response to the growing need for flexibility and connectivity in today's business environment. The use of personal devices in the workplace is becoming increasingly common, and IT departments are providing necessary support to ensure secure access to corporate networks and data. 

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•         Identity and Access Management (IAM) is a crucial business function that helps organizations manage digital identities and control access to their systems and applications. However, implementing an IAM solution comes with several challenges. Artificial intelligence (AI) and automation are transforming IAM, but deployment, especially in cloud technologies and digital platforms, can be complex. Inactive accounts and policy violations pose security risks, leading to production costs and potential data breaches from digital identity fraud. Access privileges must be managed carefully to prevent unauthorized access, and user verification is essential for securing prerogatives. IAM contracts, installation costs, and connectivity are key considerations when choosing an IAM solution. Biometric solutions and smartphones offer convenient user verification methods. SMEs in sectors like Energy, oil & gas, Telecom & IT, Healthcare, Public sector & utilities, and Manufacturing face unique IAM challenges. IAM components include directory services, multifactor authentication, provisioning, password management, single sign-on, and on-premise, cloud, or hybrid deployment. IAM solutions must address challenges like Wide-Area Network (WAN) connectivity, cloud computing, and capital technology investments.

•         Open-source Identity and Access Management (IAM) solutions are gaining popularity, particularly among small-scale enterprises in developing economies like India and China. These solutions offer less upfront expense and more flexibility compared to on-premises and cloud-based IAM alternatives. With open-source IAM solutions, businesses can download and run software on all platforms, making it an affordable option for those with limited budgets. For instance, Soffid, a provider of free and fully available open-source software, offers a comprehensive Single Sign-On (SSO) and Identity and Access Management (IAM) solution for administrators. This solution allows businesses to securely manage user identities and access to applications, ensuring data security while keeping costs low.

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This identity and access management market report extensively covers market segmentation by

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

1.1 Large enterprises-  Large enterprises are expected to boost the Identity and Access Management (IAM) market growth due to its benefits, including performance, affordability, security, enterprise-class scalability, and easy management of sensitive information. IAM solutions enable large enterprises to effectively manage a vast number of identities within and outside their organization, mitigate cyber risks, and ensure end-to-end supply chain visibility. The increasing adoption of Bring Your Own Device (BYOD) policies in large enterprises, with around two-fifths of employees using their devices for work, necessitates the implementation of IAM solutions to secure corporate data from unauthorized access. Furthermore, large enterprises with intricate IT environments require IAM vendors to manage access requirements for both on-premises and cloud-based applications. Procurement services, such as order management, content sourcing, and spot purchase management from IBM, and spend analysis, category management, strategic sourcing, and tail spend management from GEP, offer convenience and help large enterprises improve efficiency, assess risks, and coordinate data points in their process networks. These factors collectively contribute to the increasing adoption of IAM and procurement outsourcing services among large enterprises, driving the growth of the market.

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The Identity and Access Management (IAM) market is experiencing significant growth due to the increasing importance of securing digital identities in the era of cloud-based services and remote work. Cloud-based IAM services offer flexibility, scalability, and cost savings, making them a popular choice for businesses. However, they also introduce new challenges, such as multifactor authentication to enhance security, digital identity fraud, and data breaches. IAM solutions address these concerns by providing user verification, identity modifications, biometric solutions, single sign-on, password management, provisioning, access privileges, and inactive account management. Additionally, IAM solutions offer policy violations detection, audit, compliance & governance, regulatory compliance management, identity analytics, and digital platform integration. Automation, production costs, and installation costs are also significant factors in the IAM market.

The Identity and Access Management (IAM) market is experiencing significant growth due to the increasing adoption of Artificial Intelligence (AI) technologies, Cloud technologies, and Digital platforms. Deployment options include on-premise, cloud, and hybrid, with cloud-based IAM services gaining popularity for their cost-effectiveness and ease of use. IAM solutions automate Identity analytics to detect inactive accounts, policy violations, and access privileges, reducing production costs. Connectivity and user verification are crucial components, with biometric solutions and smartphone authentication enhancing security. IAM contracts are essential for organizations, with Capital technology leading the way in IAM services. SMEs, Energy, oil & gas, Telecom & IT, Healthcare, Public sector & utilities, Manufacturing, and other industries are investing in IAM solutions to mitigate data breaches and digital identity fraud. Multifactor authentication, provisioning, password management, Single sign-on, and Directory services are key components of IAM solutions. Installation costs vary depending on the deployment option and the size of the organization.

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

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

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

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SOURCE Technavio