Identity and Access Management Market Size, Trends, Opportunities and Competitive Analysis 2024-2032

Identity and Access Management Market Size And Forecast

Identity and Access Management Market size was valued at USD 13.85 Billion in 2021 and is projected to reach USD 51.46 Billion by 2030, growing at a CAGR of 15.1% from 2022 to 2030

Increased spending on security solutions by government bodies and large-scale enterprises to curb identity theft and to adhere to regulatory compliance are the prominent factors expected to boost the growth. The Global Identity And Access Management Market report provides a holistic evaluation of the market. The report offers comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Identity and Access Management Market Definition

IAM or Identity and access management is a system that acts as a framework for businesses that simplifies the overall management of electronic identities. The technology can be used to capture, record, manage and initiate user identities and their respective permissions in a manner that is automated. The identity and access management system provides customers with advantages such as enhancing security profiles, allow easy access, increases productivity, improving user experience and lowering the overall IT cost. IAM platforms are designed to ensure on-premises, cloud, and hybrid systems provide the proper access, to the right roles and individuals at the right time. In fact, the impact of GDPR has led to the use of the term customer identify and access management (CIAM). With an IAM framework in place, information technology (IT) managers can control user access to critical information within their organizations. Systems used for IAM include single sign-on systems, two-factor authentication, multifactor authentication, and privileged access management.

IAM technologies can be used to initiate, capture, record, and manage user identities and their related access permissions in an automated manner. These technologies also provide the ability to securely store identity and profile data as well as data governance functions to ensure that only data that is necessary and relevant is shared. The primary objective of the IAM systems is to create one digital identity per person. Once the digital identity has been created, it should be retained, updated, and tracked throughout the service life cycle of every consumer.

Global Identity and Access Management Market Overview

Increased spending on security solutions by government bodies and large-scale enterprises to curb identity theft and to adhere to regulatory compliance are the prominent factors expected to boost the growth. For instance, in case of the healthcare sector, as per the Health Insurance Portability and Accountability Act of 1996 (HIPAA), organizations are required to ensure portability of healthcare coverage and privacy of patient records. Additionally, increasing need for IAM for IoT further propel the market growth. The role of IAM in IoT is expanding like never before. IAM is focused on identifying people and managing access to different data types (like sensitive data, non-sensitive data, or device data). IAM helps in identifying devices while also managing user access to data, thus safeguarding against breaches and malicious activities. IoT introduces the need to manage exponentially more identities than what the existing IAM systems are required to support. IAM in IoT offers multiple benefits to provide a secure environment for users, such as how a user will manage access to all the connected things and the information they hold and how they will control which people or devices are allowed to do what. Therefore, IAM solutions help global SMEs and large enterprises provide consistent, frictionless, and enhanced user experience; these benefits will drive the growth of the global IAM market.

Furthermore, increasing web-based applications, risk management solutions such as policy-based compliance, and audit management combined with cost control measures are the key factors driving the IAM demand. Moreover, proliferation of Bring Your Own Devices (BYOD), , mobility, and remote workforce has necessitated organizations to adopt IAM solutions, thereby driving growth. The adoption of cloud deployment in the sizes of the organization is rapidly growing owing to the cost-effectiveness and flexibility in carrying out the business functions. Moreover, it also offers an organization the opportunity to digitally transform their IT infrastructure, thereby gaining a competitive edge in the market.

However, the lack of identity standards and insufficient resources in terms of budget, coupled with the high installation costs of IAM solutions, are restraining the growth of the IAM market. The initial investment and maintenance cost for employing IAM systems are high due to the need to integrate robust security technologies. Therefore, inadequate budgets continue to be a crucial challenge for IAM professionals to carry out IT security operations effectively. Budgetary constraints have been observed in major economies, such as some parts of the APAC, the MEA, and Latin America, where companies are either bootstrapped or running with small capital.

Global Identity And Access Management Market: Segmentation Analysis

Identity And Access Management Market is segmented into Component, Deployment Model, Application, Organization Size, And Geography.

 Identity And Access Management Market by Component

• Password Management Provisioning• Single Sign-On• Audit, Compliance & Governance,• Advanced Authentication• Directory Services

Based on Component, the market is bifurcated into Password Management Provisioning, Single Sign-On, Audit, Compliance & Governance, Advanced Authentication, and Directory Services. The Password Management Provisioning segment dominates the major market share in 2019. With an increase in users accessing systems and applications, it is crucial for an enterprise to have a suitable process in IT infrastructure to manage the identities. Thus, user provisioning plays a pivotal role in the implementation of an identity lifecycle by creating, modifying, disabling, and deleting user accounts and their profiles across IT infrastructure and business applications.

Identity And Access Management Market by Deployment Model

• Cloud-Based• On-Premise

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Based on Deployment Model, the market is bifurcated into Cloud-Based, and On-Premise. Cloud-Based holds the largest market share. Cloud-based IAM services and products provide various benefits such as simplified management and reduced costs, with no software or hardware deployment.

Identity And Access Management Market by Application

• Education• It And Telecommunications•  Banking, Financial Services, And Insurance  (Bfsi)• Retail• Healthcare• Manufacturing• Others

Based on Application, the market is bifurcated into Education, IT and Telecommunications, Banking, Financial Services, And Insurance (BFSI), Retail, Healthcare, Manufacturing, Others. The Healthcare segment dominated the major market. IAM solutions help healthcare organizations address the security issues related to users’ credentials and help them deliver an enriched experience to their patients. Therefore, healthcare registers the highest growth rate during the forecast period.

Identity And Access Management Market by Organization Size

• Large Companies• Small And Medium Businesses

Based on Organization Size, the Identity and Access Management Market is bifurcated into Large Companies, Small And Medium Businesses.

Identity And Access Management Market by Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

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On the basis of Geography, the Global Identity and Access Management Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. North America holds the largest market share followed by Europe, owing to the increasing adoption of Identity and Access management in personalized medicine and investment by various potential players boosting the market growth in this region.

Key Players

The “Global Identity and Access Management Market” study report will provide a valuable insight with an emphasis on the global market. The major players in the market are Microsoft Corporation, Sailpoint Technologies, Inc., Oracle Corporation, Dell Emc, IBM Corporation, Hitachi Id Systems, Inc., CA Technologies, Micro Focus (Netiq Corporation), Centrify Corporation, Okta, Inc.

The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

Partnerships, Collaborations and Agreements

• On May 2020, HCL Technologies extended its partnership with Broadcom. The partnership, which was signed in 2018, now includes Symantec Enterprise Division consulting services, part of Broadcom’s enterprise security solutions.

• On June 2020, IBM collaborated with Wipro to help Wipro develop hybrid cloud offerings to help businesses migrate, manage, and transform mission-critical workloads and applications, with security across public or private cloud and on-premises IT environments.

• On July 2020, Microsoft partnered with Citrix to provide joint services and tools for simplifying and transitioning on-premise Citrix customers to Microsoft Azure.

• On August 2020, Sourcepoint collaborated with Oracle Cloud Customer Experience. Using Sourcepoint’s platform, Oracle customers can optimize the privacy experience while leveraging compliant consumer data to strengthen customer relationships and deliver more relevant customer experiences.

Mergers and Acquisitions

• On January 2019, Akamai Technologies completed the acquisition of Janrain in the customer identity access management category to enhance its capability to cater to CIAM customers.

• On February 2020, Salesforce strategically acquired Vlocity. Built natively on the Salesforce platform, Vlocity is a leading provider of industry-specific cloud and mobile software for the world’s top communications, media and entertainment, energy, utilities, insurance, health, and government organizations.

• On May 2020, CyberArk acquired Idaptive. Together, CyberArk and Idaptive will deliver the industry’s only modern identity platform with a security-first approach and deliver a comprehensive Artificial Intelligence-based, security-first approach for managing identities.

Product Launches and Product Expansions

• On April 2019, SAP SE introduced SAP Customer Identity and Access Management solutions for business-to-business use to assist organizations in building trusted relationships with their business customers and partners.

• On November 2019, ForgeRock, an identity and access management software company, launched ForgeRock Identity Cloud, including Identity Platform-as-a-Service and ForgeRock Identity Cloud Express. This solution offers safe and secure access to the connected world and enables applications with advanced identity capabilities.

• On February 2020, Amazon Web Service’s AWS Identity and Access Management introduced a new control for access to requests made by AWS on behalf of the users. Using this control, customers can now grant indirect access to their IAM principals to launch the Amazon Elastic Compute Cloud.

• On May 2020, LoginRadius announced its service implementation for the US-based video broadcasting company, BroadcastMed. The identity provider successfully created a frictionless customer onboarding process and increased the streaming efficiencies for its customers. With identity management and streamlined access overpowering the market, it chose to work with LoginRadius to accelerate the adoption of data protection protocol and simplify its login experience.

• On June 2020, US-based IAM specialist ForgeRock strengthened its Identity Platform by equipping it with cloud and AI capabilities to provide customers with a more simplified, smooth, and secure digital experience. The advanced platform has been designed to ensure an organization’s data security and protect an individual’s privacy.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumpt