Identity and Access Management Market worth $34.3 billion by 2029 The global Identity and Access Management Market size is projected to grow from USD 22.9 billion in 2024 to USD 34.3 billion by 2029 at a CAGR of 8.4% during the forecast period. The IAM market is primarily driven by the rise in cyber threats and data breaches, the adoption of cloud-based services, stringent regulatory compliance requirements, and shifting towards remote work. These factors necessitate robust IAM systems to secure and manage access across diverse platforms and locations. Further, the opportunities in the IAM market are spurred by the ongoing digital transformation in businesses, which increases the complexity of network environments and necessitates sophisticated access management. Integrating IAM with emerging technologies like blockchain and IoT opens new avenues for advanced security solutions. Additionally, the surge in demand for user-friendly and scalable IAM solutions from SMEs provides significant growth opportunities in the sector. Identity and Access Management Market Dynamics: Drivers: 1. Rising instances of security breaches and identity-related fraud 2. Growing awareness about compliance management 3. Increasing need for identity access management solutions for IoT 4. Increased spending on cybersecurity following COVID-19 pandemic 5. Growing adoption of IAM solutions by SMEs Restraints: 1. Lack of identity standards and budgetary constraints in deploying IAM solutions 2. Privacy concerns in IAM adoption Opportunities: 1. Cultural shift from traditional IAM to customer identity and access management 2. Proliferation of cloud-based IAM solutions and services and growing adoption of hybrid cloud model 3. Increasing integration of technologies into IAM List of Top Companies in Identity and Access Management Market: •
Microsoft
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Okta
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IBM
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Oracle
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Salesforce
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Ping Identity
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HID Global
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ForgeRock
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CyberArk
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Micro Focus
Opportunity: Proliferation of cloud-based IAM solutions and services and growing adoption of hybrid cloud model The rapid growth of the cloud market presents a significant opportunity for IAM service providers. As organizations increasingly adopt cloud services, the need to secure and manage multiple accounts becomes paramount. IAM solutions, such as Okta's single sign-on technology, offer a practical and centralized approach to controlling user access to cloud services. With IAM becoming an integral part of organizations' overall security posture, there is immense potential for service providers to offer integrated and robust IAM solutions that span the entire application lifecycle. The shift from on-premises IAM implementations to cloudbased services opens up new possibilities, allowing for easier implementation and access to IAM services. Furthermore, the flexibility of hybrid deployments caters to the diverse needs of end users, while attractive pricing models like monthly subscriptions and pay-as-you-go options make IAM solutions more accessible and appealing. As cloud-based consumer IAM solutions require lower capital investments and implementation time, this creates an opportunity for organizations, including SMEs, to adopt IAM solutions and enhance their security posture effectively. Overall, the expanding cloud market and evolving IAM landscape offer service providers a promising opportunity to meet the growing demand for secure and efficient IAM solutions. By Offering, Services segment to account for the highest CAGR In the dynamic IAM services market, vendors continually enhance their offerings by providing a diverse range of services, including consulting, installation and integration, maintenance, and support. These vendors leverage the latest techniques, comprehensive strategies, and expertise to address the security requirements of organizations effectively. By leveraging cutting-edge technologies, tools, and strategies, they offer a wide array of services to fulfill the IAM needs of organizations. Additionally, vendors provide customized implementation and risk assessment services, assisting organizations in deploying IAM solutions in alignment with industry-defined best practices. Their goal is to ensure that organizations receive tailored and high-quality IAM services that meet their specific requirements and adhere to the highest standards of security and efficiency. Thus, the services segment accounts for a higher CAGR. By region, the Asia Pacific market will grow at the highest CAGR during the forecast period. The Asia Pacific region is projected to experience the highest CAGR in the IAM market, driven by rapid economic growth and digital transformation initiatives across significant economies like China, India, and Japan, significantly boosting the adoption of IAM solutions. The region is witnessing a surge in the number of startups and expansion of SMEs, which are increasingly
embracing cloud-based IAM solutions for enhanced security measures. Additionally, the rising awareness of cybersecurity risks and stringent regulatory compliance demands are compelling businesses to invest in advanced IAM systems. Furthermore, the increasing penetration of internet usage and mobile technologies in this region fuels the need to secure consumer and employee identities, thus driving the growth of the IAM market. About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Rohan Salgarkar MarketsandMarkets Inc. 1615 South Congress Ave. Suite 103, Delray Beach, FL 33445 USA: +1-888-600-6441 Email:
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