Over the projection period, the identity & Access Management Market is anticipated to grow at a CAGR of 12.5%, with market valuations set to reach US$ 12.9 billion in 2022 and US$ 26.1 billion by the end of 2028. In the coming years, the identity and access management industry is anticipated to experience spectacular expansion. Identity & access management market growth is primarily being driven by the need for effective and efficient IT security measures due to the prevalence of cybercrime’s rapid rise.
Public Domain, IT & Telecom, and Finance & Insurance – Key End-Use Industries
Likely, operators in the public sector, the finance and insurance sectors, and the IT and telecom sectors will continue to account for significant revenue shares in the global market for identity and access management shortly, even though several business verticals have been focused on heavy investments in physical identity management.
According to the survey, public administration, financial, insurance, and IT and telecom companies account for nearly 60% of the global market value. The media and healthcare sectors are expected to be the next very attractive end-use markets for IAM service and solution providers.
Approximately 60% of Demand Is Generated by Large Enterprises
The demand for identity and access management solutions will continue to be larger than that for identity and access management services because, as recently stated, there is an increasing desire for next-generation security solutions. According to a survey by FMI, a variety of identity and access management systems currently account for more than 60% of the market’s overall value.
Directory management and access security will continue to be in high demand among consumers out of multi-factor authentication, single sign-on, and other options.
Currently, more than 55% of all identity and access management (IAM) solutions deployed globally are on-premises. Additionally, the FMI analysis predicted a significant additional opportunity for cloud-based IAM at over US$ 17 billion between 2022 and 2028. On the other hand, it is predicted that over the future years, the cloud-based deployment of identity and access management would experience average annual growth of over 10%.
The demand for dependable identity and access management services and solutions is expanding along with the relentlessly rising pace of adoption of next-generation technologies at businesses, such as AI, machine learning, and advanced biometric technologies. According to the analysis done by FMI, a sizable percentage of businesses are using identity and access management. The report has emphasized the strong development in the market value share of SMEs, even while large companies continue to make up a sizeable portion of the overall demand produced for identity and access management, accounting for about 60% of it.
Key Providers to strategize on Integration of Next-gen Technologies
Due to the rapidly expanding foundation of next-generation technical breakthroughs, North America will continue to hold a dominating position in the Identity and Access Management industry over the long term. On the other hand, China just took the distinction as one of the world’s most connected nations. China’s identity and access management market represents a significant investment opportunity for IAM services and solution providers, according to FMI’s report. The report has ascribed favorable promotional assistance from European governments to the adoption of cutting-edge security technologies as the reason why Europe will also be one of the target markets for players in the identity and access management environment.
BeyondTrust, Bomgar (Lieberman Software Corporation), CA Technologies, Core Security, CyberArk, Dell, ForgeRock, Gemalto, Hitachi ID Systems, IBM Corporation, and Microsoft Corporation are a few of the major players in the worldwide identity and access management industry. Some of the most well-known industry participants’ comprehensive strategic profiles have been featured in the research.
Small and medium-sized organizations (SMEs) are the primary target market for investment for companies that offer IAM services and solutions since SMEs solely engage in trustworthy IT security and R&D. Additionally, identity and access management service and solution providers are concentrating on integrating machine learning and behavioral analytics capabilities into their IAM offerings to meet the continuously expanding demand for greater data protection.
Key Segments of Identity & Access Management Industry Survey
Identity & Access Management Market by Component:
- IAM Solutions
- OIAM Services
Identity & Access Management Market by Deployment:
- IAM On-premise
- Cloud-native IAM
Identity & Access Management Market by End User:
- IAM for Small and Medium Enterprises (SMEs)
- IAM for Large Enterprises
Identity & Access Management Market by Vertical:
- Finance and Insurance
- Information (Telecom and IT)
- Public Administration
- Scientific and Technical Services
- Health Care and Social Assistance
- Transportation and Warehousing
- Media and Entertainment
Identity & Access Management Market by Region:
- North America Identity & Access Management Market
- Latin America Identity & Access Management Market
- Europe Identity & Access Management Market
- East Asia Identity & Access Management Market
- South Asia & Pacific Identity & Access Management Market
- the Middle East & Africa (MEA) Identity & Access Management Market