Identity and Access Management Market

Identity and Access Management Market Size

The global Identity and Access Management Market size was valued at USD 16.58 billion in 2022 and is projected to reach USD 35.25 billion by 2030, growing at a CAGR of 11.30% from 2023 to 2030. The market for identity and access management is expected to grow due to several factors, including advances in the Internet of Things (IoT) and artificial intelligence (AI), increasing awareness of regulatory compliance management, growing reliance on digital platforms and automation, and widespread adoption of cloud technologies across industries. To further enhance the benefits of IAM, businesses are also integrating it with mobile device management (MDM) solutions. This integration allows for more efficient utilization of IAM and enables organizations to have better control over their security. MDM is a crucial element of IAM as it enables businesses to manage apps and users on devices, making it essential to extend IAM to mobile devices for any company looking to maintain a secure environment.

Analyst’s Review 

As more organizations move towards these cloud environments, they will need to ensure their IAM solutions can integrate with multiple cloud providers and support a range of cloud environments. To accomplish this, ongoing IAM architecture maintenance will be necessary to keep up with the evolving cloud landscape and address new security challenges that may arise. IAM becomes increasingly crucial for managing access to sensitive data and applications in the cloud, it will be essential for businesses to prioritize IAM architecture maintenance to ensure a secure and scalable environment for their operations.

Market Definition

Identity and Access Management (IAM) is a security framework that manages and controls access to sensitive data and applications within an organization. It involves the process of identifying, verifying, and authorizing individuals' access to resources, and is essential for maintaining the confidentiality, integrity, and availability of sensitive information.

IAM solutions have a wide range of applications across various industries. In healthcare, for example, IAM can be used to control access to patient records, ensuring that only authorized personnel can view and edit sensitive medical information. In the financial sector, IAM is crucial for ensuring regulatory compliance and safeguarding customer data against fraudulent activities. Similarly, in the retail industry, IAM can be used to control access to point-of-sale systems and customer data, minimizing the risk of data breaches.

Some of the industries that commonly use IAM solutions include healthcare, finance, retail, government, and manufacturing. IAM solutions are also becoming increasingly important in the field of cloud computing, as organizations look for ways to secure their cloud-based resources and ensure that only authorized users can access them.

Overall, IAM is a critical component of any organization's security infrastructure, providing a robust and scalable mechanism for managing and controlling access to sensitive data and applications. As technology continues to evolve, IAM solutions will become even more crucial for ensuring the security and integrity of digital assets across various industries.

Market Dynamics

The rising number of cybercrimes and fraudulent activities has increased the demand for identity and access management solutions. The COVID-19 pandemic has disrupted the global economy and led to an increase in identity theft, online frauds, and cybersecurity threats. Organizations are increasingly adopting IAM solutions to control access to sensitive information, ensuring that only authorized personnel can view and edit sensitive data. IAM solutions can help in risk and fraud analytics, which is crucial for organizations focusing on ESG and third-party risk management. As data security and privacy regulations tighten, and the remote workforce continues to grow, demand for IAM solutions is expected to increase. The rise of account creation frauds and the leaking of personal data on a massive scale has left victims vulnerable to fraud, highlighting the importance of IAM solutions in today's digital age.

The shortage of skilled professionals may pose a challenge to the widespread adoption of IAM solutions. While cloud-based IAM systems offer a range of benefits, including improved efficiency and scalability, they also come with security and privacy concerns such as data breaches, compromised interfaces, and credential protection issues that can lead to denial-of-service attacks. These risks could potentially impede the growth of the market.

Segmentation Analysis

The global identity and access management market is segmented based on component, deployment, vertical, and geography.

By Component

Based on component, the market is bifurcated into solution and services. The solution segment is further categorized into audit, compliance & governance, directory service, multifactor authentication, password management, single sign-on, and others. Multifactor authentication is anticipated to be the fastest-growing segment driven by several advantages to implementing multifactor authentication as part of an identity and access management solution. Some benefits of multifactor authentication include improved security, reduced risk of data breaches, and simplified user onboarding. IAM solutions that include MFA also provide compliance reporting and can help identify policy violations or security risks. By implementing identity solutions with multifactor authentication, organizations can better control access to their systems and improve overall security posture.

By Deployment

Based on deployment, the identity and access management market is categorized into on-premise, hybrid, and cloud-based. The cloud-based segment accumulated the largest market share in 2022 owing to numerous benefits for businesses, including greater control over IT systems, reduced repair costs, faster access to data, and improved productivity by minimizing interruptions. Additionally, cloud computing provides businesses with secure and reliable data backup and storage, ensuring that critical data is protected and easily accessible. These advantages make cloud computing an attractive option for businesses looking to streamline operations and improve overall efficiency. For instance, in March 2021, according to ForgeRock, over 80% of IT decision-makers across the globe have either already implemented cloud-based identity and access management (IAM) initiatives, or have plans to do so within the next two years. These findings indicate a growing trend towards the adoption of cloud-based IAM solutions by businesses, highlighting the importance of strong digital identity management in today's increasingly digital landscape.

By Vertical

Based on vertical, the identity and access management market is bifurcated into IT & telecommunications, BFSI, manufacturing, energy, healthcare, retail, and others. The healthcare segment is anticipated to grow at the fastest pace over the forecast period. The increasing digitization of healthcare, including the widespread adoption of telemedicine, electronic medical records (EMR), and e-health applications, has resulted in a significant increase in the number of identities that must be secured, particularly patient data. In order to meet regulatory compliance requirements such as HIPAA and EPCS, the demand for robust identity and access management (IAM) systems is expected to rise significantly across the healthcare sector. IAM solutions will play a crucial role in securing sensitive data and ensuring that healthcare providers can comply with industry regulations. The adoption of IAM systems will be critical for the healthcare industry to continue to provide high-quality care while also protecting patient privacy and meeting regulatory requirements.

Identity and Access Management Market Regional Analysis

Based on region, the global identity and access management market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.

North America region accounted for the largest market in 2022. The growth of the market in this region can be attributed to several factors, including the increasing adoption of remote work & cloud technology and the rising prevalence of cyberattacks. Additionally, the presence of key companies such as Amazon Web Services Inc., Akamai Technologies, HP Development Company L.P., Microsoft Corporation, Oracle Corporation, and IBM Corporation in the region is driving market growth. Furthermore, the rising demand for cybersecurity management and data safety is expected to further boost the region's growth over the coming years. As companies increasingly rely on cloud technology to support remote work, the need for robust cybersecurity solutions will continue to grow, making this region a strategic location for companies offering these solutions.

Competitive Landscape

The global identity and access management industry study will provide valuable insight with an emphasis on the consolidated nature of the global market. Prominent players are focusing on several key business strategies such as partnerships, mergers & acquisitions, product innovations, and joint ventures to expand their product portfolios and increase their respective market shares across different regions. Expansion & investments are the major strategic initiatives adopted by companies. Industry players are investing heavily in R&D activities, building new manufacturing facilities, and supply chain optimization.

List of Key Companies in Identity and Access Management Market

• Broadcom
• Amazon Web Services, Inc.
• IBM Corporation
• ForgeRock
• Microsoft
• Open Text
• CyberArk Software Ltd.
• Saviynt Inc.
• One Identity LLC
• SailPoint Technologies, Inc.
• RSA Security LLC
• SecureAuth
• Okta, Inc.
• Oracle

Key Industry Developments 

• August 2023 (Partnership): SecureAuth announced to supply its authentication platform to Citrix Workspace, the digital workspace software platform developed by Citrix Systems, a leading U.S. cloud computing and virtualization company. This partnership is set to enhance the security capabilities of Citrix Workspace, providing users with a more secure and reliable authentication mechanism. By integrating SecureAuth's platform, Citrix Workspace is poised to offer a comprehensive and seamless digital workspace experience to its users, further cementing its position as a top-tier provider of cloud-based solutions.
• May 2023 (Launch): Ping Identity launched PingOne Protect, a new service that combines fraud detection and risk management to prevent account takeover and the creation of fake accounts while addressing multi-factor authentication (MFA) fatigue among end-users. With PingOne Protect, organizations can strengthen their security posture while also improving the user experience by reducing the burden of MFA. This innovative solution is set to enhance Ping Identity's position as a trusted provider of cutting-edge identity and access management solutions for enterprises.
• October 2022 (Launch): Saviynt unveiled new features for its Enterprise Identity Cloud (EIC), which are focused on key areas of identity governance, cloud privileged access management (CPAM), and identity analytics, and are designed to help organizations adopt Zero Trust principles. The new capabilities are set to enhance the EIC's ability to deliver robust security and protection while also enabling the seamless integration of Zero Trust policies into an organization's existing security framework.
• October 2021 (Partnership): OneLogin partnered with Amazon Web Services to closely work with public sector organizations to help them secure their hybrid workforce environments through integrated identity management offerings. This collaboration has enabled these organizations to accelerate their digital transformation efforts, leading to enhanced security, streamlined operations, and improved efficiency.

The Global Identity and Access Management Market is Segmented as:

By Component

• Solution
  • Audit, Compliance & Governance
  • Directory Service
  • Multifactor Authentication
  • Password Management
  • Single Sign-On
  • Others
• Services

By Deployment

• On-premise
• Hybrid
• Cloud-based

By Vertical

• IT & Telecommunications
• BFSI
• Manufacturing
• Energy
• Healthcare
• Retail
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• Middle East & Africa
  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America