DUBAI, UAE, Dec. 8, 2023 /PRNewswire/ — As per the recent report published by Kings Research, the Global Identity and Access Management Market revenue is estimated to grow to USD 35.25 billion by 2030 from USD 16.58 billion in 2022, registering an 11.30% CAGR through the projection period of 2023-2030. A number of factors are anticipated to contribute to the market’s growth, including developments in artificial intelligence (AI) and the Internet of Things (IoT), rising regulatory compliance management awareness, an increasing reliance on digital platforms and automation, and the widespread implementation of cloud technologies across industries.
IAM, short for identity and access management, is a comprehensive security framework utilized for managing and regulating access to crucial organizational data and applications. Its primary function involves the identification, verification, and authorization of individuals wishing to access specific resources. The implementation of IAM is vital to maintain the utmost confidentiality, integrity, and availability of sensitive information. The versatile nature of IAM solutions enables their application across diverse industries.
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Trending Now: New Report from CISA and NSA Examines IAM Security Challenges
In October 2023, the CISA and the NSA released a report titled “Identity and Access Management: Developer and Vendor Challenges”, which provides new guidelines in this area. The document, created by the Enduring Security Framework (ESF) – a collaboration led by CISA and the NSA, aims to mitigate the risks posed to critical infrastructure and national security systems. With a focus on countering threats, ESF seeks to safeguard these vital elements.
This publication functions as a follow-up to ESF’s “Guide for Administrators on Identity and Access Management Recommended Best Practices”. It provides a comprehensive examination of the obstacles faced by developers and technology manufacturers during the implementation of IAM solutions.
In the ever-evolving global identity and access management market, major players are placing a strong emphasis on forging strategic collaborations as a means to maintain a competitive edge. For instance, in August 2023, SecureAuth announced its plans to offer its authentication platform to Citrix Workspace, a digital workspace software platform created by Citrix Systems, a well-known cloud computing and virtualization firm in the United States. By enhancing Citrix Workspace’s security features, this cooperation was to give users access to a more dependable and safe authentication process.
Leading companies in the global identity and access management market include:
- Amazon Web Services, Inc.
- IBM Corporation
- Open Text
- CyberArk Software Ltd.
- Saviynt Inc.
- One Identity LLC
- SailPoint Technologies, Inc.
- RSA Security LLC
- Okta, Inc.
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The global Identity and Access Management Market is segmented as:
- Audit, Compliance & Governance
- Directory Service
- Multifactor Authentication
- Password Management
- Single Sign-On
Integration of Multifactor Authentication in Identity and Access Management Solution to Boost Market Revenue
On the basis of component, the industry has been segregated into solution and services. The solution segment is further bifurcated into directory service, audit, compliance & governance, password management, multifactor authentication, single sign-on, and others.
The multifactor authentication segment is expected to grow at a significant CAGR over the review period, primarily due to the various benefits it offers when integrated into an identity and access management solution. Multifactor authentication offers a range of advantages, such as enhanced security, decreased likelihood of data breaches, and streamlined user onboarding.
Additionally, IAM systems that incorporate MFA provide compliance reporting capabilities and assist in the detection of policy violations or security vulnerabilities. By adopting identity solutions that incorporate multifactor authentication, organizations can exert better control over system access and bolster their overall security stance.
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- IT & Telecommunications
Rising Need to Protect Patient Information in Healthcare Sector to Aid Identity and Access Management Market Growth
In terms of vertical, the healthcare segment is estimated to grow significantly in the years to come. The rapid technological advancement in the healthcare sector, with the growing use of telemedicine, electronic medical records (EMR), and eHealth applications, has led to a substantial rise in the need to protect multiple identities, especially patient information.
The healthcare sector is projected to experience a substantial increase in the need for strong identity and access management (IAM) systems to comply with regulatory standards such as HIPAA and EPCS. IAM solutions will play a vital role in safeguarding sensitive information and enabling healthcare providers to adhere to industry regulations. Adopting IAM systems is crucial for the healthcare industry to maintain excellent patient care, uphold patient privacy, and meet necessary compliance measures.
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Increasing Occurrence of Cybercrimes to Facilitate Demand for Identity and Access Management Solutions
The increasing occurrence of cybercrimes and deceitful actions has resulted in a higher need for solutions that manage identity and access. The global economy has been greatly affected by the COVID-19 pandemic, leading to a rise in instances of identity theft, online fraud, and cybersecurity risks. As a result, organizations are increasingly implementing identity and access management (IAM) solutions to regulate access to sensitive data, guaranteeing that only authorized individuals can access and modify this important information.
For businesses concentrating on ESG and third-party risk management, IAM solutions can aid in risk and fraud analytics. The need for IAM solutions is speculated to rise as data security and privacy laws become more stringent and the remote workforce expands. The prevalence of identity theft and the widespread exposure of personal information have made victims more susceptible to fraud, underscoring the significance of IAM solutions in the current digital era.
North America to Dominate Global Identity and Access Management Market Due to Rising Demand for Cybersecurity Management and Data Protection
North America led the market in 2022 due to the growing acceptance of remote work and cloud technology, along with the escalating occurrence of cyberattacks. Moreover, the presence of major companies in the region is fueling the growth of the market. Additionally, the regional market growth is projected to be impelled by the rising demand for cybersecurity management and data protection. With organizations increasingly depending on cloud technology to facilitate remote work, the requirement for strong cybersecurity solutions is likely to persistently expand, positioning this region as a vital hub for companies providing such solutions.
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Major Points from TOC:
Chapter 1 Introduction of the Global Identity And Access Management Market
Chapter 2 Executive Summary
Chapter 3 Research Methodology
Chapter 4 Global Identity And Access Management Market Outlook
Chapter 5 Impact of Russia-Ukraine War
Chapter 6 Global Identity And Access Management Market, By Component
Chapter 7 Global Identity And Access Management Market, By Deployment
Chapter 8 Global Identity And Access Management Market, By Vertical
Chapter 9 Global Identity And Access Management Market, By Geography
Chapter 10 North America
Chapter 11 Europe
Chapter 12 Asia Pacific
Chapter 13 Middle East & Africa
Chapter 14 Latin America
Chapter 15 Global Identity And Access Management Market Competitive Landscape
Chapter 16 Company Profiles
Browse Complete TOC: https://www.kingsresearch.com/toc/identity-and-access-management-market-240
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