IAM Market plays an important role in identifying people and helps manage access to business data across all industries, including sensitive and non-sensitive data.
New York, US, Sept. 30, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Global Identity & Access Management Market, By Deployment, Verticals, Organization Size, and Region- Forecast 2030, the market is anticipated to acquire a valuation of approximately USD 35.71 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 13.50% during the assessment timeframe.
Identity & Access Management Market Overview:
Earlier, identity and access management emphasized capabilities for supporting access management and related agreement requirements. These solutions only concentrated on provisioning technology, restricting the user from understanding the execution's value. Furthermore, the solutions were limited to some applications and systems, resulting in companies striving to meet conformity requirements. On the other hand, the rising investment and rapid research & development activities have boosted the growing adoption of advanced IAM products, offering flexibility in the ease of use and essential control to meet process needs. IAM solutions have substantially curtailed identity theft via the risk-based program with characteristics focused on deploying logical access control and entitlement management. The global market for identity & access management has increased in the last few years. With these systems, companies have begun to sense the advantages not just from their IAM costs but witness the challenges of handling time-incentive processes such as provisioning and manual approval. Identity administration functions persist in being offered in enterprise silos, leading to users with an inefficient process, higher costs, and excessive provisioning and de-provisioning access. Over time, the IAM has developed to be a crucial and complicated segment of the IT infrastructure. At present, IAM has become an essential part of the enterprise landscape.
IAM Market Competitive Analysis
The list of prominent participants across the global Identity & Access Management Market includes players such as:
F5 Networks of the United States
Oracle Corporation of the United States
Amazon Web Services of the United States
Siemens AG of Germany
HP of the United States
Dell Inc of the United States
IBM of the United States
Microsoft Inc of the United States
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IAM Market Report Scope:
Revenue forecast in 2030
USD 35.71 Billion
CAGR of 13.50 % from 2022 to 2030
Key Market Opportunities
The cost structure of the IAM projects requires successful implementation
Key Market Drivers
The role of the identity and access management market in IoT is expanding at a vast rate
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Market USP Covered
Identity and Access Management Market Drivers
The global market for identity & access management has recently increased, given the aspects such as massive protection of the data, growing adoption of cloud technology, and increasing cybercrimes across the globe.
On the other hand, the growing number of cyber crimes may restrict the market's growth.
The global health crisis in the form of COVID-19 has massively impacted the majority of the industry areas across the globe. Like all the industrial areas, the global market for identity & access management also faced several challenges at the beginning of the pandemic. However, by the end of 2020, the market picked up the pace. With rapid vaccination rates and all the industrial & financial activities returning to normal, the global identity & access management market is predicted to increase over the review era.
Identity & Access Management Market Segment Analysis
Among all the components, the provisioning component segment is predicted to secure the leading position across the global identity & access management market over the review era. The primary parameter causing an upsurge in the segment's growth is the rise in users accessing systems and applications. On the other hand, the multifactor authentication segment is predicted to record the highest CAGR over the review timeframe. The stringent compliance and policies for internet banking is the primary parameter boosting the segment's growth.
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Among all the deployment modes, the on-premises solution segment is likely to dominate the global Identity & Access Management Market over the assessment era. Large enterprises are profiting from cost savings related to automated user provisioning and raised audit ability and compliance of their complete portfolio of Software as a Service (SaaS) applications like Box.net, Google Apps, Yammer, and WebEx. On the other hand, the cloud segment is predicted to show the maximum growth rate over the coming years. the primary parameter supporting the segment's growth is the growing implementation of the cloud model among various companies, given the cost-effectiveness and economies of scale.
Among all the end-use sectors, the public sector and utility segment are predicted to lead the global market for identity & access management over the coming years. various regulatory reforms and stringent government norms are the central aspects causing an upsurge in the segment's growth. On the other hand, the BFSI segment will likely exhibit the maximum CAGR over the coming years.
Identity & Access Management Market Regional Analysis
The global Identity & Access Management Market is analyzed across five major regions: North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa.
According to the research reports by MRFR, the North American region is predicted to secure the top position across the global market for identity & access management over the review timeframe. The region has Canada and the US as prominent growth contributors. The primary parameter supporting the regional market's growth is the comprehensive development of technology across the region. Furthermore, the presence of competitive market players have assisted in building the countries such as the regions is another prime aspect causing an upsurge in the regional market's growth over the coming years. Moreover, the factors such as the growing adoption of cloud technology, the high presence of crucial IAM solution providers, and growing cases of cyberattacks are also predicted to catalyze the growth of the regional market over the forecasted era.
The identity & access management market for the European region is predicted to exhibit substantial growth over the review era. The rapid growth of the BFSI sector across the region is the main parameter boosting the growth of the regional market. Furthermore, the growing awareness regarding compliance and security is anticipated to catalyze the growth of the regional market over the coming years. additionally, the growing number of regulations to comply with GDPR norms and rise in the number of small- and medium-sized enterprises across the region is also expected to boost the growth of the regional market over the coming years.
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The Asia-Pacific regional market for identity and access management is anticipated to witness the fastest growth over the coming years. the growth of the revenue shares of the Indian and Chinese regions is the central aspect causing an upsurge in the regional market's growth. The region has nations such as Taiwan, South Korea, and China as prominent growth contributors. Furthermore, the aspects such as the growing adoption of cloud technology, increasing cases of identity thefts and frauds, rising urbanization, and increasing technological proliferation are also predicted to boost the growth of the regional market over the assessment era.
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