Identity And Access Management Market Size, Share, Trend Analysis, Segmentation And Forecast To 2033

The Business Research Company recently released a comprehensive report on the Global Identity And Access Management Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The identity and access management market size has grown rapidly in recent years. It will grow from $16.23 billion in 2023 to $18.83 billion in 2024 at a compound annual growth rate (CAGR) of 16.0%. The growth in the historic period can be attributed to rise of cyber threats, increasing adoption of cloud services, digital transformation initiatives, compliance regulations.

The identity and access management market size is expected to see rapid growth in the next few years. It will grow to $33.77 billion in 2028 at a compound annual growth rate (CAGR) of 15.7%. The growth in the forecast period can be attributed to biometric authentication integration, increasing proliferation of internet of things (IoT) devices. Major trends in the forecast period include biometric authentication, adoption of cloud-based technology, multi-factor authentication, adaptive access control, adoption of blockchain technology.

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Market Drivers and Trends:

The increasing cyber threats is expected to propel the growth of the identity and access management market going forward. Cyber threats refer to potential dangers or risks posed by malicious activities to damage data through a wide range of activities and tactics that target computer systems, networks, and digital information. The adoption of emerging technologies provides cybercriminals with a relatively anonymous and decentralized means to gain unauthorized access or launch malware attacks. Identity and access management provides the first line of protection, enabling safe user privilege management, authentication, and authorization to lessen the effect of cyber threats and strengthen the overall cybersecurity position. For instance, in February 2023, according to the Cyber Security Centre, an Australia-based cyber security agency, there were 76,000 cybercrime reports in 2022, reflecting a 13% increase from the previous year. Therefore, increasing cyber threats is driving the growth of the identity and access management market.

Major companies operating in the identity and access management market are developing innovative technologies, such as machine learning algorithms, to gain a competitive edge in the market. Machine learning algorithms refer to computational models that enable computers to recognize patterns and make predictions or decisions based on data without being explicitly programmed. For instance, in June 2023, Microsoft Corporation, a US-based technology corporation, launched Microsoft Entra Identity Governance, an advanced set of identity governance capabilities that help organizations manage access to critical assets, strengthen security, and meet compliance and regulatory requirements. Microsoft Entra ID Governance utilizes technologies such as entitlement management, access reviews, lifecycle workflows, and privileged identity management to safeguard access to critical assets, streamline productivity, and adhere to compliance regulations. It is designed to help organizations manage access to resources, ensuring that the right people have the right access to the right resources at the right time. It also facilitates the creation of user identities and roles in the apps users need to access, maintaining and removing user identities as needed.

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Major Key Players of the Market:

Microsoft Corporation, Amazon Web Services Inc., Intel Corporation, The International Business Machines (IBM) Corporation, SecureAuth Corporation, OneLogin Inc., Broadcom Inc., Thales Group, Evidian S.A., Akamai Technologies, Micro Focus International plc, Okta Inc., Netwrix Corporation, RSA Security LLC, CyberArk Software Inc., Ping Identity Corporation, Delinea, ForgeRock Inc., Simeio Solutions, One Identity LLC, Avatier Corporation

Identity And Access Management Market 2024 Key Insights:

• The Identity And Access Management Market is expected to grow to $33.77 billion in 2028 at a compound annual growth rate (CAGR) of 15.7%.
• Increasing Cyber Threats Accelerates The Growth Of Identity And Access Management Market
• Identity Governance Revolutionizing Access Management In The Digital Era
• North America was the largest region in the identity and access management (IAM) market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the identity and access management (IAM) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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