Identity and Access Management Market is Forecasted to Reach US$ 32.1 Billion in 2028, Says Stratview Research

The global identity and access management market is projected to witness a growth rate of 15.2% annually from 2023 to 2028, with an anticipated size of US$ 32.1 billion by 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global identity and access management market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

Click here to get a free sample of the report:
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Report Highlights:
Market Size in 2028: US$ 32.1 billion
Growth (CAGR): 15.2% during 2023-2028
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 4
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Identity and Access Management Market:

The global identity and access management market is segmented based on component type, deployment type, end-use type, and region.

Based on component type - The market has been classified into audit, compliance & governance, directory service, multifactor authentication, provisioning, password management, and single sign-on. Under these, the provisioning segment held a significant market share in 2022. Rise in users accessing systems and applications, it is vital for a company to have an ideal process in IT infrastructure to manage the identities, which boosts the segment growth.

To know the most attractive segments, click here:
https://www.stratviewresearch.com/2726/identity-and-access-management-iam-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that North American market held the highest market share in 2022 and is projected to grow at a healthy CAGR in the coming years. This growth outlook is majorly attributed to the following-

• This is ascribed to favorable regulatory scenarios and initiatives. These initiatives include combating threats to critical infrastructure, offering more funding for enhanced security measures, and enforcing regulations to implement specific types of security practices in various government agencies as well as private businesses, which bolsters the regional market growth during the review period.

Identity and Access Management Market Drivers:

Some of the key drivers listed in the report are given below.
Rising Cybersecurity Threats: Growing incidences of cyber threats is a keystone to the identity and access management market. Currently, more organizations are undergoing the process of digitalization and this exposes them to various risks such as data leakage and identity theft. The boosting capability and intelligence of hackers using AI and machine learning to attack the business have forced companies to use identity and access management (IAM) solutions to protect their critical data and business continuity. Increased awareness regarding cyber threats among both individuals and vendors has been elemental in reducing the number of reported identity theft cases in major countries like the US. According to the FBI, the number of reported identity theft cases in the US has dropped by ~60% between 2021 and 2023.

Growing Adoption of Cloud Computing: The advancement towards cloud solutions has brought a major impact on the IAM market. Businesses are shifting their operations online, and thus require solid access solutions for working outside the office and using multifactor authentication. Cloud IAM systems are flexible and can be scaled since they are considered as services making them suitable for organizations that intend to improve their security but also have a remote working structure. Most companies currently consider the cloud as a technology platform. Gartner expects that >70% of enterprises will leverage industry cloud platforms to accelerate their business plans by 2027.

Regulatory Compliance: The increasing compliance needs of firms concerning data security and privacy have forced firms to opt for IAM solutions. The use of standards like GDPR and HIPAA requires effective identification procedures that will limit the access to sensitive information to those personnel who are allowed to access it. Such a tendency is especially pronounced in such industries as healthcare and financial services where the regulators are especially strict.

Technological Advancements: The global identity and access management market is growing due to the advent of biometric authentication, AI, and machine learning in IAM technologies. They improve the solutions of IAM since they offer improved techniques in the user identification process, user monitorization and detection of extraneous activities. With the specific use of IAM solutions, organizations have a way of implementing protection mechanisms that are dynamic and capable of learning from emergent threats and even the dynamic behaviors of the users.

Rise of Remote Work and BYOD Policies: The use of work-from-home arrangements and the implementation of BYOD policies have made IAM solutions that can effectively handle access from remote locations and any device. IAM systems assist in supporting the security policies of an organization, identify and verify users at a more distant level and maintain the security of the information in various nodes, which eliminates the negative impact of remote work.

Top Companies in the Identity and Access Management Market:
Stratview Research has identified the following companies as the top market players.
• Microsoft Corporation (US)
• Sailpoint Technologies, Inc. (US)
• Oracle Corporation (US)
• Dell EMC (US)
• IBM Corporation (US)
• Hitachi Id Systems, Inc. (Canada)
• CA Technologies (US)
• Micro Focus (NetIQ Corporation) (UK)
• Centrify Corporation (US)
• Okta, Inc. (US).

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Identity and Access Management Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

Related Reports:
• Cloud Security Market: https://www.stratviewresearch.com/2737/cloud-security-market.html
• Security Analytics Market: https://www.stratviewresearch.com/2876/security-analytics-market.html

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