Identity and Access Management Market was worth US$ 17.14 Bn in 2022 and total revenue is expected to grow at a rate of 13.21% CAGR from 2023 to 2029, reaching almost US$ 40.87 Bn in 2029.
The Identity and Access Management (IAM) system is essential for enabling businesses to effectively manage digital identities. The automated gathering, recording, management, and initiation of user IDs and the related rights are made possible by this technology. IAM dramatically improves security profiles, simplifies access, increases productivity, enhances user experience, and lowers clients’ overall IT expenses. IAM solutions ensure proper access for the correct roles and individuals, precisely when required, across on-premises, cloud, and hybrid systems. Due to the effects of GDPR, the term “customer identity and access management” (CIAM) has emerged, indicating the growing significance of IAM in the field of cybersecurity.
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Market Dynamics:
A changing cybersecurity environment affects the dynamics of the identity and access management market. In 2022, 3.2 million cases of identity theft and fraud were reported; according to the FTC’s Consumer Sentinel Network, 1.7 million of those cases involved fraud. In the same year, fraud cost consumers more than USD 1.9 billion in losses. With a total loss of USD 667 million, imposter scams have become a major type of fraud. Claims of identity theft fell between 2018 and 2022 but increased by 46% between 2022 and 2023.
Businesses are dealing with an increase in cyber dangers, yet there are barriers to the IAM market’s expansion, including a lack of identification standards, budgetary restrictions, and high installation prices. IAM systems demand the integration of strong security technologies, which results in substantial upfront costs and continuous maintenance expenses. Budget optimization is still a challenge that prevents effective IT security operations.
Segment Analysis:
The provisioning component is highlighted as the market leader in 2022 and will generate over 30% of the revenue in the identity and access management market, according to the report’s detailed segment analysis. By creating, altering, deactivating, and removing user accounts and profiles across IT infrastructure and business applications, provisioning plays a crucial part in the execution of the identity lifecycle. On-premises solutions held the majority of the market (53.1%) in 2022, progressively creating room for other deployment types, signalling a change in market dynamics.
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Regional Insights:
With a revenue share of almost 38%, North America led the industry, mostly due to a supportive regulatory framework. In 42 states in this region, roughly 240 new cyber security measures were implemented in 2022. These legislative initiatives intended to address national cyber security issues. In order to strengthen cybersecurity measures, the United States has implemented strict authentication methods for accessing government IT systems.
Identity and Access Management Market Key Players are:
1. CA Technologies
2. Centrify
3. One Identity LLC
4. ForgeRock Inc.
5. HID Global Corporation
6. IBM Corporation
7. McAfee
8. Microsoft Corporation
9. NetIQ Corporation
10.Okta Inc.
11.One Login Inc.
12.Oracle Corporation
13.Ping Identity
14.SecureAuth
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