In 2021, the size of the identity and access management market was over $12,762million and will advance at a growth rate of above 13% in the years to come, to reach over $39,184 million by 2030. It is a security discipline enabling authorized users to access suitable resources at apt times and for apt reasons.
The demand for cloud-based IAM solutions like IDaaS will increase rapidly in the near future, owing to their manageability and affordability, and the increasing use of these solutions by SMEs. Also, these solutions need smaller capital investments and less time for implementation. Furthermore, the hybrid model aids users in selecting these technologies that can be executed on-premises along with access through the cloud. Consequently, it can push the market in the years to come.
The solution segment is the undisputed leader of the industry, as it supports administrations in the implementation of proper security policies crossways all systems, platforms, and applications. The increase in the incidences of data breaches is heartening businesses for the implementation of centralized security solutions, resulting in the snowballing requirement for IAM solutions.
The BFSI industry has developed dramatically of late, as the disposable income of the people has increased. Customers’ sensitive info is saved by BFSI establishments, which requires a high level of security. Organizations are implementing IAM solutions for boosting productivity, ensuring acquiescence, lowering the cost of IT, and improving security.
Single sign-on password solutions support enterprises in the management of security across numerous systems. These solutions can perceive and avert forged actions, in that way averting data abuse. Accordingly, large enterprises are extensively executing these solutions.
Conversely, the SMEs category will grow at a higher growth rate, of over 14%, in the years to come. This has a lot to do with the momentous growth across numerous businesses and SMEs are the promising consumers of IAM solutions. As a result of low profitable pricing offers like usage-based pricing and monthly subscription which is given by the service providers, SMEs all across the globe will invest in these projects of security management in the near future.
The identity and access management market of North America had the largest revenue share, of approximately 40%, in the recent past. This is a result of the incidence of numerous federal agencies, such as the Department of the Interior, Transportation, and Veteran Affairs, in the region, predominantly in the U.S., whose staff are required to use a form of robust verification solutions or a hardware-based personal identification verification card when retrieving government IT networks and infra. Also, the increasing cases of data breaches drive the growth of the industry. For example, as per a source, the total count of data breaches in the U.S. outdid 1,000 in 2020.
An increase in the number of cyberattacks has given way to the increased adoption of identity and access management solutions all over the globe.
