The identity & access management market size is projected to be valued at US$ 14.4 billion in 2023 and is expected to rise to US$ 49.3 billion by 2033. The sales of identity & access management are expected to record a CAGR of 13.1% during the forecast period.
Identity & access management market is highly fragmented with suppliers due to its large clientele and its cost-effectiveness. The increased desire for technological advancements, as well as emerging trends like bring your own device (BYOD) and identity management tools, will increase buyer power even more. As a result of these industry trends, the market has seen a steady increase in spending on security solutions and enterprise mobility.
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As old cost structures are now being replaced by appealing pricing offers such as usage-based pricing and subscription pricing to IAM solutions and services, various SMEs are expected to participate in these initiatives.
A surge in web-based software, and asset management services including policy-based adherence and audit management, as well as cost-cutting initiatives, are driving IAM demand.
Scope and Scale of Identity Access Management May Continue to Expand in Tandem with the Increasing Complexity of Cyber-attacks Around the World
Key Takeaways from the Identity & Access Management Market Report:
- The on-premise segment is highly deployed across various large enterprises and witnessing a strong growth of 7.5%, owing to its capacity to provide constant, secure access to a wide range of applications.
- Large enterprises are highly adopting IAM solutions among other end users and showing a growth trajectory of 9.0%. This is due to the rapid expansion of user bases and the resulting increase in demand for advanced tools to protect sensitive user data.
- United States market holds a significant share of the market (40%) owing to well-developed technological infrastructure, an increase in cyberattacks as a result of the high internet penetration and rising demand for data security and cybersecurity management.
- Europe is one of the market’s leading revenue regions growing at a rate of 10.1%. The General Data Protection Regulation (GDPR) requirements of the European Union drive the need for IAM solutions to comply with European regulations.
- South Korea is the one of the opportunistic market among other regions showing a growth of 16.1%. The region’s rapid digital transformation is expected to increase demand for IT and security solutions, particularly access management solutions.
Manufacturers are Driving their Attention Towards Innovative Solutions
Market players are investing in advanced technologies such as cloud computing, artificial intelligence, and machine learning to improve the capabilities of IAM solutions. Furthermore, in order to increase their market presence, the key players are engaged in numerous strategic developments, such as product launches.
As an example: In May 2022, Microsoft introduced Entra, a new product family of security solutions. Entra is designed to secure access to any resource or application by enabling security teams to manage and discover authorizations in multi-cloud environments, allowing them to secure digital characteristics from start to finish.
In January 2022, Alcor, a cloud solution provider, launched AccessFlow, an access management product. It is a self-service automated enterprise access management solution built on the ServiceNow platform that assists businesses in achieving centralized, automated, and compliant access management.
Leading Key Players:
- Microsoft
- IBM
- Oracle
- Broadcom
- Salesforce
- Ping
- Identity
- Okta
- HID
- Global
- ForgeRock
- CyberArk
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Identity & Access Management Market Segmentation:
By Component:
- IAM Solutions
- Multi-Factor Authentication
- Single Sing-in
- Access Security
- Directory Management
- OIAM Services
- Consulting Services
- Integration and Deployment Services
- Maintenance and Support Services
By Deployment:
- IAM On-premise
- Cloud-native IAM
By End User:
- IAM for Small and Medium Enterprises (SMEs)
- IAM for Large Enterprises
By Vertical:
- Finance and Insurance
- Information (Telecom and IT)
- Military & Defence
- Scientific and Technical Services
- Health Care and Social Assistance
- Transportation and Warehousing
- Media and Entertainment
- Manufacturing’
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Japan
- Middle East & Africa (MEA)
Authored By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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