Identity and Access Management Market Analysis | 2023-2028

Market Insights

The identity and access management market was estimated at USD 13.7 billion in 2022 and is likely to grow at a CAGR of 15.2% during 2023-2028 to reach USD 32.1 billion in 2028.

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Market Dynamics

Introduction

Identity and access management is referred to as a system that acts as a framework for businesses that simplifies the overall management of electronic identities. The technology can be used to record, capture, manage, and initiate user identities and their respective permissions in a manner that is automated. IAM offers customers benefits such as enhancing security profiles, increasing productivity, allowing easy access, improving user experience, and lowering the overall IT cost.

COVID-19 Impact

The COVID-19 pandemic has positively impacted the identity and access management industry. The internet ecosystem has been playing a major role across the world, thus boosting the market growth, amid the pandemic. Due to the pandemic, the dependency on online businesses has increased substantially, thus augmenting the demand for identity and access management.

Market Drivers

• Rising Cybersecurity Threats: Growing incidences of cyber threats and scams are 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.

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Key Players

The key players operating in the market are-

• 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).

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By 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.

Regional Insights

The North American market held the highest market share in 2022 and is projected to grow at a healthy CAGR in the coming years. 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.

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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s identity and access management market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market, covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The identity and access management market is segmented into the following categories:

By Deployment Mode Type

• Cloud
• Hybrid
• On-premise

By Component Type

• Audit
• Compliance & Governance
• Directory Service
• Multifactor Authentication
• Provisioning
• Password Management
• Single Sign-On

By End-Use Type

• BFSI
• Energy
• Oil & Gas
• Telecom & IT
• Education
• Healthcare
• Public sector & utilities
• Manufacturing
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@Stratviewresearch.com.