Identity & Access Management Market In Depth Analysis, Growth Strategies and Comprehensive Forecast 2023 to 2033

Over the projection period, the identity Access Management demand Market is anticipated to grow at a CAGR of 12.5%, with market valuations set to reach US$ 12.9 billion in 2022 and US$ 26.1 billion by the end of 2028. In the coming years, the identity and access management industry is anticipated to experience spectacular expansion. Identity access management market growth is primarily being driven by the need for effective and efficient IT security measures due to the prevalence of cybercrime's rapid rise.

Public Domain, IT Telecom, and Finance Insurance – Key End Use Industries

It is highly likely that operators in the public sector, the finance and insurance sectors, and the IT and telecom sectors will continue to account for significant revenue shares in the global market for identity and access management in the near future, despite the fact that several business verticals have been focused on heavy investments in physical identity management.

According to the survey, public administration, financial, insurance, and IT and telecom companies account for nearly 60% of the global market value. The media and healthcare sectors are expected to be the next very attractive end use markets for IAM service and solution providers.

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Approximately 60% of Demand Is Generated by Large Enterprises

The demand for identity and access management solutions will continue to be larger than that for identity and access management services because, as recently stated, there is an increasing desire for next-generation security solutions. According to a survey by FMI, a variety of identity and access management systems currently account for more than 60% of the market's overall value.

Directory management and access security will continue to be in high demand among consumers out of multi-factor authentication, single sign-on, and the other options.

Currently, more than 55% of all identity and access management (IAM) solutions deployed globally are on-premises. Additionally, the FMI analysis predicted a significant additional opportunity for cloud-based IAM at over US$ 17 billion between 2022 and 2028. On the other hand, it is predicted that over the future years, the cloud-based deployment of identity and access management would experience average annual growth of over 10%.

The demand for dependable identity and access management services and solutions is expanding along with the relentlessly rising pace of adoption of next-generation technologies at businesses, such as AI, machine learning, and advanced biometric technologies. According to the analysis done by FMI, a sizable percentage of businesses are using identity and access management.

The report has emphasised the strong development in the market value share of SMEs, even while large companies continue to make up a sizeable portion of the overall demand produced for identity and access management, accounting for about 60% of it.

Key Providers to strategize on Integration of Next-gen Technologies

The regional evaluation of identity and access management market reveals that North America will remain dominant in the long run owing to rapidly strengthening base of next-generation technological advancements. China, however, on the other side, has recently earned the title of one among the world’s most connected countries. According to FMI’s analysis, China’s identity and access management market is an important investment pocket for IAM services and solutions providers.

Europe will also be one of the target markets for participants in the identity and access management landscape, which the report has attributed to favorable promotional support from European governments to adoption of advanced security systems.

Some of the key companies competing in the global identity and access management market research report include BeyondTrust, Bomgar (Lieberman Software Corporation), CA Technologies, Core Security, CyberArk, Dell, ForgeRock, Gemalto, Hitachi ID Systems, IBM Corporation, and Microsoft Corporation. The report has covered in-depth strategic profiles of some of the most prominent market players.

A large number of small and medium sized businesses are exclusively investing in reliable IT security and RD, which makes SMEs the target area of investment for IAM services and solutions providing companies. Moreover, to cater to ever-growing demand for improved data security, identity and access management services and solutions providers are focusing on integration of machine learning and behavioural analytics capabilities into their IAM offerings.

Key Segments of Identity Access Management Industry Survey

Identity Access Management Market by Component: