London, March 30, 2023 (GLOBE NEWSWIRE) -- As technology becomes a more integral part of contemporary living and percolates its way through the various areas of our lives, the potential for unwarranted access by external entities with nefarious intentions is also expected to increase. This is slated to lead to a higher demand for authentication and authorization protocols/processes to prevent the misuse of sensitive data and systems. Although there have been many advancements made in technology, such as the adoption of cloud-based technology, etc., the need for organizations to safeguard their interests across the board is high. Owing to this, a growing number of organizations are now looking to invest in IAM solutions that can effectively manage user identities and access rights. This is expected to have a profound impact on the growth trajectory of the global identity and access management market.
A recent study by Fairfield Market Research indicates that the global identity and access management market is projected to be valued at US$24.8 Bn by 2026, expanding at a CAGR of 14.8%. “The IAM market is expected to grow as organizations recognize the importance of securing their digital assets and managing access to them in an efficient and secure manner,” remarked an analyst at Fairfield Market Research.
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Key Research Insights
• The global identity and access management market was valued at US$10.1 Bn in 2019
• In January 2022, there was a demand for 435,000 cybersecurity specialists in the US
• The largest identity & access management company in 2021 was Okta Inc.
Insights into Segmentation Analysis
The global identity and access management market is segment based on - Component, Deployment Mode, Vertical, Solution, and Region. Concerning the ‘Component’ market segmentation aspect, the ‘Solutions’ sub-segment accounted for the majority share as they are the core components of IAM and include tools for access management, identity governance and administration, identity analytics, etc. With respect to ‘Deployment Mode,’ the on-premises sub-segment was the largest shareholder; however, the cloud-based sub-segment is slated to index considerable growth in the future. In terms of ‘Industry Vertical,’ the BFSI sub-segment was the frontrunner owing to the need for compliance and security in this industry.
Key Report Highlights
• The on-premises deployment segment accounted for the majority market share
• However, the cloud-based deployment type is expected to index a higher CAGR
• The BFSI vertical accounted for a 25-30% share of the IAM market in 2020
Insights into Regional Analysis
As per findings in a study conducted by Fairfield Market Research, North America is expected to account for the largest market share, regionally speaking. This can be attributed to the presence of robust infrastructure and the adoption of cyber technology. Moreover, this region is plagued by a high prevalence of cybersecurity incidents. However, owing to the increasing adoption of digital transformation, cloud computing, and the IoT (Internet of Things), the Asia Pacific region is slated to index the highest CAGR over the forecast period. “Although technological advancements are expected to positively influence the implementation of identity and access management solutions, these very same innovations increase the potential for unwanted breaches among an ever-growing target market,” noted an analyst at Fairfield Market Research. Prominent nations in the Asia Pacific’s identity and access management market include China, Japan, India, and Australia.
Key Market Players
Microsoft Corporation, SailPoint Technologies Inc., Oracle Corporation, Dell EMC, IBM Corporation, Hitachi ID Systems Inc., CA Technologies, Micro Focus (NetIQ Corporation), Centrify Corporation, and Okta Inc., constitute some of the major competitors steering the competitive landscape of global identity and access management market.
Key Players
Microsoft Corporation, SailPoint Technologies Inc., Oracle Corporation, Dell EMC, IBM Corporation, Hitachi ID Systems Inc., CA Technologies, Micro Focus (NetIQ Corporation), Centrify Corporation, and Okta Inc.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2020 | |
| Forecast Year | 2021 – 2026 | |
| Market Size in 2019 | US$10.1 Bn | |
| Estimated Market Size in 2026 | US$24.8 Bn | |
| CAGR | 14.8% | |
| Key Players | Microsoft Corporation, SailPoint Technologies Inc., Oracle Corporation, Dell EMC, IBM Corporation, Hitachi ID Systems Inc., CA Technologies, Micro Focus (NetIQ Corporation), Centrify Corporation, and Okta Inc. | |
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Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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