LONDON, June 15, 2022 (GLOBE NEWSWIRE) -- Identity and access management (IAM) facilitates efficient management of digital or electronic identities and controls access to critical data within organizations. Given the rapid increase in the intensity, volume, and sophistication of cybersecurity threats, the need to adopt competent IAM solutions has turned into a key priority for next-gen organizations. Today’s challenging cybersecurity landscape has opened fruitful business opportunities in the global identity and access management market. In the near future, increasing instances of security breaches and identity frauds, significant awareness about compliance management, and a notable rise in cybersecurity expenditures are poised to create tailwinds for the identity and access management market. Moreover, sound integration of emerging technologies such as ML, AI, biometrics, and blockchain, coupled with cutting-edge developments in cloud-based IAM solutions and adoption of hybrid-cloud models, are set to build strong momentum for the expansion of the identity and access management market.
According to Fairfield Market Research, by 2026, the identity and access management market is predicted to be valued at US$24,849.0 Mn, remarkably increasing from US$10,145.0 Mn in 2019. Between the forecast period of 2021 and 2026, the identity and access management market is projected to register a whopping CAGR of 14.8%, encouraging prominent market players to engage in strategic partnerships and rigorous R&D.
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Key Highlights and Market Trends
- In 2019, commanding a total market share of 75.5%, which amounts to US$ 7,658.6 Mn, cloud has emerged as the leading segment, in terms of deployment, in the identity and access management market.
- On the basis of verticals, BFSI, IT and ITeS, and Education have emerged as the top three segments, holding a market share of 29.8%, 27.8%, and 15.2%, respectively.
- Growing need to efficiently manage user identities has positioned Identity Lifecycle Management as the leading identity and access management solution. It is followed by access management and authorization, authentication, data directory, and password management solutions.
Shortfall of Cybersecurity Talent Triggers Demand for Identity and Access Management Solutions
Organizations around the world are facing pressing challenges due to the lack of expert cybersecurity talent. Moreover, cybersecurity professionals employed by organizations are experiencing burnout and excessive workload owing to the need to secure data in remote work environments, the rising prevalence of sophisticated cyberattacks, and the use of legacy cybersecurity systems. The cumulative force of these factors has tremendously magnified the need for advanced IAM solutions. Over the assessment period, the soaring demand to bridge the cybersecurity talent gap, rising adoption of cloud-based applications, and complexity in managing user identities are poised to create favorable growth opportunities in the identity and access management market.
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Rise in Cybersecurity Threats Creates High Demand for IAM Solutions in North America
North America is anticipated to dominate the identity and access management market. Growth in this region is mainly ascribed to increasing cybersecurity incidents, well-established cybersecurity infrastructure, greater acceptance of latest technologies, and the presence of key market players. Notably, the Asia Pacific is set to rise as a strong emerging region owing to rising compliance regulation, widespread penetration of the internet, and robust adoption of smartphones.
Major players in the global identity and access management market include IBM Corporation, Microsoft Corporation, Oracle Corporation, Dell Emc, Centrify Corporation, Okta, Inc. Micro Focus, CA Technologies, Sailpoint Technologies, Inc., and Hitachi Id Systems, Inc.
REPORT SCOPE & SEGMENTATION:
| REPORT FEATURES | DETAILS |
| Deployment Coverage | • Cloud • On-premises |
| Components Coverage | • Solutions • Services |
| Verticals Coverage | • BFSI • Travel and Hospitality • Healthcare • Retail and eCommerce • IT and ITeS • Education • Others (Energy and Utilities, Telecommunication, Other Citizen Services) |
| Solution Coverage | • Data Directory • Identity Lifecycle Management • Provisioning • De-provisioning • Authentication • Password Management • Access Management and Authorization • Audit, Compliance, and Governance |
| Geographical Coverage | • North America • Europe • Asia Pacific • Rest of the World (RoW) |
| Leading Companies | • Archer Daniels Midland Company • Microsoft Corporation, • Sailpoint Technologies, Inc., • Oracle Corporation, • DELL • IBM • HITACHI • CA Technologies • Okta • Centrify Corp • Micro Focus |
| Report Highlights | Market Estimates and Forecast, Market Dynamics, Industry Trends, Competition Landscape, Product-, Application-, Region-, Country-wise Trends & Analysis, COVID-19 Impact Analysis, Key Trends |
Table of Contents:
1. Executive Summary
1.1. Global Identity and Access Management Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Analyst Recommendations
2. Market Overview
2.1. Market Definitions
2.2. Market Taxonomy
2.3. Market Dynamics
2.4. Value Chain Analysis
2.5. Porter’s Five Forces Analysis
2.6. Covid-19 Impact Analysis
2.7. Key Patents
3. Global Identity and Access Management Market Outlook, 2018-2026
3.1. Global Identity and Access Management Market Outlook, by Components (US$ ‘000), 2018-2026
3.2. Global Identity and Access Management Market Outlook, by Deployments, Value (US$ ‘000), 2018-2026
3.3. Global Identity and Access Management Market Outlook, by Solution, Value (US$ ‘000), 2018-2026
3.4. Global Identity and Access Management Market Outlook, by Verticals, Value (US$ ‘000), 2018-2026
3.5. Global Identity and Access Management Market Outlook, by Region, Value (US$ ‘000), 2018-2026
TOC Continued…!
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