DUBLIN, June 15, 2023 /PRNewswire/ — The “Identity and Access Management (IAM) Market by Offering (Solutions and Services), Type, Solution (Data Directory, Identity Lifecycle Management, Authentication, Verification), Service, Deployment Mode, Vertical and Region – Global Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.
The global IAM market size is projected to grow from USD 15.7 billion in 2023 to USD 32.6 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 15.6%
The IAM market is propelled by key factors that are shaping its growth trajectory. These include the increasing occurrence of identity thefts, stolen identity information ,brand defamation cyberattacks, and identity fraud related threats, which necessitate robust IAM solutions for effective defense.
Furthermore, the industry’s response to the scarcity of cybersecurity skills and the overwhelming volume of alerts has fueled the adoption of IAM services, providing organizations with the expertise and support needed to mitigate risks.
Government regulations mandating compliance have also driven the market, as organizations seek IAM solutions to meet security requirements. Additionally, the rapid proliferation of technology and the expanding penetration of IoT devices have created new avenues for cyber threats, further boosting the demand for IAM services as a proactive defense mechanism.
By vertical, the BFSI segment holds the largest market size
IAM solutions are increasingly gaining popularity in the BFSI segment, which remains the largest market in the IAM landscape for several compelling reasons. The BFSI industry handles large volumes of highly valuable financial and customer data, making it an attractive target for malicious actors.
Therefore, there is a pressing need to strengthen data protection, driving the demand for comprehensive IAM solutions within the sector. Furthermore, the BFSI domain operates under stringent regulatory frameworks and compliance standards that require robust security measures and swift incident response capabilities. IAM services effectively cater to these requirements, ensuring that organizations can meet the necessary security and compliance obligations.
Moreover, the BFSI sector places great importance on the security of its customers’ sensitive data. IAM solutions provide comprehensive insights into customers, enabling BFSI organizations to deliver a unified experience and ensure the protection of sensitive information.
By implementing IAM solutions, the BFSI industry can enhance security measures and effectively manage regulatory compliance. Given these advantages, IAM solutions are increasingly being embraced by the BFSI vertical, solidifying its dominance as the largest market segment in the IAM landscape.
By deployment mode, the cloud segment registered the highest CAGR during the forecast period
The increasing adoption of cloud computing and the migration of critical business operations to cloud environments have fueled the growth of cloud deployment. Within the cloud, Identity and Access Management (IAM) can be effectively managed through authentication as a service or identity as a service (IDaaS) models. These approaches involve third-party service providers that assume the responsibility of authenticating, registering, and managing user information.
One of the key drivers for cloud deployment, particularly among small and medium-sized enterprises (SMEs), is the ability to focus on core competencies without the need to invest capital in building and maintaining security infrastructure. By leveraging cloud-based IAM solutions, SMEs can redirect their resources towards business priorities instead of managing complex security systems.
Cloud-based solutions offer cost savings by eliminating the need for hardware, software, storage, and technical staff that would otherwise be required for on-premises IAM implementations.
By service, integration and deployment holds the largest market size during the forecast period
Integration and deployment are essential components of comprehensive and robust Identity and Access Management (IAM) management frameworks. They represent fundamental and crucial steps in establishing access management and securing identities within an organization.
These services are designed to align with the standards and compliance regulations set by government bodies and organizations. Integration involves the seamless incorporation of the vendor’s security systems into the customer’s existing security system plan, ensuring minimal deviations and meeting specific requirements.
Integration and deployment services hold great importance for companies, particularly non-IT organizations that may lack the expertise in understanding security technologies and safeguarding organizational information. These services bridge the gap by providing the necessary knowledge and support to implement IAM solutions effectively. By leveraging integration and deployment services, organizations can ensure a smooth transition, enhance security measures, and adhere to the relevant standards and compliance requirements.
Given their crucial role and value, integration and deployment services occupy a significant share among IAM service offerings. Their objective is self-explanatory within the context of providing a comprehensive and effective IAM solution that meets the needs of organizations and ensures the protection of sensitive data.
- Rising Instances of Security Breaches and Identity-Related Fraud to Drive Market
- Consumer IAM Segment to Account for Larger Share in 2023
- Solutions Segment to Account for Larger Share in 2023
- Identity Lifecycle Management Segment to Account for Largest Share in 2023
- Provisioning Segment to Account for Larger Share in 2023
- Integration and Deployment Segment to Account for Largest Share in 2023
- Cloud Segment to Account for Larger Share in 2023
- BFSI Vertical and North America Region to Account for Largest Share in 2023
- Asia-Pacific to Emerge as Best Market for Investments in the Next Five Years
Market Overview and Industry Trends
- Rising Instances of Security Breaches and Identity-Related Fraud
- Growing Awareness About Compliance Management
- Increasing Need for IAM for IoT
- Increased Spending on Cybersecurity Following COVID-19 Pandemic
- Lack of Identity Standards and Budgetary Constraints in Deploying IAM Solutions
- Cultural Shift from Traditional IAM to Ciam
- Proliferation of Cloud-based IAM Solutions and Services and Growing Adoption of Hybrid Cloud Model
- Increasing Integration of Technologies into IAM
- Scarcity of Skilled Cybersecurity Professionals Among Enterprises
- Difficulties in Addressing Complexity of Advanced Threats
- Artificial Intelligence
Tariff and Regulatory Landscape
- Regulatory Bodies, Government Agencies, and Other Organizations
- Payment Card Industry-Data Security Standard (Pci-Dss)
- Health Insurance Portability and Accountability Act (HIPAA)
- Federal Information Security Management Act (Fisma)
- Sarbanes-Oxley Act (Sox)
- Use Case 1: Pameijer Continues to Innovate on Customer Experience with the Help of Ping Identity
- Use Case 2: T-Mobile Upgraded to Secure Solution to Help Staff Members Concentrate on Consumers
- Use Case 3: Wwk Establishes Forgerock-based Single Sign-On for Improved Service and Security
- Use Case 4: Avancer Helped Hospital with Self-Service Administrative IT Features Automate Access Governance
- Use Case 5: Genesis Energy Integrated Azure Ad B2C Platform into Their Web and Mobile App
- Ping Identity
- Hid Global
- Micro Focus
- Rsa Security
- One Identity
- Beyond Identity
- Optimal Idm
- Zoho Vault
- Transmit Security
For more information about this report visit https://www.researchandmarkets.com/r/hmzfqw
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