The BFSI sector held nearly 19.5% of the identity and access management market share in 2022. The growing focus of banking & financial institutes on digitalization to enhance customer experience is anticilated to fuel the demand for high-quality management solutions for efficient data management. Financial institutions are emphasizing accessing important information in real-time to better serve clients. Similarly, online banking, net banking, and online payment transactions require real-time processing. IAM tools aid the BFSI industry by providing data security guarantees for such transitions and users can access their real-time private data anywhere without any data breaching issues.

The Asia Pacific IAM market size accounted for around USD 2 billion in 2022 owing to the rapidly growing industrial and manufacturing sectors in the region. The growing adoption of advanced technologies, such as cloud, IoT & AI, in India, China, Japan, and Singapore will boost the industry growth. Technologies including IoT and machine learning are being incorporated into the manufacturing sector. The rising adoption of IAM solutions across the healthcare sector is also boosting the Asia Pacific IAM solutions market growth. Increasing investments in healthcare digitization in APAC and the rising adoption of telemedicine technology will propel the regional demand.