Identity and Access Management (IAM) Market size to value $45 Bn by 2032

Identity and Access Management Market size is projected to reach USD 45 billion by 2032; according to a new research report by Global Market Insights Inc.
 

The rising prominence of compliance policies and procedures as a key factor boosting the requirement for identity management and access management tools. These tools can aid organizations in meeting specific standards associated with regulations, including Payment Card Industry Data Security Standard, to provide a secure environment. The rise of enterprise mobility, due to high flexibility, reduced operational costs, and other benefits, is another reason for augmenting the adoption of IAM systems for secure authentication.
 

Cybercriminals rely on customer credentials to access user data, targeting them through phishing, pretexting, spoofing, and other breaches. These targeted users are mainly employees who have administrative access to crucial organizational systems. The increasing dependence on user passwords, which are prone to cyber-attacks, and IDs as authentication technologies may thus hinder IAM market statistics.
 

Rise in data breach incidents to promote audit, compliance & governance tool adoption

The audit, compliance, and governance solution segment will account for over 7% of the market revenue share by 2032. The growing incidence of data breaches and theft of sensitive information from enterprises is stimulating the use of audit, compliance, and governance tools. As per data from the ITRC (Identity Theft Research Center), in Q1 of 2022, the actual number of reported breach incidents rose by 14%. These factors, alongside the rapid deployment of IoT, cloud computing, and big data, among other technologies, will escalate the use of enterprise compliance and governance solutions.
 

Browse key industry insights spread across 200 pages with 240 market data tables and 39 figures & charts from the report, “Identity and Access Management (IAM) Market Size By Solution (Provisioning, Password Management, Directory Services, Advanced Authentication, Single Sign-On, Audit, Compliance & Governance), By Deployment Model (On-premise, Cloud), By Application (BFSI, IT & Telecom, Healthcare, Education, Public Sector & Utilities, Manufacturing, Retail), COVID-19 Impact Analysis, Growth Potential, Regional Outlook, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/identity-and-access-management-market
 

Flexible functionality increase the adoption of on-premise IAM technology

The on-premise deployment model held more than 84% of the industry share in 2022, owing to its ability to deliver secured and continuous access to varied applications. With an increasing number of companies adopting a strategic approach and demanding flexible functionality, IAM technology is expected to gain further ground. Additionally, the ability to operate without access to external networks or the Internet will contribute to the consumption of on-premise IAM solutions.
 

Expanding user base to drive the adoption of identity & access management solutions in IT & telecom sector

The IAM market from the IT & telecom application segment is poised to depict a CAGR of 15% through 2032. This is attributed to the rapid expansion of user bases and the subsequent rise in demand for advanced tools to safeguard sensitive user data. Government organizations have also been introducing stringent regulatory frameworks for IT and telecom service providers to minimize huge financial losses, supporting to higher acceptance of identity and access management solutions.
 

Robust investment in IT security to bolster IAM tool development in LATAM

From a regional perspective, the Latin America identity and access management market value will surpass USD 4 billion by 2032. Government organizations across the region have been relying on varied security management systems to ensure public safety, increase security and IT spending, and reduce cybercrimes and data thefts. The region is also home to various developers of identity and access management tool developers, providing lucrative growth opportunities across the region.
 

Strategic initiatives by companies to define the competitive landscape

OpenText Corp., CA Technologies, Crossmatch, HID Global Corporation, Microsoft Corporation, Netreo Inc., Oracle Corporation, Ping Identity, SailPoint Technologies Holdings Inc., ForgeRock, and Siemens AG are some of the key players profiled in the IAM market. These companies are adopting strategies such as business expansions to strengthen their footprints in the global market.