Identity and Access Management (IAM) ensures that only legally approved workers have access to the right tools in a highly heterogeneous technological environment. It is a solution that controls access to resources for companies. This primarily ensures that staff, partners and clients have convenient and safe access to the appropriate applications.Market Highlights
Identity and Access Management Market: Market Segments: By Component (Solutions and Services); By Deployment Mode (On-Premises and Cloud); By Organization Size (Large Enterprises, and Small and Medium-sized Enterprises (SMEs)); By Vertical (BFSI, IT & Telecom, Public Sector and Utilities, Healthcare, Education, Manufacturing, Retail and Others); and Region – Global Analysis by Market Size, Share & Trends for 2014 – 2020and Forecasts to 2030
Identity and Access Management Market is expected to project a notable CAGR of 14.5% in 2030.
Identity and Access Management Market to surpass USD 26.6 billion by 2030 from USD 10.32 billion in 2019 at a CAGR of 14.5% throughout the forecast period, i.e., 2020-30. The emergence of cloud-based identity and access management software has fueled market growth. The introduction of mandatory policies by national governmental cyber authorities to avoid data loss and enhance protection is a major factor driving the growth of the identity and access management solution industry.
Identity and Access Management Market: Segments
Cloud deployment to grow with the highest CAGR of 15.9% during 2020-30
Identity and Access Management Market is segmented by deployment into cloud and on-premise. On-premise solutions based on deployments, led the market in 2019, accounting for over 52.7 % of market share. Large organizations benefit from cost savings associated with automated user provisioning, as well as enhanced audit capabilities and compliance with their entire portfolio of Software as a Service (SaaS), WebEx, Google Apps and Box.net. Whereas, the cloud segment is projected to record enormous growth over the forecast period. Due to its cost-effectiveness and economies of scale, rising cloud model adoption by different organizations is one of the primary factors contributing to segment growth.
Identity and Access Management Market: Market Dynamics
Substantial growth in data breaches, identity theft and hacking incidents
Identity and access management market growth is attributed to the rising risks of data exposure, data loss, data leakage, insider attacks, and unsafe use. These cyber-attacks are motivated by the rapid introduction of emerging technology such as cloud-based applications, the Internet of Things (IoT), and Bring Your Own Devices (BYOD) by organizations.
Lack of standards and budgetary limitations in the implementation of IAM solutions
The growing environment of cyber threats is one of the biggest challenges for businesses across market verticals. The growth of the IAM industry is limited by the lack of identity requirements and insufficient budgetary resources, combined with the high cost of installing IAM solutions. The initial investment and maintenance costs for using IAM systems are considerable because of the need to implement robust security technologies.
Identity and Access Management Market: Key Players
• Sail Point Technologies Holdings, Inc.
• Centrify Corporation
• Dell Inc.
• IBM Corporation
• Microsoft Corporation
• CA Technologies
• Okta, Inc.
• Ping Identity
• Symantec Corporation