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Pune, India, Aug. 16, 2022 (GLOBE NEWSWIRE) -- The global identity and access management market size is projected to rise from USD 13.41 billion in 2021 to USD 34.52 billion by 2028 at 14.5% CAGR during the forecast period. Fortune Business Insights has published this information in latest research titled, Identity and Access Management Market Forecast, 2021-2028. As per the report, the global market size stood at USD 12.26 billion in 2020.

As per the research, advent of block-chain technology enables safe and clear identity administration medium in order to guard private as well as administrative personalities from cyber-attacks and deceitful actions. Moreover, leveraging the welfares of individuality verification and protected access presented by block-chain incorporated IAM systems, administrations and official organizations are actively financing to integrate solutions. For example, since November 2017, Zug, which is a town situated in Switzerland, has initiated presenting block-chain centered digital identification cards to its residents.

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Key Industry Development

May 2021: Centrify and Thycotic, which is a cloud identity security solution provider, has made an announcement regarding the merger of ThycoticCentrify. It intends to administrate IAM accounts, AWS EC2 examples, and AWS billing accounts.

Report Scope & Segmentation

Increasing Demand for Identity Security Key amid COVID-19 to Offer New Market Prospect

The COVID-19 pandemic outbreak has obstructed several business processes and observed an occupational hazard across countless industries on a global level. On account of the pandemic, administrations have implemented distant working method and cloud technology to diminish the influence on business processes.

Moreover, escalating implementation of cloud and remote work or work-from-home culture augmented the data security and confidentiality apprehensions for several administrative organizations. On account of the financial commotion instigated by COVID-19 virus outbreak, cybercrimes and upsurge in identity scams have enhanced the implementation of IAM solutions in these unfortunate times.

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Drivers and Restraints

Surging Consciousness of Supervisory Obedience to Promote Market Growth

In the data powered world that we live in today, corporations are integrating identity and access management solutions to detect deceitful happenings and diminish cyber-attacks guaranteeing data privacy and security. IAM systems aids administrations to suffice the obedience necessities. For example, administrations having IAM solutions are able to verify that they have suitable processes to alleviate the threat of data breach or mismanagement while inspecting.

Such agreement necessities and business supremacy apprehensions are anticipated to augment the identity and access management market growth during the forecast period.

Increasing Instances of Identity Thefts to Accelerate Market Growth

The identity and access management market growth is set to surge on account of a steady climb in the incidence of identity thefts. According to the US Federal Trade Commission (FTC) Consumer Sentinel Network, 650,572 reports of identity theft were filed across the country in 2019. The FTC also highlighted that among these thefts, credit card frauds topped the list, with over 270,000 reports from people claiming that their credit information was being misused for transactions or for opening new accounts. In 2019, Symantec stated in its Internet Security Threat Report that approximately 10% of people are victims of identity frauds annually and 21% of these have been defrauded several times previously. As a result, the demand for identity and access management tools is escalating as the majority of people have a virtual presence and are frequently transacting online.

Report Coverage

The report offers a complete investigation of this market along with existing trends and imminent openings in order to inaugurate proximate investment advantages. Moreover, an exhaustive breakdown of any impending opportunities, intimidations, rivalries or driving aspects is also revealed in the report. Step by step, systematic regional inspection is presented for additional business gains. The COVID-19 sways have been discussed in the report to aid investors and business experts to understand the risks better and tackle them. The top companies in the market are acknowledged, and their prominent strategies to reinforce the market growth are conversed in the report.

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Segmentation

On the basis of component, the global market is segregated into provisioning, directory services, single sign-on, password management, advanced authentication, audit, compliance, and governance, and others. By deployment, the market is classified into cloud and on-premises. On the basis of organization size, the market is categorized into small & medium enterprises (SMEs) and large enterprises. In terms of geography, the IAM market is bifurcated into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.

Based on the industry vertical, the market is branched into BFSI, healthcare & life sciences, manufacturing, retail and consumer packed goods, IT & telecom, government, education, and energy & utilities. Among these, the healthcare and life-science segment is anticipated to display maximum growth owing to the escalating adoption of IAM solutions.

Regional Insights

North America held the maximum identity and access management market share and is anticipated to lead the market in 2020. The development in this region is accredited to the implementation of distant work, cloud technology and surging cyber-attacks. Moreover, the market growth is powered by the existence of prominent corporations such as Amazon Web Services Inc. and Akamai Technologies among others.

Europe is predicted to grow substantially owing to the safety and monitoring agreement apprehensions in nations such as Germany, Spain, Italy and others. The necessities of general data protection regulation (GDPR) across European Union fuels the market growth for identity and access management solutions in this region.

Asia Pacific is projected to display the highest CAGR during the mentioned period. The principal players in Asia pacific are capitalizing in progressive IAM solutions to avert cyber-attacks and individuality scams, this stimulates the regional market growth.

List of Key Companies in Identity and Access Management Market:

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Major Table of Contents:

TOC Continued!

Frequently Asked Questions:

What is the identity and access management market size?

The global identity and access management market was valued at US$ 12.26 in 2020

How fast is identity and access management industry growing?

The identity and access management industry will exhibit a CAGR of 14.5% during the forecast period, 2021-2028

What will the identity and access management market be worth in 2028?

The global identity and access management industry will be worth US$ 34.52 billion in 2028

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With 14.5% CAGR, Identity and Access Management Market Worth USD 34.52 Billion by 2028 - GlobeNewswire