The global Identity and Access Management 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% during the forecast period. The expansion of the IAM market is being propelled by increasing need for IAM for IoT and rising instances of security breaches and escalating instances of identity-related fraud.
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Based on the identity lifecycle management, provisioning segment is expected to hold largest market share during the forecasted period
All the steps in an identity’s lifespan, from the time it first becomes an employee or contractor until it is terminated, are included in identity lifecycle management (ILM). This covers all the actions taken throughout the employee’s employment, such as name changes, brief maternity absences, and leaving and returning to the company. To minimise effort, time, and expense, provisioning is required to automate the process of generating, managing, and removing identities as much as feasible. Depending on their position or role inside the company, users should have access to different resources. User accounts are created, given the appropriate rights, updated, deactivated, and destroyed through a process called user account provisioning. When new or updated information is added to or removed from a personnel system, these identity management procedures are initiated. Making a group member’s identification known creates roles.
By offerings, solutions to hold a larger market size during the forecast period
The increase in data breaches drives enterprises to adopt centralized security solutions, boosting the demand for IAM solutions. IAM solutions help in customizing the experience and making it an easy and smooth process, enabling a positive user experience. It also help with authentication features such as communication preference, social profile integration, multi-factor authentication, and single sign-on enhance customer interactions with the website. IAM solutions help businesses implement adequate security policies across all systems, platforms, applications, and devices. These benefits create a massive demand for IAM solutions in the market.
Government regulations and the imperative for compliance have also played a significant role in driving the adoption of IAM solutions and services, as businesses strive to meet security requirements and protect sensitive data. Additionally, Integration of biometrics and blockchain into identity are considered to be emerging megatrends in IAM to better identify authorized users for networked systems. Together, these factors form a powerful force behind the growth and advancement of the IAM market.
What is IAM?
IAM ensures the right people and job roles in an organization (identities) can access the tools they need to do their jobs. Identity management and access systems enable an organization to manage employee apps without logging into each app as an administrator. IAM systems enable an organization to manage a range of identities, including people, software, and hardware such as robotics and IoT devices.
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Competitive overview:
The IAM market is led by some of the globally established players, such as Microsoft (US), Okta (US), IBM (US), Oracle (US), Salesforce (US), Ping Identity (US), HID Global (US), ForgeRock (US), CyberArk (US), Micro Focus (US), Thales (France). Partnerships, agreements, collaborations, acquisitions, and product developments are some of the various growth strategies by these players to increase their market presence.
Microsoft (US) is one of the key developers and manufacturers of computer software, personal computers, and consumer electronics. It also provides services associated with these offerings, and other professional and managed services. The company operates through three major business segments: Personal Computing, Productivity and Business Processes, and Intelligent Cloud. Microsoft offers IAM solutions, Microsoft Entra, which helps protect every identity across all environments, including those of partners, customers, workers, and apps. Azure Active Directory B2C is Microsoft’s cloud IAM solution that helps organizations connect with their customers reliably and cost-effectively.
Okta (US) is one of the key providers of security solutions that protect the connections between people and technology. The company offers a wide range of product portfolios such as SSO, MFA, Lifecycle Management, Access Gateway, User Management, and API Access Management. In the IAM market, it offers Okta Customer Identity, an identity service that enables centralized management, frictionless experience, speed-to-market, and internet-scale security. It is secure, developer-friendly, and with minimal custom code. Some of its capabilities are integrating multiple apps, adding account takeover protection, modernizing, and building a platform.
Okta offers its solutions to SMEs and large enterprises across industry verticals, including government, BFSI, IT, education, life sciences, manufacturing, media and entertainment, retail, and transportation. The company has a large customer base across North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
Oracle (US) delivers a broad spectrum of products, solutions, and services designed to meet the requirements of corporate IT environments, such as platforms, applications, and infrastructures. Oracle is best known for Oracle Database software, a relational database management system. The company’s product portfolio comprises an autonomous database, developer tools, engineering systems, IT infrastructure, Java, and middleware. It offers Oracle Identity and Access Management, which allows enterprises to manage and automate the end-to-end lifecycle of user identities. It provides users with secure access to enterprise resources and assets. Oracle Cloud Infrastructure is built and optimized on Generation 2 cloud that helps enterprises run their most demanding workloads more securely and provide a comprehensive portfolio of infrastructure and platform cloud services for enterprises to build their future goal.
According to MnM’s approach to evaluating the market, most businesses use inorganic growth tactics to hold onto their market share. In 2020–2021, the number of transactions rose by 50–60%. These agreements cover alliances, acquisitions, collaborations, and partnerships together. Product launches and corporate growth activities abruptly decreased because of the COVID-19 pandemic. On the other hand, organizations are anticipated to embrace organic growth strategies starting in 2021 to provide end consumers with IAM solutions and services, which would assist businesses in boosting market revenue.
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