NEW YORK, June 28, 2022 /PRNewswire/ -- According to the latest market research study published by P&S Intelligence, the identity and access management market generated $12,762.3 million in revenue in 2021, which is on the track to hitting $39,184.4 million by 2030, progressing at a CAGR of 13.3%. Authorized users can access the right resources at the right times and for the right reasons with the security discipline of identity and access management.
Due to its low cost and the existence of several providers, this technology has a sizable clientele all over the world. The rising need for technological advancements as well as new trends, including BYOD, will raise solution demand even further. This demand is also boosted by the rising incidence of cybercrimes, especially on large multinational corporations.
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Key Findings of Identity and Access Management Market Report
- Due to the growing regulatory and security compliance issues in countries including Germany, Italy, the U.K., Spain, and France, the European identity and access management market generates high revenue. The necessity for IAM solutions, to adhere to European rules, is driven by the GDPR requirements of the EU.
- As major companies in the region engage in the creation of cutting-edge solutions to stop identity fraud and cyberattacks, the APAC market will grow at the highest rate. Further, more than 70% of the workforce in India, Japan, and China is employed by SMEs, which offers new opportunities to software vendors.
- As they help businesses establish appropriate security policies throughout all systems, applications, and platforms, solutions dominate the identity and access management market, in terms of sales revenue. Businesses are implementing centralized security solutions in response to the rise in the count of data breaches.
- As the disposable income has increased in recent years, the BFSI industry has grown significantly. BFSI companies keep customers' private information, which demands high security. Thus, IAM solutions are being used by them to increase productivity, guarantee compliance, cut the expenses associated with IT administration, and enhance security.
- The SMEs category will grow at the higher CAGR, of around 14%, during the forecast period. This is because since SMEs have seen substantial growth across several industries in recent years, they are being increasingly targeted by cybercriminals.
Browse detailed report on Identity and Access Management Market Size, Top Players, Latest Trends, and Growth Potential by 2030
The biggest revenue share in 2021-roughly 40%-was accounted for by the identity and access management market in North America. This is because there are numerous federal agencies in the continent, especially the U.S., such as the Departments of the Interior, Transportation, and Veteran Affairs, which require their staff to use strong authentication methods or hardware-based personal ID verification cards to access government infrastructure and IT networks.
Market players are investing in cutting-edge technologies, such as cloud computing, AI, and machine learning, to improve the abilities of IAM systems. Such players are Microsoft, Okta, SAP SE, Bomgar-BeyondTrust, ForgeRock, Dell, HID Global Corporation, NetIQ Corporation, CA Technologies, IBM Corporation, and Oracle Corporation.
Identity and Access Management Market Segmentation Analysis
By Component
- Solution
- Provisioning
- Directory Service
- Single Sign-On
- Password Management
- Advanced Authentication
- Audit, Compliance and Governance
- Service
- Integration and Deployment
- Support and Maintenance
- Consulting
By Deployment Model
- Cloud
- Hybrid
- On-Premise
By Enterprise Size
- Large
- SMEs
By Industry Vertical
- BFSI
- Energy, Oil & Gas
- Telecom & IT
- Education
- Healthcare
- Public Sector
- Manufacturing
Regional Outlook
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Asia-Pacific
- China
- Japan
- India
- Latin America
- Brazil
- Mexico
- Middle East and Africa
- South Africa
- Saudi Arabia
- U.A.E
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