SecurityWorldMarket

27/04/2022

Global IAM market to almost double in five years to $25.6 billion

Northbrook, Il (USA)

Rising instances of security breaches and escalating instances of identity related fraud, growing awareness about compliance management, increasing need for IAM for IoT, and increased spending on cyber security following the Covid-19 pandemic are all factors contributing to a boost the growth of the identity and access market across the globe.  In fact the latest research just out from Marketsandmarkets show that this sector is expected to almost double from USD 13.4 billion in 2022 to USD 25.6 billion by 2027, with a healthy CAGR of 13.7% over the forecast period.

Rising instances of security breaches and escalating instances of identity related fraud, growing awareness about compliance management, increasing need for IAM for IoT, and increased spending on cyber security following Covid-19 pandemic to boost the growth of IAM market across the globe during the forecast period. Moreover, Cultural shift from traditional IAM to IAM, proliferation of cloud-based IAM solutions and services and growing adoption of hybrid cloud model, and increasing integration of technologies, such as AI, ML, blockchain, and biometrics, into identity and access management would provide lucrative opportunities for IAM market vendors.

Demand for IAM solutions

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. The increase in data breaches is driving enterprises to adopt centralised security solutions, which is boosting the demand for IAM solutions and services. Covid-19 has exacerbated the challenges of managing digital identity. The later (post-Covid-19 onset) survey by Imprivata revealed that 71% of organisations use manual processes for identity management, which, in turn, can be prone to various identity frauds and identity theft; hence, organisations can see a surge in IAM solutions adoption rate.

Asia Pacific predicted for highest growth

According to Jumio’s research, 4 out of 5 banks in the Asia Pacific region have witnessed a surge in losses due to fraud after the introduction of the real-time payment’s platform; 2 out of 5 banks confirmed that most fraudulent attacks are carried out through social engineering. Hence, the need for robust and transparent identity verification practices is gaining traction in Asia Pacific countries. Initiatives are taken by the government toward tackling identity-related frauds, especially for strengthening eKYC to verify identities, such as compliance regulations initiated by countries, which is also driving the need for robust and stronger IAM practices in Asia Pacific. Growth in the startup ecosystem in Asia Pacific is a major factor driving the growth of the IAM market in the region. The lack of common legislation frameworks among Asia Pacific countries has led to an inconsistent and complex cyber landscape in the region, forcing enterprises to implement advanced cyber security solutions. Governments in countries such as China, Singapore, and Japan are investing a significant portion of their federal budgets in developing cyber security tools. This is expected to drive the adoption of IAM solutions.

Major vendors

The global IAM market includes a broad mix of world leading companies, some of which are covered in the report, such as Microsoft, IBM, Oracle, Broadcom, Salesforce, Ping Identity, Okta, HID Global, Forerock,Cyberark, RSA Security, Aviater, Manageengine, Secureauth, Empower ID, SAP, Simeio, Oneidentity, Fusionauth, Auth0, IDnow, Zephr, Signzy, Civic, Trusona, and Beyond Identity.


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