SecurityWorldMarket

06/06/2024

Diverse threat landscape to drive IAM market to $34.3 billion by 2029

Northbrook, Il

Published by Marketsandmarkets, research on the global identity and access management (IAM) market, predicts this sector will grow from USD 22.9 billion in 2024 to USD 34.3 billion by 2029 at a CAGR of 8.4% during the forecast period. The analysts suggest that the market is primarily driven by the rise in cyber threats and data breaches, the adoption of cloud-based services, stringent regulatory compliance requirements, and shifting towards remote work. These factors necessitate robust IAM systems to secure and manage access across diverse platforms and locations.

Further, the opportunities in the IAM market are spurred by the ongoing digital transformation in businesses, which increases the complexity of network environments and necessitates sophisticated access management. Integrating IAM with emerging technologies like blockchain and IoT opens new avenues for advanced security solutions. Additionally, the surge in demand for user-friendly and scalable IAM solutions from SMEs provides significant growth opportunities in the sector.

Consumer IAM to display highest growth

Due to several key factors, the consumer IAM segment is anticipated to have the highest CAGR in the IAM market during the forecasted period. Firstly, increasing consumer awareness and demand for privacy and data protection compels businesses to adopt robust IAM systems. Additionally, the rise of digital transactions and online services across retail, healthcare, and financial sectors necessitates secure customer identity verification processes. The growth in technologies such as mobile and cloud services further drives the need for scalable and secure Consumer IAM solutions that ensure seamless customer experiences across multiple platforms. Moreover, regulatory pressures for more robust data protection measures worldwide encourage businesses to implement advanced consumer IAM systems, thus boosting their growth. These factors collectively contribute to the growing adoption and development of consumer IAM.

Secure ID solutions

The solutions segment of the IAM market is anticipated to achieve the highest market size due to the increasing demand for robust identity verification and management tools across various industries. As organisations face complex security challenges, comprehensive IAM solutions that effectively manage user identities and access permissions become crucial. These solutions include user provisioning, governance, and access management tools, essential for protecting sensitive data and complying with regulatory standards. Moreover, the rapid adoption of cloud-based technologies and the expansion of enterprise boundaries amplify the demand for scalable and flexible IAM solutions that can be integrated across diverse IT environments, thereby driving market growth in this segment.

Asia Pacific market driven by rapid economic growth

The Asia Pacific region is projected to experience the highest CAGR in the IAM market, driven by rapid economic growth and digital transformation initiatives across significant economies like China, India, and Japan, significantly boosting the adoption of IAM solutions. The region is witnessing a surge in the number of startups and expansion of SMEs, which are increasingly embracing cloud-based IAM solutions for enhanced security measures. Additionally, the rising awareness of cyber security risks and stringent regulatory compliance demands are compelling businesses to invest in advanced IAM systems. Furthermore, the increasing penetration of internet usage and mobile technologies in this region fuels the need to secure consumer and employee identities, thus driving the growth of the IAM market.

Market players

The IAM market players comprise of a vast array of organisations at various levels from multinational corporations to smaller independent companies.  Some of those mentioned in the research include companies such as, Microsoft, Okta, IBM, Oracle, Saleforce, Ping Identity, HID Global, Forgerock, Cyberark, Micro Focus, Thales, Akamai, Open Text, Entrust, SAP, RSA Security, Avatier, Secureauth, One Identity, Beyond Identity, Auth0, Idnow, Signzy, and Civic, to name just a few.


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