Identity and Access Management Market Innovations, Technology Growth, Size, Top Key Players, Industry Analysis, Future Development & Forecast – 2029

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Identity and Access Management Market Innovations, Technology Growth, Size, Top Key Players, Industry Analysis, Future Development & Forecast – 2029

June 14
20:30 2024
Identity and Access Management Market Innovations, Technology Growth, Size, Top Key Players, Industry Analysis, Future Development & Forecast - 2029
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), Akamai Technologies (US), OpenText (Canada), Entrust (US), SAP (Germany), RSA Security (US), Avatier (US).
Identity and Access Management Market by Type, Offerings, Solution, Service, Deployment Mode, Verticals (BFSI, Travel & Hospitality, Healthcare, Retail & E-Commerce, Education, IT & ITES, Government & Defense) & Region – Global Forecast to 2029.

The global Identity and Access Management market size is projected to 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. Several vital factors significantly drive the growth of the IAM market. Increasingly globalized business operations require robust IAM systems to manage diverse and dispersed user bases, while the expansion of smart devices and IoT necessitates advanced security protocols for myriad connected devices. The escalation in both the quantity and sophistication of cyber threats is also a significant driver as organizations seek to protect against unauthorized access and potential breaches.

Additionally, the surge in mergers and acquisitions across industries prompts the need for scalable IAM solutions seamlessly integrated across newly combined technological platforms. These factors collectively contribute to the robust expansion of the IAM market.

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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.

By type segment, the consumer IAM will grow at the highest CAGR during the forecasted period.

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.

The solutions segment holds the largest market size during the forecast period in terms of offerings.

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 organizations 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.

By region, the Asia Pacific market will grow at the highest CAGR during the forecast period.

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 cybersecurity 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.

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Unique Features in the Identity and Access Management Market

Beyond the initial login, this function keeps an eye on the user’s actions all during the session.  Activity irregularities may result in a challenge or potentially the suspension of access while additional verification is finished.

The access rights of a user are determined by this IAM feature based on a number of variables at any one time.  These variables may include the user’s location, device, time of day, and even their emotional state as determined by biometric information.

Users are starting to have more control over their digital identities because to DIDs.  Users can manage the information they share with various apps and services by using DIDs.

This feature analyzes context and user behavior using machine learning to determine the proper level of authentication needed.   For example, a high-risk login attempt from an unknown location might require multi-factor authentication, but a low-risk login attempt from a trusted device might simply require a single factor.

IAM solutions are increasingly using voice recognition, facial recognition, and fingerprint scanners.  Although these techniques are quite secure, they can give rise to privacy issues.

Major Highlights of the Identity and Access Management Market

There is no industry that the IAM market is exclusive to.  IAM solutions are becoming more and more important for sectors including government, healthcare, and finance to protect sensitive data and manage access. IAM solutions are also required to govern access from personal devices due to the growing prevalence of BYOD (Bring Your Own Device) rules.

Although security is still of utmost importance, IAM solutions are developing to offer a more seamless user experience. Users can access various applications with a single login thanks to features like single sign-on, which lessens aggravation.

IAM solutions based in the cloud are becoming more popular because of their affordability, scalability, and ease of setup.  It is anticipated that as more companies shift their operations to the cloud, this tendency will continue.

Cybersecurity threats are constantly evolving, and IAM solutions need to adapt.  Unique features like continuous identity verification and risk-based access control are becoming increasingly important to combat these threats.

Data Privacy Concerns: As IAM solutions collect more user data, concerns around data privacy are rising.  Regulations like GDPR (General Data Protection Regulation) are forcing companies to be more transparent about data collection and usage.

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Top Companies in the Identity and Access Management Market

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), Akamai Technologies (US), OpenText (Canada), Entrust (US), SAP (Germany), RSA Security (US), Avatier (US), ManageEngine (US), SecureAuth (US), EmpowerID (US), Simeio (US), One Identity (US), FusionAuth (US), Auth0 (US), Idnow (Germany), Zephr (UK), Signzy (US), Civic (US), Trusona (US), Beyond Identity (US), Delinea (US), Optimal IdM (US), and Netwrix (US) are the key players and other players in the IAM market.

IBM (US)

IBM is a multinational computer technology and consulting corporation. It operates through five business segments: Technology Services and Cloud Platforms, Cognitive Solutions, Global Business Services, Systems, and Global Financing. The company offers products, including IBM Security Identity Manager, IBM Security Access Management, IBM Security Directory Integrator, and services, including Cloud Identity Services and Managed Identity Services through the Cloud Platforms and Cognitive Solutions segments. These solutions are scalable to multimillion users and can support the registration and login of social identities. The solutions provide several authentication options and are equipped with multiprotocol federation capabilities. They also offer robust user authentication, which helps protect user identities from web security threats.

IBM provides solutions tailored to a wide range of industries, including IT, healthcare, life sciences, government, telecom, automotive, manufacturing, FMCG, chemicals and petroleum, media and entertainment, electronics, energy and power, mining, retail, BFSI, travel and transportation, and education. Operating in over 175 countries, IBM’s global presence spans North America, Europe, Asia Pacific, and the Middle East, Africa, and Latin America offering comprehensive services to support diverse industrial needs. The company has expanded its portfolio and market presence through partnerships and acquisitions with companies such as Sentaca (US), SXiQ (Australia), Zscaler (US), AWS (US), and Saviynt (US), among others.

Salesforce (US)

Salesforce is primarily recognized for its comprehensive CRM solutions and has made significant strides in the IAM market through its Salesforce Identity services. As part of its broader cloud computing and enterprise software offerings, Salesforce Identity delivers robust IAM directly from its cloud platform. This service is integral for authenticating users across various organizational domains, ensuring secure and authorized access to digital resources. Salesforce Identity is designed to cater to a wide range of users, including employees, customers, and partners, providing a tailored approach to managing digital identities effectively. Some of its key features include MFA, SSO, and Identity Connect, which bridges Microsoft Active Directory with Salesforce user records for seamless identity integration.

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