Global Identity and Access Management Market - Industry Trends and Forecast to 2031

Global Identity and Access Management Market, By Deployment Type (Cloud, On-Premise), Enterprise Size (Small And Medium Enterprises (SMEs), Large Enterprises), Component (Solution, Service) - Industry Trends and Forecast to 2031.

Identity and Access Management Market Analysis and Size

The increase in the need for compliance management, reduction of risk, and prevention of advanced insider threats in the BFSI sector drive the market. In addition, the growth in demand for mobility solutions as well as the rise in security concerns among the BFSI sector propels the growth of the market. Furthermore, the increase in the adoption of cloud and SaaS applications in the BFSI sector, the emergence of the hybrid cloud model, and the expansion of the banking sector in emerging economies is expected to provide numerous opportunities for the market.

Data Bridge Market Research analyzes that the global identity and access management market which was USD 114.5 million in 2023, would rocket up to USD 287.4 million by 2031, and is expected to undergo a CAGR of 3.10% during the forecast period of 2024-2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Report Scope and Market Segmentation

Market Definition

An identity and access management (IAM) system in BFSI is a framework for business processes, which facilitates the management of electronic identities. This framework includes the technology, which supports identity and access management. IAM technology can be used to capture, initiate, record, and manage user identities and their access permissions through automation. This ensures that all individuals and services are properly authorized, authenticated, and audited.

Global Identity and Access Management Market Dynamics

Drivers

• Increasing Cybersecurity Concerns

The rising frequency and sophistication of cyber threats have become a significant driver for the Identity and Access Management (IAM) market. Organizations are increasingly adopting IAM solutions to safeguard sensitive data, prevent unauthorized access, and mitigate the risk of data breaches. The growing awareness of cybersecurity threats is propelling the demand for robust IAM solutions that offer enhanced security measures.

• Regulatory Compliance Requirements

The stringent regulatory landscape around data protection and privacy is a key driver for the IAM market. Regulations such as GDPR, HIPAA, and others necessitate organizations to implement robust identity and access management solutions to ensure compliance. IAM solutions help organizations enforce access controls, manage user identities, and maintain audit trails, assisting them in meeting regulatory requirements and avoiding potential legal consequences.

Restraints

• Complex Implementation Processes

One of the primary challenges facing the IAM market is the complexity associated with the implementation of these solutions. Integrating IAM systems into existing infrastructure can be intricate and time-consuming. Organizations often encounter challenges in aligning IAM solutions with their diverse IT environments, leading to delays and resource-intensive deployment processes.

• User Resistance and Adoption Challenges

 User resistance and reluctance to adopt new IAM technologies can impede the successful implementation of these solutions. Employees may find new authentication processes cumbersome or disruptive to their workflow. Organizations need to invest in comprehensive training programs and change management strategies to overcome resistance and ensure smooth integration of IAM solutions into daily operations.

Opportunities

• Rapid Growth in Cloud Computing

The increasing adoption of cloud services presents a significant opportunity for the IAM market. As organizations migrate their operations to the cloud, the demand for cloud-based IAM solutions is on the rise. Cloud-based IAM offers scalability, flexibility, and centralized management, making it an attractive option for businesses looking to secure their digital assets in a dynamic and distributed computing environment.

• Integration with Emerging Technologies

The integration of IAM with emerging technologies such as artificial intelligence (AI) and machine learning (ML) opens up new opportunities. Advanced analytics can enhance identity verification processes, detect unusual user behavior, and automate threat response. By embracing these technologies, IAM solutions can evolve to offer more intelligent, adaptive, and proactive security measures.

Challenges

• Security Concerns and Vulnerabilities

Despite being a security solution, IAM systems are not immune to security threats. The IAM market faces challenges related to the potential exploitation of vulnerabilities in authentication processes, identity theft, and sophisticated cyber attacks. Continuous efforts to stay ahead of evolving threats through regular updates, patches, and proactive security measures are crucial to address these challenges.

Recent Developments

• In April 2023, Saviynt Partnered with World’s Leading Technology and Consulting Firms, which includes IBM to Launch Saviynt Solution Exchange. It is a Marketplace of Pre-Built Solutions that Accelerate and Optimize Organizations’ Journey to Cloud Identity Security
• In March 2023, CyberArk launched enhancements to its Workforce Password Management. The new capabilities include securing access to high-risk, high-value business applications to help organizations improve security and reduce risk
• In November 2022, Okta launched Okta Workforce Identity Cloud Innovations to Power Enterprise Security, Productivity, and Agility. This new solution will strengthen single control plane for managing identity across all enterprise resources and users.
• In August 2022, ForgeRock announced a strategic partnership with Secret Double Octopus (SDO). This partnership will extend password less and Multi-factor Authentication  capabilities of ForgeRock to enterprise workstations and infrastructure
• In February 2022, Ping Identity launched new service, PingOne DaVinci. It is a new no-code identity orchestration service that enables organizations to integrate and orchestrate identity services from a wide range of vendors

Global Identity and Access Management Market Scope

The identity and access management market in BFSI is segmented on the basis of deployment type, end user, and size. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Deployment Type        

• Cloud
• On-premise

Enterprise Size

• Small and Medium Enterprises (SMEs)
• Large Enterprises

Component    

• Solution
• Service

Global Identity and Access Management Market Region Analysis/Insights

The global identity and access management market is analyzed and market size insights and trends are provided by country, deployment type, end user, and size as referenced above.

The countries covered in the market report are U.S., Canada, Mexico, Brazil, Argentina, the rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, and rest of the Middle East and Africa.

Asia Pacific is expected to dominate the market due to the rapid digital transformation, increasing cyber threats, and stringent regulatory requirements.

North America is expected to be the fastest-growing region in the due to its most advanced infrastructure and growing cybersecurity.

The country section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends, and Porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and the challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the region data.   

Competitive Landscape and Global Identity and Access Management Market Share Analysis

The global identity and access management market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the identity and access management market.

Some of the major players operating in the global identity and access management market are:

• IBM Corporation (U.S.)
• Oracle Corporation (U.S.)
• Hitachi ID Systems, Inc. (U.S.)
• Dell Technologies (U.S.)
• CA Technologies (U.S.)
• Micro Focus (U.K.)
• Bitium, Inc. (U.S.)
• Okta, Inc. (U.S.)
• Centrify Corporation (U.S.)
• Core Security SDI Corporation (U.S.)