Identity and Access Management Market

Identity and Access Management Market Outlook

The Identity Access Management Market is expected to grow from USD 27.8 billion in 2026 to USD 57.4 billion by 2033, reflecting strong industry expansion and registering a CAGR of 10.9% during the forecast period from 2026 to 2033.

Growing Ubiquity of Security Breaches, and Rising Prevalence of Identity Frauds Create Tailwinds for Identity and Access Management Market

According to the Federal Trade Commission (FTC), identity fraud instances grew by 45 percent in 2020, resulting in significant financial losses, and this trend continued in 2021, resulting in a total loss of US$56 Bn for North America, according to Javelin Strategy. The FTC estimates that over one million minors were the victims of ID theft in 2020, with losses increasing from US$1.8 Bn in 2019 to US$3.3 Bn in 2020. According to Javelin Strategy's 2020 research on identity fraud, 40% of account takeovers occurred within 24 hours of a criminal gaining access to a victim's account. These figures show that cyberattacks, particularly identity-related frauds, have been on the rise in recent years. Identity and access management market has thus been witnessing strong growth. According to industry experts, there was a minor decrease in ID theft instances in 2019, but this trend was reversed in 2020 and 2021, owing to the pandemic's effects.

The rise in cyberattacks can be linked to technology like machine learning (ML), which allows attackers to build many copies of malicious malware every day. The data being uploaded to the web is becoming increasingly exposed as the globe continues its journey toward digitization. The personal information of each individual consumer is stored on hundreds of servers throughout the world, increasing the risk of identity theft. Companies' reputations are being harmed, their assets are being harmed, and financial losses are being incurred as a result of the constant introduction of new cyberattacks. Hence, safeguarding against cyberthreats has become essential for enterprises’ business growth, which prompts the growth of identity and access management market.

Inadequacy of Capable Cybersecurity Professionals Among Enterprises Continues to Challenge Identity and Access Management Market

Organizations do not spend enough on their security infrastructure due to a lack of awareness of modern cyber threats, resulting in enormous losses. Furthermore, businesses with critical cybersecurity needs have reported a severe shortage of competent personnel, making them even more vulnerable to cyberattacks. The cybersecurity shortfall has intensified as the world approaches 2022, again pointing toward the rising scope of growth for identity and access management market. According to eSecurityPlanet, the demand for competent cybersecurity specialists in the United States alone was at 435,000 in January 2022, up from around 314,000 in 2019.

The shift to remote work in response to the COVID-19 epidemic raised workloads for trained IT professionals, which, when combined with the rising prevalence of ransomware attacks, led to burnout among many security professionals. Recruiters and government officials are scrambling to find answers to the skills gap as the demand for experienced cybersecurity workers grows. Additionally, as the number of dispersed cloud-based applications grows, users will be able to access essential business applications from any location, at any time, and on any device. This will in turn create an incessant opportunity for identity and access management market. On the other hand, the complexity of managing user identities have increased as a result of these widespread cloud-based apps. Customers are increasingly downloading several programs to take advantage of the services provided by enterprises; as a result, they are finding it difficult to remember passwords for multiple applications.

North America’s Primacy Intact in Global Identity and Access Management Market

North America is the most affected region in the world in terms of cybersecurity incidents; North America dominates the global cybersecurity market and is regarded the most advanced region in terms of cyber technology adoption and infrastructure. The identity and access management market in APAC is the fastest growing. Many of the region's emerging economies, such as India, China, Singapore, and Japan, are concerned about cybersecurity. These countries have a considerable number of small and medium-sized businesses (SMEs), which employ more than 70% of the population. The requirement of high investments acts as a barrier for SMEs to adopt major IAM projects on their premises; however, factors such as increasing internet usage, compliance regulation, and adoption of smartphones are the major factors fueling the growth of identity and access management market.

key Players:

• Amazon Web Services, Inc.
• Broadcom
• One Identity LLC.
• ForgeRock
• HID Global Corp.
• IBM Corporation
• McAfee, LLC
• Microsoft
• Okta
• OneLogin

The Global Identity and Access Management Market is Segmented as Below:

By Component
• Audit, Compliance & Governance
• Directory Service
• Multifactor Authentication
• Provisioning
• Password Management
• Single Sign-On

By Deployment
• On-premises
• Cloud
• Hybrid

By End Use
• BFSI
• Energy, Oil & Gas
• Telecom & IT
• Education
• Healthcare
• Public Sector & Utilities
• Manufacturing
• Others

By Regional
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa