Identity And Access Management (IAM) Market is Slated to Expand at a Stellar 15.6% CAGR through 2031 Owing to Implementation of Strict Regulatory Mandates for Access Management

June 18 17:45 2024
Identity And Access Management (IAM) Market is Slated to Expand at a Stellar 15.6% CAGR through 2031 Owing to Implementation of Strict Regulatory Mandates for Access Management
Skyquest Technology
IAM Market Size, Share, Growth Analysis, By Solution(Data Directory, Identity Lifecycle Management, Authentication, Verification), By Type(Workforce IAM, Consumer IAM), By Offering(Solution, Service), By Identity Lifecycle management(Provisioning, De-Provisioning), By Service(Integration and Deployment, Support and Maintainance, Consulting), By Deployment Mode(On Premises, Cloud), By Vertical(BFSI, Travel & Tourism and Hospitality, Healthcare, Retail and e-commerce), By Region

Identity and Access Management (IAM) Market size was valued at USD 13.32 Billion in 2022 and is expected to grow from USD 15.4 Billion in 2023 to reach USD 48.78 Billion by 2031, at a CAGR of 15.6% during the forecast period (2024-2031).  

High emphasis on managing risk and compliance in enterprises in the wake of the rising prevalence of sophisticated cyberattacks is bolstering the demand for identity and access management (IAM). Identity and access management solutions help maintain compliance with stringent regulations and help proper management of digital identities to mitigate risks of unauthorized access.

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The growing use of cloud platforms is projected to create a high demand for cloud-based IAM solutions in the future. The use of zero trust approach is a key trend that is projected to create new opportunities for identity and access management providers across the forecast period. Integration of IAM with other digital security solutions could also help identity and access management companies expand their business scope in the long term. Rising spending of enterprises on improving their digital security is also slated to play in the hands of IAM providers going forward. Companies can also focus on the development of a unified cybersecurity solution that addresses all security needs of an organization including IAM.

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Optimization of Identity and Access Management Solutions to Remain Crucial for All Market Players

Identity and access management companies should focus on the development of new solutions and offerings that resolve the current issues in the global IAM market.  Securing privileged access will also be a key trend for identity and access management (IAM) market players in the future. IAM solutions for enterprise applications are projected to witness a robust hike in demand over the coming years. Use of artificial intelligence and machine learning to automate IAM processes will also be a prime area of interest for IAM solution providers.

  • Alcor, a Fortune 500 digital transformation company based in the United States, announced the launch of a new enterprise IAM solution in March 2024. AccessFlow is an automated IAM solution built and based on Alcor’s ServiceNow® platform for faster, agile, and more secure digital transformation.
  • In a move to improve the security of privileged user access, a new Privileged Identity and Access Management (PIAM) solution was launched by Cross Identity back in January 2024. The launch came shortly after the Reserve Bank of India’s (RBI) guidelines highlighting cybersecurity measures for privileged users.
  • In January 2024, a generative AI tool called Ask Tuebora was launched to automate identity and access management tasks. This tools was launched by renowned Tuebora. The new tool is capable of simulating human interaction to improve cognition with each query and simply the IAM process.
  • In an effort to resolve the complexities in enterprise IAM workflows, Zoho’s enterprise IT management division, ManageEngine, launched a new cloud-native IAM platform. Identity360 offers end-to-end identity management along with other features for organizations to maximize their business scope.

 

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Identity and access management providers are projected to earn big bucks as regulatory mandates become more stringent and investments in digital security increase. Cloud and artificial intelligence technologies are also estimated to play a vital role in the development of novel identity and access management (IAM) solutions going forward. Automation and optimization are also two key trends that IAM providers need to focus on if they wish to maximize their revenue generation scope.

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