According to a research report on the Identity and Access Management (IAM) Market published by Marketsandmarkets, the global IAM market size is projected to grow from USD 15.7 billion in 2023 to USD 32.6 billion by 2028, at a CAGR of 15.6% during the forecast period. The growth of the IAM market is, according to the researchers, driven by factors such as rising instances of security breaches and escalating instances of identity-related fraud.
Identity lifecycle management
All the steps in an identity’s lifespan, from the time it first becomes an employee or contractor until it is terminated, are included in identity lifecycle management (ILM). This covers all the actions taken throughout the employee’s employment, such as name changes, brief maternity absences, and leaving and returning to the company. To minimise effort, time, and expense, provisioning is required to automate the process of generating, managing, and removing identities as much as feasible. Depending on their position or role inside the company, users should have access to different resources. User accounts are created, given the appropriate rights, updated, deactivated, and destroyed through a process called user account provisioning. When new or updated information is added to or removed from a personnel system, these identity management procedures are initiated. Making a group member’s identification known creates roles.
Market boosted by centralised security solutions
The increase in data breaches drives enterprises to adopt centralised security solutions, boosting the demand for IAM solutions. IAM solutions help in customising the experience and making it an easy and smooth process, enabling a positive user experience. It also help with authentication features such as communication preference, social profile integration, multi-factor authentication, and single sign-on enhance customer interactions with the website. IAM solutions help businesses implement adequate security policies across all systems, platforms, applications, and devices. These benefits, according to the research, create a massive demand for IAM solutions in the market.
Asia Pacific shows most growth potential
In recent years, Asia Pacific has undergone tremendous economic and political changes. This has eventually increased the number of enterprises and industries in Asia Pacific. Governments in countries such as China, Singapore, and Japan are investing a significant portion of their federal budgets in developing cybersecurity tools. This is expected to drive the adoption of IAM solutions. Moreover, various initiatives are taken by the government toward tackling identity-related frauds, especially for strengthening eKYC to verify identities, such as compliance regulations initiated by countries, which also drives the need for robust and stronger IAM practices in Asia Pacific. This motivates Asia Pacific governments to adopt identity management solutions and services.
Key players
Some of the key players mentioned in the report includes, Microsoft, Okta, IBM, Oracle, Salesforce, Ping Identity, Salesforce, HID Global, Forgerock, Cyberark, Micro Focus, Thales, RSA Security, Avatier, Manageengine, Secureauth, Empower ID, SAP, Simeio, One Identity, Fusionauth, Auth0, Idnow, Zephr, Signzy, Civic, Trusona, Beyond Identity, Akamai, Delinea, Optimal Idm, Netwrix, Zoho Vault, Transmit Security.
