Global Identity and Access Management Market to Grow at a CAGR of 13.20% During 2024-2032, Aided by the Increased Spending on Security Solutions by both Government and Private Sector Organizations.

As government bodies and large private sector companies are significantly increasing expenditure on security solutions to curb identity theft and ensure regulatory compliance, the identity and access management market size is expected to expand in the coming years. For example, in the US, healthcare companies are required to guarantee the portability of health insurance coverage as well as the privacy of patient records, as stipulated in the Health Insurance Portability and Accountability Act of 1996.

Proper identity and access management systems are imperative for organisations to satisfy these important compliance obligations and securely manage access to sensitive information and systems. As data privacy and security become increasingly pressing issues, demand for solutions in this space is poised to continue expanding in the coming years.

In 2022, investment fraud was the costliest form of cybercrime, resulting in an average loss of USD 70,811 per victim. Data breaches cost businesses an average of USD 4.35 million in 2022, increasing slightly from USD 4.24 million in 2021.

Phishing remained the most prevalent type of cybercrime in the past years. In 2021, 323,972 internet users reported falling victim to phishing attacks. This indicates that approximately half of users affected by data breaches were targeted through phishing. During the height of the COVID-19 pandemic in 2020 and 2021, phishing incidents rose by 220%. Furthermore, in 2021, nearly 1 billion emails were exposed, impacting approximately 1 in 5 internet users.

The key drivers increasing the demand for identity and access management (IAM) solutions are the proliferation of web-based applications, the need for risk management tools like policy-based enforcement, and the desire to combine audit management with cost control initiatives. Furthermore, the rise of Bring Your Own Devices (BYOD), the Internet of things (IoT), employee mobility, and remote work arrangements have made it imperative for organisations to deploy IAM solutions.

The development of innovative IAM solutions by key players is also fuelling the market expansion. For instance, in September 2023, International Business Machines Corporation (NYSE: IBM) announced the worldwide availability of IBM Cloud Enterprise-managed Identity and Access Management (IAM) for all IBM Cloud Enterprise accounts.

Enterprise-managed IAM provides a set of new features that enables centralised management of access and security settings across organisations. With Enterprise-managed IAM, cloud administrators can enforce security configurations such as multi-factor authentication levels and session expiration durations. They can also configure team access for all accounts within the organisation.

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Market Breakup by Type, Deployment Mode, End Use, and Region:

• On the basis of the type, the market is divided into audit, compliance, and governance, directory service, multifactor authentication, provisioning, password management, and single sign-on.

• The market is segmented based on deployment mode into cloud, on-premise, and hybrid.

• On the basis of the end use, the market is classified into BFSI, energy, oil and gas, IT and telecom, healthcare, public sector, and manufacturing, among others.

• By region, the market can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The increasing incidents of fraudulent and cybercriminal acts are prompting organisations to adopt identity and access management (IAM) systems due to the rapid proliferation of cloud technologies and advancements in new technologies. IAM utilises identity analytics and intelligence to monitor atypical user account behaviour. Additionally, IAM enables the deletion of inactive accounts, identification of policy breaches, and revocation of inappropriate access authorisations.

• Rising enterprise identity and security concerns are driving the identity and access management market growth. Application administration has become more efficient due to lower production costs; centralising processes for connectivity and identity changes increases user reliability. This provides easier access to sign-in, signup, and user management processes for application holders. It also facilitates the implementation of procedures and policies related to user verification and privileges. Overall, these centralised identity platforms are reducing costs and improving security, reliability, and user experiences for businesses.

• By integrating identity and access management (IAM) solutions with mobile device management (MDM), organisations can utilise IAM more efficiently while strengthening security and control. MDM is a critical component of a comprehensive IAM strategy, as it facilitates the governance of apps and users across devices. Given the proliferation of mobile devices in the modern workplace, extending IAM capabilities to mobile is essential for any business. MDM provides the necessary security and app provisioning functions within a unified IAM framework, enabling organisations to appropriately scale access management to all endpoints. A coordinated approach using IAM and MDM establishes a foundation for robust identity governance from any network-connected device.

Key Offerings of the Report:

• The EMR report gives an overview of the global identity and access management market for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the types, deployment modes, end uses, and major regions of identity and access management.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global identity and access management market are Amazon Web Services, Inc., Microsoft Corporation, IBM Corporation, Oracle Corporation, Broadcom Inc., ForgeRock, Inc., Thales Group, Fischer International Identity, LLC, Fortra, LLC, Avatier Corporation, Okta, Inc., Assa Abloy, and Quest Software Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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