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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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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.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Type |
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Breakup by Deployment Mode |
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Breakup by End Use |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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