Global Identity and Access Management (IAM) Market Size Zooming 2.7X to Touch USD 43.1 Billion by 2029

Published | 20 November 2023

Global identity and access management (IAM) market is flourishing because of an increasing threat of cyberattacks and growing regulatory compliance requirements.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global identity and access management (IAM) market size at USD 15.8 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global identity and access management market size to grow at a significant CAGR of 15.45% reaching a value of USD 43.1 billion by 2029. Major growth drivers for the global identity and access management (IAM) market include an increasing integration of Internet of Things (IoT) and Artificial Intelligence (AI), a rising awareness of regulatory compliance management, a growing dependence on digital platforms and automation, as well as the increasing adoption of cloud technologies across various industries. The rise in cybercrime incidents compels organizations to adopt IAM systems, leveraging identity analytics to monitor user behavior, remove inactive accounts, and enforce security policies. Concerns about enterprise identity and security fuel market expansion. Combining IAM with Mobile Device Management (MDM) enhances efficiency and security, making it vital in app and user management. IAM is recognized as a vital tech, expanding its market. These trends offer growth opportunities while organizations balance security and accessibility in an interconnected digital world. However, the growing threat of cyberattacks and rising regulatory compliance requirements are anticipated to restrain the overall market growth during the forecast period.

Global Identity and Access Management (IAM) Market – Overview

The global identity and access management (IAM) market refers to the worldwide industry involved in providing solutions, technologies, and services designed to manage and control the access, authentication, and authorization of users within an organization's digital environment. IAM encompasses a range of tools and practices aimed at securing digital identities, ensuring only authorized individuals have access to specific data, systems, and resources while safeguarding against unauthorized access, data breaches, and cyber threats. IAM solutions include user provisioning, access governance, single sign-on, multi-factor authentication, and directory services, among others. This market addresses the growing need for organizations to enhance cybersecurity, regulatory compliance, and user convenience in an increasingly interconnected and digital world. It plays a crucial role in managing digital identities, user privileges, and safeguarding sensitive information across various industries and sectors.

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Impact of COVID-19 on Global Identity and Access Management (IAM) Market

COVID-19 pandemic had a positive impact on the global identity and access management (IAM) market. With remote work becoming the norm, there was a sudden surge in demand for IAM solutions to ensure secure access to corporate networks and data. Companies had to rapidly adapt to new security challenges, such as increased vulnerabilities and phishing attacks. This accelerated the adoption of IAM technologies, including multi-factor authentication and single sign-on solutions. While the market witnessed substantial growth, it also faced challenges in terms of adapting to the evolving threat landscape and addressing privacy concerns. IAM's role in enhancing security in the context of remote work is expected to persist even as the pandemic subsides.

Global Identity and Access Management (IAM) Market – By Vertical

On the basis of vertical, the global identity and access management (IAM) market is divided into BFSI, Healthcare and life sciences, Manufacturing, Retail and consumer packaged goods, IT and telecom, Government, Education, and Energy and utilities segments. The healthcare and life sciences vertical is expected to dominate the global identity and access management market during the forecast period. It is driven by the sector's unique security and regulatory requirements. Healthcare organizations handle sensitive patient information, and IAM solutions play a crucial role in ensuring data security and patient privacy. With the industry's digital transformation and the need for secure data sharing, IAM solutions are in high demand. Moreover, strict regulatory compliance, such as HIPAA, mandates robust data protection measures, further emphasizing the importance of IAM in this sector.

Competitive Landscape

Major players operating in the global identity and access management (IAM) market include Microsoft, IBM, Oracle, Salesforce, HID Global, ForgeRock, CyberArk, Micro Focus, Thales, RSA Security, ManageEngine, EmpowerID, SAP, Simeio, One Identity, FusionAuth, Beyond Identity, Akamai, and Transmit Security. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Identity and Access Management (IAM) Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Identity and Access Management (IAM) Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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