Over the recent past, the identity and access management (IAM) framework has significantly evolved. The emergence of next-gen technologies such as biometrics, blockchain, ML, and AI has created novel opportunities for innovation in the field of identity and access management. Consequently, the demand for sophisticated and innovative IAM solutions is rapidly increasing around the world owing to their enhanced precision and operational efficiency. Besides, as enterprises continue their shift to remote-first workplaces, the demand for cloud-based IAM solutions and hybrid-cloud models is observing a swift uptick. In this scenario, the identity and access management market is projected to register sound expansion in the near future. Prominent growth drivers in the identity and access management market include a consistent increase in the complexity and volume of cyberattacks, the growing need for compliance management, and the prevalence of cloud-based business models.
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Fairfield Market Research anticipates momentous growth across the global identity and access management market during the study period. Between 2021 to 2026, the identity and access management market is set to register a stellar CAGR of 14.8%, reaching a total market valuation of US$24,849.0 Mn by 2026. Influenced by these favorable growth prospects, key market players are expected to pursue strategic partnerships, open innovation, and RD initiatives.
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Surge in Identity Frauds and Security Breaches to Soar Demand for IAM Solutions
Today, critical personal information of consumers is stored on a wide range of servers across the globe. This data is particularly vulnerable to sophisticated cyberattacks such as ransomware, data breaches, and identity fraud. According to the Federal Trade Commission, in 2020, over 1 million minors were exposed to identity theft. The losses have escalated from USD 1.8 billion in 2019 to USD 3.3 billion in 2020. This data clearly indicates that identity fraud has become rampant in the recent past. Such cyber threats pose a significant business and social risk to an organization’s assets, data, and brand, leading to substantial financial losses and reputational damage. As a result, cybersecurity decision-makers across leading enterprises are rapidly demanding competent IAM solutions. During the forecast period, this demand is projected to increase, creating robust growth prospects in the global identity and access management market.
Greater Adoption of Cybersecurity Technologies Positions North America as Top Regional Player
North America is predicted to reign supreme in the identity and access management market, garnering a significant share of 14.2%, in terms of revenue, by 2026. In this region, cybersecurity leaders are investing more in emerging cybersecurity technologies to strengthen their organization’s security posture. This, coupled with the presence of key market players in the region, is poised to sustain North America’s dominance over the global identity and access management market. On the other hand, Asia Pacific is fast rising as a strong contender owing to the rise in small and medium-sized businesses, increased internet usage, widespread penetration of smartphones, and growing need for compliance regulation.
Major players in the identity and access management market include Microsoft Corporation, Oracle Corporation, Micro Focus, Hitachi Id Systems, Inc., Centrify Corporation, SailPoint Technologies, Inc., Dell EMC, IBM Corporation, CA Technologies, and Okta, Inc.
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