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Identity & Access Management Market is Projected a Valuation of 26.1 Bn by the end of 2028

Adriaan Brits

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The identity and access management market is expected to grow at a CAGR of 12.5 percent over the forecast period, reaching a market valuation of $26.1 billion by the end of 2028.

The global market for identity and access management is expected to grow rapidly in the coming years. The rapid rise in the prevalence of cybercrime necessitates effective and efficient IT security measures, which is primarily driving the identity and access management market.

Key End Use Industries: Public Domain, IT & Telecom, and Finance & Insurance

While several business verticals have made significant investments in physical identity management, it is highly likely that operators in the public domain, finance and insurance, and IT and telecom will continue to account for significant revenue shares in the global identity and access management market in the near future.

According to the report, public administration, finance and insurance, and IT and telecom companies account for roughly 60% of global market value. Healthcare and media are positioned as the next lucrative end use segments for IAM service and solution providers.

Large corporations generate approximately 60% of demand.

As the demand for next-generation security solutions grows, as previously reported, the demand for identity and access management solutions will remain higher than that for identity and access management services. According to FMI’s research, a diverse set of identity and access management solutions currently accounts for more than 60% of total market value.

The majority of consumers will continue to demand directory management and access security among multi-factor authentication, single sign-in, access security, and directory management.

Currently, on-premise deployment of identity and access management solutions accounts for more than 55% of total global IAM deployment. Furthermore, FMI’s analysis predicts a massive incremental opportunity of over US$ 17 billion for cloud-based IAM between 2022 and 2028. On the other hand, the cloud-based deployment of identity and access management is expected to grow at a rate of more than 10% per year in the coming years.

The demand for dependable identity and access management services and solutions is increasing as the rate of implementation of advanced and next-generation technologies such as AI, machine learning, and advanced biometric technologies at enterprises continues to rise. According to FMI’s analysis, a significant number of enterprises are following the trend of adopting identity and access management. While large enterprises continue to account for a significant share of overall demand for identity and access management, the report highlights the rapid growth in the market value share of SMEs.

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Key Providers to Plan for Next-Generation Technology Integration

The regional analysis of the identity and access management market reveals that North America will continue to dominate in the long run as a result of the rapidly expanding base of next-generation technological advancements. China, on the other hand, has recently been named one of the world’s most connected countries. According to FMI’s research, the Chinese identity and access management market is a lucrative investment opportunity for IAM service and solution providers. Europe will also be one of the target markets for participants in the identity and access management landscape, owing to favourable promotional support from European governments for the adoption of advanced security systems, according to the report.

BeyondTrust, Bomgar (Lieberman Software Corporation), CA Technologies, Core Security, CyberArk, Dell, ForgeRock, Gemalto, Hitachi ID Systems, IBM Corporation, and Microsoft Corporation are some of the key companies competing in the global identity and access management market research report. The report includes detailed strategic profiles of some of the market’s most prominent players.

A large number of small and medium-sized businesses are solely investing in reliable IT security and R&D, making SMEs the target market for IAM service and solution providers. Furthermore, in order to meet the ever-increasing demand for improved data security, identity and access management service and solution providers are emphasising the incorporation of machine learning and behavioural analytics capabilities into their IAM offerings.

 

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