April 17, 2024

Identity And Access Management Market Is Transforming Digital Experiences By Supporting Remote Work.

Identity and access management (IAM) refers to business practices and systems that help verify users are who they claim to be within or outside an organization, as well as control authorization rights and ensure privacy and data security. IAM systems help organizations securely manage access to both web-based and mobile applications and allowing employees, customers and partners to access resources through a single set of credentials. The need for IAM has risen amid growing digital transformation initiatives and cloud adoption along with expanding mobile workforce as organizations are increasingly adopting flexible work policies. With more employees, customers and partners interacting outside office premises, IAM becomes critical in verifying identities, securing access remotely and streamlining digital experiences.

The Global Identity and Access Management Market is estimated to be valued at US$ 18.09 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period from 2024 to 2031

Key Takeaways

Key players operating in the Identity and Access Management are Autodesk Inc., IES (Integrated Environmental Solutions), Bentley Systems, Dassault Systà ̈mes, EnergyPlus, CYPE Software, DesignBuilder Software, IESVE (IES Virtual Environment), Carrier, eQUEST, Trane Technologies, IES TaP, IES SCAN, Trimble, EnergySoft. Key players are focusing on new product launches and partnerships to gain more share in the market.

The growing demand of Identity and Access Management solutions across various industry verticals such as BFSI, government, healthcare, telecom and IT is driving the market growth. With rising digitalization and mobile workforce, there is increasing need of IAM solutions to securely manage credentials and access for employees, customers and partners.

The market is witnessing high growth in regions like North America, Europe, Asia Pacific owing to rapid digitalization and cloud adoption. Vendors are expanding their reach through partnerships with regional players and building local datacenters to leverage untapped growth opportunities.

Market Key Trends

Multi-cloud IAM is emerging as a key trend in the Identity and Access Management market. As organizations are increasing adopting multi-cloud environments comprising public, private and hybrid clouds for flexibility and cost optimization, there is a need to ensure consistent IAM controls across all clouds. Vendors are focusing on developing IAM solutions that can provide a unified experience for identities, access security and governance regardless of where applications or data reside.

Porter’s Analysis

Threat of new entrants: The Identity and Access Management market size requires high initial costs for infrastructure development and compliance with security standards which act as barriers for new companies.

Bargaining power of buyers: Large enterprises have high bargaining power in Identity and Access Management market due to large volume purchases and ability to demand customized solutions.

Bargaining power of suppliers: Major Identity and Access Management solution providers have established presence worldwide, reducing the threat from suppliers.

Threat of new substitutes: No viable alternatives currently exist for comprehensive Identity and Access Management.

Competitive rivalry: The market is growing at a significant pace attracting many new players intensifying competition.

Geographical Regions

North America currently holds the major share in the global Identity and Access Management market in terms of value considering heightened security awareness and stringent regulations. Asia Pacific is expected to be the fastest growing regional market for Identity and Access Management driven by growing cybercrimes in developing economies and the increasing adoption of cloud-based Identity and Access Management solutions.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it