July 19, 2024
Identity And Access Management Market
Ict

Reliable Authentication And Authorization Tools Projected To Boost The Growth Of Identity And Access Management Market

The global Identity and Access Management Market is estimated to be valued at US$ 15.7 Bn in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Identity and access management (IAM) refers to managing the identities of users, their authentication, authorization, roles and access privileges within or spanning across multiple domains such as applications, systems and infrastructure in an enterprise. IAM solutions provide benefit of centralized authentication and authorization among users, applications and resources. It offers secure way of identifying and authorizing users and resources on enterprise systems and applications. Effective IAM enables organizations to address compliance requirements, reduce risks and improve process efficiencies across IT infrastructure.

Market key trends:

One of the key trends in the identity and access management market is focus towards hybrid and multi-cloud infrastructure management. Organizations are increasingly adopting hybrid IT models with multiple private, public and hybrid clouds. This poses distinct challenges for identity and access management across environments. Leading IAM vendors are enhancing their offerings to provide consistent identity experiences and governance across heterogeneous IT infrastructure. For instance, Okta provides unified access to any application on any device and manages identity in hybrid IT environments centrally.

Porter’s Analysis

Threat of new entrants: The identity and access management market is moderately fragmented due to the presence of several well-established players. This makes the threat of new entrants moderate. However, high initial investment and well-established distribution channels further increase the barrier to entry for new players.

Bargaining power of buyers: The bargaining power of buyers is moderate. Multiple vendors provide identity and access management solutions, allowing buyers to compare offerings and negotiate on price.

Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of multiple component suppliers. Suppliers are relatively small compared to the size of IAM vendors.

Threat of new substitutes: There are no major substitutes for identity and access management solutions. Adjacent authentication and authorization solutions pose low threat of substitution.

Competitive rivalry: The identity and access management market features fierce competition among major vendors. Key differentiators include functionality, integration capabilities, and pricing.

Key Takeaways

The global Identity And Access Management Market Size is expected to reach US$ 15.7 Bn by 2023, exhibiting a CAGR of 15% over the forecast period. Growing digital transformation across industries and increasing popularity of cloud-based IAM solutions are major factors driving market growth.

Regionally, North America dominated the global market in 2022 and is expected to continue its dominance over the forecast period owing to rapid adoption of advanced technologies. Asia Pacific is anticipated to witness the fastest growth during the analysis period, rising at a CAGR of over 17%, attributable to strong economic growth and increasing investments in digital security in major countries like China and India.

Key players operating in the identity and access management market are Microsoft, Okta, IBM, Oracle, Salesforce, Ping Identity, HID Global, ForgeRock, CyberArk, Micro Focus, Thales, RSA Security, Avatier, ManageEngine, SecureAuth, EmpowerID, SAP, Simeio, One Identity, FusionAuth, Auth0, IDnow, Zephr, Signzy, Civic, Trusona, Beyond Identity, Akamai, Delinea, Optimal IdM, Netwrix, Zoho Vault, Transmit Security. Leading vendors are focusing on new product launches and partnerships to gain competitive advantage.

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