Identity and Access Management Market to Grow at a CAGR of 15.3% over 2024 to 2032; Growing Adoption of Cloud Services to Bolster Market Growth

The global identity and access management market size was valued at USD 17.80 billion in 2023. The market is projected to grow from USD 19.80 billion in 2024 to USD 61.74 billion by 2032, exhibiting a CAGR of 15.3% during the forecast period. Fortune Business Insights™ presents this information in its report titled “Identity and Access Management Market Size, Share & Industry Analysis, By Component (Access Provisioning, Directory Services, Single Sign-On, Password Management, Multifactor Authentication, Audit, Compliance, & Governance, and Others), By Type (Customer IAM and Workforce IAM), By Deployment (Cloud and On-Premise), By Enterprise Type (Small & Medium Enterprises (SMEs) and Large Enterprises), By Vertical (BFSI, IT and Telecom, Retail and Consumer Goods, Government, Energy and Utilities, Education, Manufacturing, Healthcare and Life Sciences, and Others), and Regional Forecast, 2024-2032”.

Identity and access management is a security network of security policies, technologies, and business processes. The increasing adoption of cloud services, coupled with the integration of advanced technologies such as Blockchain and AI, is enhancing the capabilities of IAM solutions, fueling market growth.

Amid the COVID-19 pandemic, the shift to remote work and cloud adoption raised data security concerns. Increased cybercrimes and identity fraud, spurred by economic challenges, significantly boosted the uptake of identity and access management solutions.

Generative AI Integration for Enhanced Security to Encourage Market Growth

The integration of generative AI into IAM systems strengthens authentication and user verification, reducing unauthorized access and improving overall security. This advanced AI functionality is transforming the IAM landscape, enabling companies to safeguard sensitive data while maintaining seamless user interactions.

CyberArk Launched Identity Security Platform Services to Meet Data Sovereignty Needs Of Customers In The UAE

In April 2024, CyberArk introduced its Identity Security Platform services to cater to the data sovereignty needs of customers in the UAE. The platform was designed to support the identity security objectives of large corporations, state-owned entities, and businesses in telecommunications, financial services, energy sectors, and cloud-native industries.

Adoption of Blockchain Technology for Enhanced Security and Transparency to Fuel Market Growth

The adoption of blockchain-based IAM systems enables secure, transparent identity management, protecting against cyberattacks and reducing reliance on intermediaries, thus lowering operational risks. Moreover, as deployment models evolve toward cloud and decentralized applications, blockchain technology offers a flexible infrastructure that supports integration across various platforms, driving the identity and access management market growth.

However, despite the benefits, cloud-based IAM systems face security challenges such as hacked interfaces and DoS attacks, impacting their widespread adoption.

Key Players Focus on New technologies to Gain Competitive Edge

To expand market presence, IAM players are investing in new technologies and pursuing strategic mergers and partnerships. Notably, ForgeRock's merger with Ping Identity in January 2024 marks a major evolution in the identity and access management landscape.

List of Key Players Mentioned in the Report:

• Amazon Web Services Inc. (U.S.)


• Akamai Technologies (U.S.)


• H.P. Development Company L.P. (U.S.)


• Microsoft Corporation (U.S.)


• Oracle Corporation (U.S.)


• IBM Corporation (U.S.)


• Fortinet, Inc. (U.S.)


• ForgeRock (U.S.)


• Thales Group (France)


• Evidian (France)


• HID Global Corporation (U.S.)

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/identity-and-access-management-market-100373

Key Industry Development:

• September 2023: ProofID acquired Regatta Solutions Group to enhance its identity security capabilities across North America and Europe, integrating Ping Identity and SailPoint solutions.

Further Report Findings

• North America held the key identity and access management market share in 2023 and was valued at USD 7.16 billion. The increasing adoption of remote work and cloud solutions, coupled with rising cyberattacks, is driving the demand for IAM systems in North America.


• Anticipated significant growth in Europe is fueled by strict GDPR compliance and increasing small and medium-sized enterprises, which drive demand for IAM solutions to adhere to security and regulatory standards.


• By enterprise type, SMEs are expected to grow at the highest CAGR in the IAM market as they increasingly adopt IAM solutions for passwordless MFA. The increasing adoption is also due to their aim to protect organizational data from cyber-attacks, reduce identity theft, and mitigate phishing attempts.

Table of Segmentation