Northbrook, IL 60062 -- (SBWIRE) -- 12/08/2022 -- The global Identity and Access Management Market is projected to grow from an estimated USD 13.4 billion in 2022 to USD 25.6 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 13.7 % from 2022 to 2027. Rising instances of security breaches and escalating instances of identity related fraud and growing awareness of compliance management are some of the factors driving the market growth.

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By component, services to grow at higher CAGR during the forecast period

Services include the support offered by security vendors to assist their users in using and maintaining IAM solutions efficiently. Vendors offer different services, such as consulting, integration and deployment, and support and maintenance. These services are focused in helping organizations achieve their business goals with their product offerings. IAM involves various services to proactively identify the concerns and recommend the appropriate solution to resolve identity and access-related issues. These services help collect, filter, integrate, manage, and link multiple identities to provide a holistic view of the IAM landscape in an organization. The IAM services market is very dynamic; thus, the vendors keep adding and offering different services such as consulting, installation and integration, maintenance, and support services. Vendors use the latest techniques, comprehensive strategies, and skills to fulfill the security requirements of organizations. The vendors offer a broad range of services with the help of cutting-edge technologies, tools, and strategies to meet the IAM needs of organizations. They also offer customized implementation and risk assessment and assist in deploying IAM via industry-defined best practices.

By deployment mode, cloud to hold a larger market size during the forecast period

Cloud deployment is the fastest-growing deployment mode in the IAM market. In the cloud, IAM can be handled by authentication as a service or Identity as a Service (IDaaS). In both cases, a third-party service provider takes on the burden of authenticating and registering users, as well as managing their information. SMEs have implemented cloud deployment, as it enables them to focus on their core competencies rather than investing their capital in the security infrastructure. Organizations can avoid costs related to hardware, software, storage, and technical staff by using cloud-based solutions. The security of the workforce and customers' credentials is the biggest priority, as these are the primary targets of attackers. The cloud-based platform offers a unified way in the form of SaaS-based IAM services to secure business applications, which is beneficial for organizations that have strict budgets for security investments. A cloud-based solution is easy to maintain and upgrade, which also drives the growth of this segment.

By service, integration and deployment to hold largest market size during the forecast period

Integration and deployment services are used by highly qualified industry experts, domain experts, and security professionals. These professionals help organizations formulate and implement IAM strategies, prevent revenue losses, minimize risks, understand cybersecurity solutions, and enhance security in the existing information system. Integration services also include integrating IAM solutions with other security technologies such as vehicle management systems, entrance control systems, video surveillance, and intruder alarm management. Integration and deployment is a comprehensive and robust IAM management framework, which is one of the basic and most important steps towards providing access management and securing the identities in an organization. These services are meant to keep in mind the standards and compliances set by government bodies and organizations. Integration involves integrating the vendor's security systems into the customer's security system plan with minimum deviations and according to the requirement. Integration and deployment services are important for companies because non-IT companies do not have the expertise to understand security technologies and secure organizational information.

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Key Players

The major vendors in the identity and access management market are Microsoft (US), IBM (US), Oracle (US), Broadcom (US), Salesforce (US), Ping Identity (US), Okta (US), HID Global (US), ForgeRock (US), CyberArk (US), RSA Security (US), Avatier (US), ManageEngine (US), SecureAuth (US), EmpowerID (US), SAP (Germany), Simeio (Georgia), OneIdentity (US), FusionAuth (US), Auth0 (US), IDnow (Germany), Zephr (UK), Signzy (US), Civic (US), Trusona (US), Beyond Identity (US).

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