IAM market projected to grow from USD 12.3 billion in 2020 to USD 24.1 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 14.5%
Northbrook, IL — (SBWIRE) — 03/08/2022 — According to a new market research report “Identity and Access Management Market by Component (Solutions and Services), Solutions (Data Storage, Identity Lifecycle Management, Authentication, and Verification), Organization Size, Deployment Mode, Vertical, and Region – Global Forecast to 2025″, published by MarketsandMarkets™, The global IAM market size is projected to grow from USD 12.3 billion in 2020 to USD 24.1 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 14.5% during the forecast period. The increasing venture capital funding and growing investments in IAM technology to drive the market growth.
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By solution, the identity and lifecycle management segment to register the largest market share during the forecast period
Identity lifecycle management (ILM) encompasses all the processes of an identity lifecycle, from starting as an employee or contractor till the termination of employment that includes steps such as name changes, temporary maternity leaves, leaving and rejoining the organization etc. Factors such as the flexibility of ILM solutions to enable matching of business needs with business functions, reduced risk, integration of Priveleged Access Management (PAM) etc. is expected to increase the demand of ILM. The major vendors of ILM solution include IBM, Broadcom, ForgeRock etc.
Based on vertical, the healthcare to grow at the highest CAGR during the forecast period
The healthcare vertical comprises of hospitals and clinics, healthcare equipment and service providers, pharmaceuticals and biotechnology companies, and providers of life sciences services. IAM solutions help healthcare organizations address the security issues related to users’ credentials and help them deliver improved, intuitive, and personalized care and enriched experience to their patients. Due to this, healthcare vertical is being increasingly targeted by cyberattackers. For example, asper Bitglass, healthcare data breaches spiked by 55% in 2020. Therefore, healthcare registers the highest growth rate during the forecast period. Major vendors offering IAM to healthcare vertical include Auth0, HID Global, ForgeRock etc.
North America to hold the largest market share during the forecast period.
North America has the presence of several prominent market players delivering IAM solutions to all end-users in the region. The US and Canada both have strong economic conditions and are expected to be major contributors to the growth of the IAM market. The geographical presence, significant Research and Development (R&D) activities, partnerships, and acquisitions and mergers are the major factors for the deployment of IAM and services. Also, adherence to stringent regulations such as SOX, HIPAA, PCI DSS, GLB Act etc.also demand implementation of effective IAM solutions and services. The major vendors, such as IBM, Microsoft, Salesforce, SAP, and Broadcom.
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Key and innovative vendors in the IAM market include IBM (US), Microsoft (US), Salesforce (US), Oracle (US), Broadcom (US), Okta (US), Ping Identity (US), ForgeRock (US), HID Global (US), Ubisecure (London), and startups including IDnow (Germany), Signzy (India), Civic (US), Trusons (US) etc.
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