Identity And Access Management (IAM) Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Deployment Model (On-Premise, Cloud), By Service (Integration & Implementation, Consulting, Others), By Vertical (Travel And Transport, Government, Media & Entertainment, Retail, BFSI, Communication And Technology, Others), And By Geography - Forecasts From 2022 To 2027

The identity and access management (IAM) market was valued at US$13.193 billion in 2020 and is projected to grow at a CAGR of 14.23%, to attain a value of US$33.484 billion by 2027.  

IAM technology enables easier management of electronic and/or digital identities based on specific corporate procedures, rules, and technology. The technology facilitates IT managers to limit access to user information. The prime function of an IAM system is the storage of identities with utmost security. It also helps in data governance, making sure that only essential and relevant data is exchanged. Growing digitalization in the corporate sector is one of the key drivers which is nudging growth in the market.

Furthermore, the introduction of sophisticated technology taps new opportunities in the market. Blockchain technology, for instance, has witnessed significant adoption across numerous industry verticals owing to its pros and productive results. While the technology ensures transparency, it has been successful in limiting the access of identity to the users. Machine learning and AI are other IAM systems which are been adopted at a dynamic rate. The rising need for security governance, poor quality security service, propelling enforcement issues, and significant existing dispersed systems and workforce have created notable demand for the adoption of IAM for effective operation. However, security concerns linked with stored data and notable cost has the potential to hamper the market growth. Nevertheless, companies operating in the market are changing technology and adding new avenues to the system to cater to the issue, while devising affordable alternatives. 

One of the prime reasons driving the demand for IAM technology is the growing demand and adoption of sophisticated technology which facilitates effective and efficient working in the organization.

IAM-technology-based software such as blockchain, machine learning & AI, and others have witnessed a significant surge in penetration across different industry verticals. The increase in internet penetration and surge in adoption of cloud computing is anticipated to support the market, nudging in significant growth. Machine learning & AI have witnessed a robust adoption over the years owing to their lucrative yield and promising prospects. Moreover, the onset of the COVID-19 pandemic, implementation of lockdown, and adoption of work-from-home culture have notably surged the adoption of AI. An article published by Harvard Business Review states that an internal survey revealed that 55% of companies accelerated their AI technology in 2020. By 2021, the ratio has increased to 67% The trends are projected to continue in 2022 and 2023.

Company Offerings

Oracle offers identity and access management solutions for both cloud and on-premise deployment. The IAM technology is effective in managing enterprise workload by providing flexible protection, integrating highly scalable identity management software, along with having built-in IAM technology. The solution comes in 6 variations which are reframed as per the client's requirement. Yielding promising results, in August 2020, the city and county of San Francisco contracted with Oracle to provide its IAM solution.

One of the leading companies operating in the market is IBM. The company’s Identity Governance and Administrative (IGA) Services simplify access requests and approval. Furthermore, the solution has an inbuilt feature that launches periodic access rectification. Other key perks of the solution include efficiency in managing roles and segregation of duties, effective institution of provisioning and remediating, use of advanced integration, and having onboard applications reliably. 

By introducing the ForgeRock Identity Cloud in November 2019, ForgeRock®, the industry leader in digital identity, announced a significant development in the Identity and Access Management domain. It comprises two products: ForgeRock Identity Cloud Express, a developer-focused SaaS solution for integrating contemporary identity functionalities into apps, and the first IDPaaS in the market, a comprehensive digital identity system provided as a service.

By geography, the IAM market is segmented into the North America, South America, Europe, Middle East and Africa and Asia Pacific. The North America is expected to hold a significant share. Asia Pacific is expected to witness growth due to rising technological and digital advancements. Asia Pacific (APAC) has seen advanced and rapid adoption of new technologies, and the worldwide IAM market is anticipated to grow at the fastest rate over the forecast period.

COVID-19 Impact on Identity and Access Management (IAM) Market

The COVID-19 pandemic had a positive impact on the identity and access management (IAM) market. Remote working, a consequence of the pandemic has increased the demand for cloud storage and security, and other IT operations are now using more cloud services as a result. COVID-19 has increased cloud usage for many organizations (9 out of 10) slightly or significantly over initial projections. People are depending more on cloud apps due to the work-from-home culture. As security remains a major concern and remote work demands cutting-edge communication and collaboration tools, companies are actively investing in identity and access management solutions.

Identity and Access Management (IAM) Market Scope:

Segmentation

• By Deployment Model
  • On-Premise
  • Cloud
• By Service
  • Integration & Implementation
  • Consulting
  • Others
• By Vertical
  • Travel and Transport
  • Government
  • Media & Entertainment
  • Retail
  • BFSI
  • Communication and Technology
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others