Identity Access Management Market to reach $48 Billion by 2030; increasing focus on security and compliance, increased threat of identity theft, cyberattacks on businesses, growing popularity of remote work and Bring Your Own Device (BYOD) are drivin

The Identity Access Management Market size is estimated to reach $48 Billion by 2030, growing at a CAGR of 18.4% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Identity Access Management Market – By Component (Solution and Service), By Organization Size (Small and Medium Enterprise and Large Enterprise), By Deployment Model (PaaS, IaaS and SaaS), By Deployment Type (Cloud and On-Premises), By Authentication Type (Passwords, Knowledge-Based Answers, Tokens, Biometrics, PIN, Security Certificates and Others), By Industry Vertical (Public Sector, Retail & Consumer Goods, Telecommunications, Media & Entertainment, Travel & Hospitality, Healthcare, Education and Others) and By Geography - Global Opportunity Analysis & Industry Forecast, 2023-2030”

In recent years, there is an increasing focus on security and compliance due to the increased threat of identity theft and growing cyberattacks on businesses, as a result there is a need for Identity Access Management (IAM). Additionally, the growing popularity of remote work and Bring Your Own Device (BYOD) requires the use of IAM solutions to safeguard sensitive data by allowing authorization to select users.

North America held the largest market share in 2023. The Identity Access Management (IAM) market is led by North America because of its advanced technological infrastructure and increased awareness of cybersecurity. With the growing number of cyber threats and the financial impact of a breach, organizations are spending heavily on IAM solutions. The FBI International Crime Report shows that Americans lost $12.3 billion to cyberattacks in 2023, signifying the need for strong identity protection systems. Furthermore, the average price of a data breach in 2023 was a record $4.45 million, for which it is even more important to ensure Identity and Access Management (IAM). North America is leading the global IAM landscape due to the strict data protection regulations, widespread cloud adoption and massive investments in advanced cybersecurity technologies.

Rising incidents of identity theft and online scams are driving the adoption of IAM solutions across industries. Cybercriminals use stolen credentials to exploit vulnerabilities leading to financial losses and reputational damage for businesses. IAM systems play a crucial role in preventing such fraud by implementing advanced authentication methods, monitoring access behaviour and quickly detecting anomalies. AAG IT Services states that 50% of UK businesses have been hit by a cyberattack in 2023, and that strong security measures are urgently needed. In addition, in a single year, over 1 billion emails were exposed, affecting 1 in 5 internet users worldwide. The average cost of data breaches has grown from $3.86 million in 2019 to $4.88 million in 2024. Such threat requires IAM systems to help them employ advanced authentication technologies, monitor user access behaviours, and quickly expose suspect activities to reduce risks.

The proliferation of smart devices from IoT-enabled equipment to personal gadgets heightens the need for robust IAM systems. These devices often access enterprise networks and applications creating new security challenges. IAM solutions help organizations manage and secure the identities of both users and devices to ensure authorized access and mitigate risks associated with unmonitored devices. According to IBM, these devices grew exponentially, surpassing the number of connected humans for the first time in 2022 and will reach 29 billion worldwide by 2030. IAM aims to allow people and devices to authenticate enterprise and applications while also reinforcing network perimeter so users can remain in control of risk, identity, and access. IAM systems are critical to safeguarding digital ecosystems across industries in this economy of things (EoT), where the number of connected devices is expanding.

Key companies profiled in the Identity Access Management Market are IBM, Cisco Systems, Microsoft Corporation, Oracle Corporation, Okta, Thales, CyberArk, Palo Alto Networks, Google Inc., Ping Identity

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