Identity and access management (IAM) provides a coherent framework for managing identities, their authentication, authorization, and access privileges within or across system and application environments in an enterprise setup. It helps in securely managing identities and controlling access to critical business applications and data. IAM solutions help enterprises scale permissions and role-based access management for both on-premises and cloud infrastructure. The global identity and access management market is estimated to be valued at US$ 15.07 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the identity and access management Global Identity And Access Management Market Sizegrowth is the increased adoption of cloud and mobile technologies across various industry verticals such as BFSI, IT & telecom, healthcare, government & defense, and retail. The transition of workloads to public, private, and hybrid cloud models is driving the need for flexible IAM solutions to enable secure access to various applications and services from mobile and remote locations. Moreover, the proliferation of bring-your-own-device (BYOD) trend is raising concerns over data security and compliance, thereby propelling the demand for IAM systems. Additionally, growing regulations around data privacy and protection such as GDPR are compelling organizations to implement robust access management systems. Continuous technological advancements in IAM solutions like AI/ML, biometrics, and blockchain are further supporting the market growth. However, compatibility issues of IAM solutions with legacy applications and systems may hamper the market expansion.
SWOT Analysis
Strength: Identity and Access Management (IAM) provides strong authentication and authorization of users. It ensures proper access controls through password management, single sign-on, and multi-factor authentication which strengthens security. IAM also offers detailed audit logs and reports of user activity and access for compliance purposes.
Weakness: Implementing and maintaining IAM solutions requires high upfront investments and ongoing maintenance costs. Systems integration with legacy applications can also be challenging and complicated requiring expertise. Switching to a new vendor's solution due to dissatisfaction may involve reconfiguring the entire IAM infrastructure.
Opportunity: Organizations continue to adopt cloud-based applications and services which requires managing user identities and access across hybrid infrastructure. This drives the need for centralized IAM systems to govern identities uniformly. Growing stringent regulatory standards for data privacy and security present an opportunity to implement robust IAM tools for compliance.
Threats: Increasing sophisticated cyber attacks pose security threats if proper access controls are not implemented through IAM. Stricter privacy laws can also potentially limit access and data sharing across regions. Failure to adapt IAM solutions to changing technologies may hamper innovation and adoption over time.
Key Takeaways
The global Identity and Access Management market is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2024 is estimated to be US$ 15.07 Bn registering a CAGR of 11%. Rapid digital transformation across industries and evolving cyber threats have accelerated IAM adoption worldwide.
Regional analysis: North America currently dominates the IAM market owing to stringent data security and privacy regulations in the region. However, Asia-Pacific is expected to grow at the fastest pace due to increasing cloud adoption and focus on cybersecurity in developing countries like India and China. Growing e-commerce and IT industries fuel IAM investments in these emerging economies.
Key players: Key players operating in the Identity and Access Management market include Autodesk Inc., IES (Integrated Environmental Solutions), Bentley Systems, Dassault Systèmes, EnergyPlus, CYPE Software, DesignBuilder Software, IESVE (IES Virtual Environment), Carrier, eQUEST, Trane Technologies, IES TaP, IES SCAN, Trimble, and EnergySoft. Major players focus on offering holistic IAM solutions through continual innovations to address evolving business needs. Strategic partnerships are also forged to enhance product capabilities and global presence.
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