Identity And Access Management Market Is Anticipated To Witness High Growth Owing To Increased Cyber Threat Landscape

 
Identity And Access Management Market

The identity and access management market involves software and services used to control and monitor user access to applications and systems within an organization. The products offered include dedicated identity management systems, access management solutions, privileged access management, directory services, and provisioning solutions. The need for identity and access management solutions is driven by the growing threat of cyberattacks and data breaches, increased digitization of business functions, and stringent data privacy regulations across regions.

The Global Identity and Access Management Market is estimated to be valued at US$ 18.09 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031

Key Takeaways

Key players operating in the identity and access management market include Autodesk Inc., IES (Integrated Environmental Solutions), Bentley Systems, Dassault Systà ̈mes, EnergyPlus, CYPE Software, DesignBuilder Software, IESVE (IES Virtual Environment), Carrier, eQUEST, Trane Technologies, IES TaP, IES SCAN, Trimble, and EnergySoft. These players are focusing on new product launches and partnerships to expand their geographic footprint.

The increased adoption of cloud-based services and growing federal compliance mandates present lucrative growth opportunities in the identity and access management industry. The market players are investing in strategic collaborations to establish their presence in emerging economies of Asia Pacific and Latin America.

The industry is witnessing substantial global expansion as companies strive to protect access to critical systems and data across various locations. Vendors are strengthening their product capabilities to address diverse regulatory requirements worldwide.

Market Drivers
Stringent data protection laws and growing compliance mandates across regions: The enactment of regulations like GDPR and CCPA has compelled organizations to tightly control and audit user access and activities involving sensitive data. This drives demand for identity and access management solutions.

Increased risk of cyberattacks: Ransomware attacks, phishing scams, and data breaches have grown substantially in recent years. Companies recognize the need for robust identity governance to prevent unauthorized access to their digital assets and information systems.

Market Restrains
Budget constraints for small and medium enterprises: Identity and access management involves significant licensing costs, installation expenses, and integration with other IT systems. This poses affordability challenges for SMEs.

Rapid technology obsolescence: The features and capabilities demanded from identity governance platforms are constantly evolving. Frequent upgrades required to keep pace with emerging requirements increase long-term ownership costs for organizations.


Segment Analysis
The identity and access management market analysis is dominated by the cloud sub-segment which accounts for approximately 60% of the total market share. Cloud-based identity and access management solutions are seeing higher adoption rates as compared to on-premise solutions due to various advantages such as scalability, low upfront costs, remote management and ease of access. SMEs and large enterprises across industries such as BFSI, healthcare, IT & telecom etc. are showing increased preference for cloud-based identity management solutions for meeting their authentication and authorization requirements in a easy, secured and cost-effective manner.

Global Analysis

The North America region currently dominates the global identity and access management market with the largest share of over 40%. High presence of leading identity management vendors and early adoption of advanced technologies among enterprises is driving the growth of the market in this region. Asia Pacific region is poised to grow at the fastest rate during the forecast period owing to growing digital transformation initiatives, increasing threat of cybercrimes and rising awareness about identity-based security solutions in countries like China, India and Japan. The advent of technologies such as IoT, blockchain and artificial intelligence is also expected to create new opportunities for identity and access management vendors across different regions in the coming years.

Get more insights on this topic: https://www.ukwebwire.com/identity-and-access-management-market-is-transforming-digital-experiences-by-supporting-remote-work/

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