Identity and Access Management Market to Reach USD 24.1 Bn by 2025
Enabling quick and easy access to critical information at any time, from anywhere has become a key business imperative.
However, in today’s ever-evolving digital landscape, ensuring secure access is complex and challenging.
Identity and Access Management (IAM) has emerged as the right solution to ensure right access to the right information, at the right time.
Organizations are increasingly implementing IAM to control access to their business, comply with regulations, and maintain public trust. Given these aspects, IAM adoption is accelerating significantly with time.
According to the market estimates, the global identity access management market size was valued at USD 12.3 billion in 2020 and is expected to reach USD 24.1 billion by 2025.
The demand for IAM implementation is to propel at a CAGR of 14.5% during the forecast period 2021-25.
The pandemic has significantly accelerated digital transformation and remote working, increasing the need for IAM policies. Thus, the pandemic-driven large-scale digital shift is the prime factor fueling the IAM market during the forecast period.
The growing security concern among the global organizations with data breaches and attacks amid the pandemic is driving the IAM market growth.
The increasing need for IAM in IoT and BYOD to provide consistent, frictionless, and enhanced user experience also boosts IAM spending.
Cloud-based IAM to Lead the Market
Based on deployment, the global identity and access management IAM market has 2 segments: cloud and on-premises. Among them, cloud-based IAM market seems to be the fastest-growing segment due to the growing demand for cloud adoption.
Moreover, cloud-based IAM solutions offer enhanced security, single access control interface, and resource-level access control, simplified management, and reduced costs.
Healthcare to Register Highest Growth Rate
Based on vertical, the IAM market is divided into hospitality, healthcare, retail and e-commerce, IT, transportation, and others. Among them, the healthcare sector has highest growth rate during the forecast period.
The healthcare industry is increasingly deploying cutting-edge technologies to offer patients improved, intuitive, and personalized care and experience.
IAM implementation helps healthcare organizations to address the security issues related to users’ access. Also, it helps prevent unauthorized users from accessing Protected Health Information (PII).
APAC to Provide Lucrative Market Opportunities
The Asia Pacific region is becoming the most lucrative region over the IAM forecast period due to the rapid adoption of digital technologies. The increasing venture capital funding and investments in IAM technology in major economies, such as India, China, Australia, and Japan, are driving market growth.
However, North America held the largest market share in 2020 due to the rapid adoption of the latest technologies in the healthcare sector amid the pandemic.
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