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, for employees, stakeholders, and customers 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 policies and processes to control access to their business assets, secure information, comply with regulations, and maintain public trust. Given these aspects, IAM adoption is accelerating significantly with time.
Also Read: Why IAM Services? Reasons You Should Consider!
According to the market estimates, the global IAM 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 poised 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 stringent IAM policies. Thus, the pandemic-driven large-scale digital shift is considered the prime factor fueling the IAM market during the forecast period.
The growing security concern among the global organizations with the proliferation of data breaches and attacks amid the pandemic is driving the IAM market growth.
Moreover, the increasing need for IAM in IoT and BYOD to provide consistent, frictionless, and enhanced user experience is expected to boost IAM spending.
Cloud-based IAM to Lead the Market
Based on deployment, the global identity and access management market is segmented into cloud and on-premises. Among them, cloud-based IAM is projected to be the fastest-growing segment during the forecast period 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 bifurcated into BFIs, hospitality, healthcare, retail and e-commerce, automotive, education, IT, transportation, and others. Among them, the healthcare sector is expected to register the 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 and prevent unauthorized users from accessing Protected Health Information (PII).
APAC to Provide Lucrative Market Opportunities
By region, the Asia Pacific region is poised to be the most lucrative region for the IAM market over the forecast period due to the rapid adoption of digital technologies. The increasing venture capital funding and growing investments in IAM technology in major economies, such as India, China, Australia, and Japan, are poised to drive 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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