Identity and Access Management Market Poised for Remarkable Growth, Valued at $10.1 Billion in 2019 and Expected to Reach $24.8 Billion by 2026
The global identity and access management (IAM) market, which was valued at US$10.1 billion in 2019, is projected to experience substantial growth and reach a staggering US$24.8 billion by 2026, according to a report by Fairfield Market Research. This anticipated surge reflects a remarkable Compound Annual Growth Rate (CAGR) of 14.8% during the forecast period from 2021 to 2026.
The unprecedented growth of the IAM market can be attributed to a variety of factors, most notably the escalating ubiquity of security breaches and the rising prevalence of identity fraud. Recent data provided by the Federal Trade Commission (FTC) reveals that identity fraud cases surged by a staggering 45% in 2020, resulting in significant financial losses. This alarming trend persisted in 2021, culminating in a total loss of US$56 billion for North America, as reported by Javelin Strategy. Shockingly, over one million minors fell victim to identity theft in 2020 alone, with losses escalating from US$1.8 billion in 2019 to US$3.3 billion in 2020. A stark revelation from Javelin Strategy’s 2020 research on identity fraud is that 40% of account takeovers occurred within 24 hours of a criminal gaining access to a victim’s account. These statistics underscore the dramatic rise in cyberattacks, particularly identity-related frauds, over recent years, and the subsequent demand for robust identity and access management solutions.
The surge in cyberattacks can be attributed to technological advancements, including the proliferation of machine learning (ML), which empowers attackers to generate numerous copies of malicious malware daily. As the world continues to digitize, personal information from countless individuals is stored on servers worldwide, intensifying the risk of identity theft. Businesses are grappling with damaged reputations, compromised assets, and significant financial losses as a consequence of the incessant influx of cyber threats. Consequently, safeguarding against cyber threats has become paramount for enterprises, driving the rapid expansion of the identity and access management market.
However, this growth is not without its challenges. A significant impediment to effective cybersecurity is the shortage of capable professionals in the field. Many organizations fail to allocate sufficient resources to bolster their security infrastructure, largely due to a lack of awareness regarding modern cyber threats, resulting in substantial losses. Additionally, businesses with critical cybersecurity needs have reported a severe scarcity of qualified personnel, rendering them more vulnerable to cyberattacks. The demand for competent cybersecurity specialists in the United States alone stood at 435,000 in January 2022, a significant increase from approximately 314,000 in 2019, according to eSecurityPlanet.
The transition to remote work during the COVID-19 pandemic, coupled with the growing prevalence of ransomware attacks, exacerbated the workload for trained IT professionals, leading to burnout among many security experts. As the demand for experienced cybersecurity workers continues to rise, recruiters and government officials are urgently seeking solutions to bridge the skills gap. Furthermore, the proliferation of dispersed cloud-based applications has enabled users to access essential business applications from any location, at any time, and on any device. While this presents an opportunity for the identity and access management market, it also complicates the management of user identities, as customers struggle to remember passwords for multiple applications.
North America remains at the forefront of the global identity and access management market, given its status as the most affected region by cybersecurity incidents. The region dominates the global cybersecurity market, boasting the most advanced cyber technology adoption and infrastructure. Meanwhile, the Asia-Pacific (APAC) region is experiencing the fastest growth in the identity and access management market. Emerging economies in APAC, such as India, China, Singapore, and Japan, are increasingly concerned about cybersecurity. Despite the substantial investment required for SMEs to adopt major IAM projects on their premises, factors like the growing use of the internet, compliance regulations, and smartphone adoption are fueling the expansion of the identity and access management market in these regions.
Key Players in the Global Identity and Access Management Market include Microsoft Corporation, Sailpoint Technologies, Inc., Oracle Corporation, Dell EMC, IBM Corporation, Hitachi ID Systems, Inc., CA Technologies, Micro Focus (NetIQ Corporation), Centrify Corporation, and Okta, Inc.
In conclusion, the global identity and access management market are poised for exceptional growth, driven by the escalating threat landscape of cyberattacks and identity fraud. The need for robust IAM solutions has never been more critical, making this market a focal point for enterprises looking to safeguard their assets, reputation, and customer trust in an increasingly digital world.
Global Identity and Access Management Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2021-2026 – [2023 UPDATE Available – Forecast 2023-2030*] (By Deployment Coverage, Components Coverage, Verticals Coverage, Solution Coverage, By Geography, Leading Companies) https://www.fairfieldmarketresearch.com/report/identity-access-management-market
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