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(IT-NEWSWIRE.COM, September 09, 2024 ) The global Identity and Access Management Market size is projected to grow from USD 22.9 billion in 2024 to USD 34.3 billion by 2029 at a CAGR of 8.4% during the forecast period. The IAM market is primarily driven by the rise in cyber threats and data breaches, the adoption of cloud-based services, stringent regulatory compliance requirements, and shifting towards remote work. These factors necessitate robust IAM systems to secure and manage access across diverse platforms and locations.
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These include the increasing occurrence of security breaches and identity-related frauds, which have created a heightened demand for robust IAM solutions. Additionally, organizations are becoming more aware of the importance of compliance management and are investing in IAM systems to meet regulatory requirements. The expanding need for IAM solutions in the context of the Internet of Things (IoT) is also contributing to market growth. Furthermore, the COVID-19 pandemic has led to a greater focus on cybersecurity, prompting organizations to increase their investments in IAM solutions to enhance their defenses. These factors are pushing organizations to adopt MDR services for advanced threat detection and response capabilities.
Unique Features in the Identity and Access Management Market
The employment of sophisticated authentication techniques, which go beyond simple passwords to provide more secure and convenient solutions, is what defines the IAM market. Multi-factor authentication (MFA), biometric authentication (facial recognition and fingerprints), and behavioral biometrics—which examine patterns like mouse movements and typing speed—are all included in this.
The adoption of the Zero Trust security paradigm is a distinctive and rising feature in the IAM market. The foundation of this concept is the idea that no person or device—whether connected to the organization’s network or not—should be trusted by default. Users, devices, and access levels are continuously verified and authenticated by IAM solutions that use Zero Trust.
Identity Governance and Administration is a crucial component of modern IAM solutions. IGA features allow organizations to manage and govern user identities and their access rights across the enterprise. This includes capabilities like role-based access control (RBAC), automated provisioning and de-provisioning of user accounts, and audit and compliance reporting.
With the shift towards cloud computing, IAM solutions are increasingly designed to integrate seamlessly with various cloud services and applications. Cloud-based IAM platforms provide centralized control and management of user identities across multiple cloud environments, ensuring consistent and secure access policies.
User Behavior Analytics is a feature that leverages machine learning and artificial intelligence to monitor and analyze user behavior in real-time. By establishing a baseline of normal behavior, UBA can detect anomalies that may indicate potential security threats, such as unusual login times, access to sensitive data, or atypical usage patterns.
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By Offering, Services segment to account for the highest CAGR
In the dynamic IAM services market, vendors continually enhance their offerings by providing a diverse range of services, including consulting, installation and integration, maintenance, and support. These vendors leverage the latest techniques, comprehensive strategies, and expertise to address the security requirements of organizations effectively. By leveraging cutting-edge technologies, tools, and strategies, they offer a wide array of services to fulfill the IAM needs of organizations. Additionally, vendors provide customized implementation and risk assessment services, assisting organizations in deploying IAM solutions in alignment with industry-defined best practices. Their goal is to ensure that organizations receive tailored and high-quality IAM services that meet their specific requirements and adhere to the highest standards of security and efficiency. Thus, the services segment accounts for a higher CAGR.
List of Top Companies in Identity and Access Management Market:
Microsoft
Okta
IBM
Oracle
Salesforce
Ping Identity
HID Global
ForgeRock
CyberArk
Micro Focus
Major Highlights of the Identity and Access Management Market
The market for Identity and Access Management (IAM) is expanding rapidly, mostly due to the extensive digital transformation taking place in a number of different industries. Strong Identity and Access Management (IAM) solutions are now critical for managing and securing digital identities as enterprises embrace digital technologies and shift to cloud environments.
The move toward Zero Trust Architecture is one of the IAM market’s main features. Since every access request needs to be verified and approved, this security model anticipates that threats may come from both inside and outside the network. IAM solutions are leading the way in putting Zero Trust concepts into practice by constantly confirming users and devices and making sure that access is only allowed with the minimal amount of permission. This strategy lowers the chance of data breaches while greatly enhancing security.
The IAM market is seeing a rapid adoption of advanced authentication methods beyond traditional passwords. Multi-factor authentication (MFA), biometric authentication (fingerprint, facial recognition), and behavioral biometrics are becoming standard features.
IAM solutions are increasingly designed to integrate seamlessly with cloud and hybrid environments. As organizations adopt multi-cloud strategies, IAM platforms provide centralized control over user identities and access policies across different cloud services.
Improving user experience is a key focus in the IAM market, with Single Sign-On (SSO) solutions playing a crucial role. SSO allows users to access multiple applications and services with a single set of credentials, reducing the burden of remembering multiple passwords and enhancing productivity.
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Source: EmailWire.Com 
Source: EmailWire.com
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