Identity And Access Management Market Will Help Toi Secure the Digital World

The global identity and access management market size was valued at USD 15.93 billion in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 12.6% from 2023 to 2030. Identity and access management (IAM) assures that the appropriate person and job position (identities) in an organization have access to the tools they need to perform their duties. Identity management and access systems allow companies to administer employee apps without logging in as an administrator to each app.

Advances in the internet of things (IoT) and artificial intelligence (AI), rising awareness about regulatory compliance management, increasing reliance on digital platforms & automation, and growing adoption of cloud technologies across industries are estimated to drive the market over the forecast period.

Gather more insights about the market drivers, restrains and growth of the Identity And Access Management Market

The rising cases of fraudulent and cybercrime activities are driving organizations to implement IAM systems as a result of the rapid adoption of the cloud and the advancement of new technologies. IAM uses identity analytics and intelligence to monitor unusual user account activity. In addition, it allows for the deletion of inactive accounts, the detection of policy violations, and the removal of inappropriate access privileges. Hence, the rising enterprise identity and security concerns drive the growth of the industry. Moreover, lower production costs make application administration effortless; the centralizing process time for connectivity and identity modifications increases user reliability, provides easier access to sign-in, signup, and user management processes for application holders, and implements procedures and policies related to user verification and prerogatives.

Furthermore, the integration of the IAM solution and mobile device Management (MDM) may utilize IAM more efficiently and enable the organization’s security and control. MDM is a critical component of IAM as it allows one to control apps and users on the device. Because IAM can be used on multiple devices, extending IAM to mobile devices is a must for any business. MDM is an essential component of IAM as it provides security and the ability to provision apps to devices. MDM collaborates with IAM to help protect each device and, as a result, create security for the user. Both IAM and MDM are critical to each other. MDM allows businesses to easily use identity and access management, while also providing control and security.

Businesses that choose this system will benefit, but they must be aware that to avoid vulnerable points, biometric solutions must be compatible with any smartphone. However, failure to store data, such as personal information and authentication credentials, may result in data breaches and digital identity fraud. Enterprise bring-your-own-device (BYOD) policies have made IAM systems more complicated. Furthermore, the high installation costs of these systems are expected to stifle the growth of the industry over the forecast period. The industry is adopting the latest IAM business technologies as capital technology. These technologies have increased market opportunities for IAM, which have been purchased and implemented in recent years.

IAM contracts' market revenue necessitates extensive implementation. Hence, cloud-based IAM services and technologies are becoming more accessible. These factors are estimated to create lucrative growth opportunities in the global market. The COVID-19 outbreak impacted several business sectors, including the access industry and individuals. Since COVID-19, internet services have played a significant role. Internet services made the population reliant on the growth of the IAM market. During the pandemic, access management software had a critical role in the growth of the overall industry.

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Key Companies profiled:

• Amazon Web Services, Inc.

• Broadcom

• One Identity LLC.

• ForgeRock

• HID Global Corp.

• IBM

• McAfee, LLC

• Microsoft

• Okta

• OneLogin

• Oracle

• Ping Identity

• SecureAuth

• Evidian

• Intel Corp.