Identity and Access Management Market To Generate Revenue Worth $39,184.4 Million in 2030
- Published: June 2022
The global identity and access management market size is expected to reach $39,184.4 million by 2030, growing at a CAGR of 13.3% from 2021 to 2030. The market is characterized by prominent players who provide diverse, advanced, and cost-effective solutions. Technological advancements, various government regulations and initiatives, and significant R&D efforts are expected to drive market growth. Furthermore, the changes in the IT scenario and the increase in demand for dynamic access controls create several opportunities for market players.
The strong R&D and product innovation, as well as a competent distribution channel and regional presence across multiple industries, are key factors helping market players to increase their sales. In addition, product development to ensure customized offerings is a major source of revenue generation in the market. Moreover, cloud-based and hybrid solutions are expected to dominate the industry because they provide increased security and reduce error rates.
North America Is the Leader in the Market
Globally, the North American identity and access management market accounted for the highest revenue share, of 39%, in 2021. The increased adoption of cloud technology is expected to have a significant positive impact on the demand for IAM solutions in the region. Also, the increased frequency of cyberattacks and the presence of key solution providers are expected to drive the regional market growth.
The U.S. is the major revenue contributor to the North American market. The country provides a profitable environment for all technologies, and its potential for new technology adoption makes it a highly rewarding market for many industry players. The presence of top identity & access management vendors in the U.S., rise in the risk of identity thefts and identity frauds, surge in need for threat intelligence, high adoption of blockchain-based solutions, and rapid integration of technologies such as AI and machine learning are some of the major factors boosting the U.S. identity & access management market.
Moreover, the growing adoption of these solutions by several enterprises and the surging deployment of cloud-based solutions across Canada are key factors influencing the market in the country.
Players Adopted Several Market Strategies to Improve their Position
Key players in the IT world, such as IBM and Microsoft, are increasing their investments in the innovation and development of next-generation solutions. The technologies are used to combat identity fraud, worldwide. Many new firms are also attempting to establish themselves in the market through novel ideas and the introduction of inclusive solutions.
For instance, in January 2022, Tech Data launched a new IAMaaS solution for its partners. The new identity and access as a service (IAMaaS) is aimed to aid Tech Data partners in enabling secure hybrid functioning solutions for their customers.
Major players in the market are Oracle Corporation, IBM Corporation, CA Technologies, NetIQ Corporation, HID Global Corporation, Dell, ForgeRock, Bomgar-BeyondTrust, SAP SE, Okta, and Microsoft.