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Identity and Access Management Market Size, Share and COVID-19 Impact Analysis By Component (Provisioning, Directory Service, Single Sign-On, Password Management, Advanced Authentication, Audit, Compliance and Governance), By Deployment Model (Cloud, On-Premises), By Enterprise Size, By Vertical (BFSI, Telecom & IT, Retail & CPG, Government, Energy Utilities, Education, Manufacturing, Healthcare & Life Sciences)& Regional Forecast 2021-2028

Region : Global | Format: PDF | Report ID: FBI100373

 

KEY MARKET INSIGHTS

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The global identity and access management market size was USD 12.26 billion in 2020. The market is projected to grow from USD 13.41 billion in 2021 to USD 34.52 billion in 2028 at a CAGR of 14.5 % in the 2021-2028 period. The global impact of COVID-19 has been unprecedented and staggering, with identity and access management witnessing a steady growth across all regions amid the pandemic. Based on our analysis, the global market exhibited a significant growth of 9.1% in 2020 compared to the average year-on-year growth during 2017-2019. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.


The demand for identity and access management solutions is gaining traction due to rising regulatory compliances and security concerns. Also, growing cloud adoption is one of the major factors responsible for the growth of the market.  Further, the integration of advanced technologies such as Blockchain and artificial intelligence into IAM solutions is expected to boost the growth of the market in the coming years. Small and medium-sized enterprises are adopting IAM solutions to comply with regulatory requirements that are anticipated to fuel the growth of the market. Further, Enterprises are focusing on increasing funding to accelerate product demand and growth in the market. For instance,



  • In July 2020, Auth0, identity-as-a-service provider, raised USD 120 Million in Series F funding led by Salesforce Ventures. The aim of the company is to leverage funds to global expansion and fuel continued product innovation with respect to the growing demand for extensible identity platforms that enable secure access.


COVID-19 Impact


Rising Demand for Identity Protection Solutions Amid Pandemic to be a Market Opportunity


The COVID-19 pandemic has impacted business operations across the globe. Owing to the pandemic, organizations have adopted remote work culture and cloud technology to mitigate the impact on business operations. The rising adoption of cloud and remote work increased the data protection and privacy concerns for organizations. Owing to economic disruption caused by the COVID-19 pandemic, cybercrimes and an increase in identity frauds have boosted the adoption of IAM solutions amid the pandemic.


The adoption of bring your own device (BYOD) approach has increased identity and privacy concerns and is likely to support the market growth. Owing to the emergence of industry 4.0, identity and access management solutions are introduced for machines in 2020 that has enabled the enterprise to manage identities of RPA bots, IoT device, Containers, virtual machines, and others. Due to the COVID-19 pandemic, businesses have recognized the benefits of these solutions, so in the long term, this market is expected to grow remarkably.


LATEST TRENDS


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Adoption of Blockchain Technology in Identity Management to Tackle Authentication and Authorization Issues


The emergence of blockchain technology facilitates secure and transparent identity management platforms to protect personal, organizational identities from cyberattacks and fraudulent activities. Leveraging the benefits of identity authentication and secure access provided by Blockchain integrated IAM systems, governments and organizations are investing to incorporate solutions. For instance, since November 2017, Zug, a city in Switzerland, has started offering Blockchain-based digital IDs to citizens.


In addition, blockchain-based IAM systems assist in reducing the cost and operational risks by eliminating intermediaries, data and replicated identity repositories. Such rising adoption of blockchain technology is expected to foster the demand for such systems in the coming years.


DRIVING FACTORS


Growing Security Concern among Organizations to Boost the Growth


Rising cybercrimes and fraudulent activities owing to the rapid adoption of cloud and similar emerging technologies across organizations have pushed organizations to incorporate IAM systems.


IAM leverages identity analytics and intelligence to monitor unusual activities from user account. It enables the identification of policy violations, deletion of idle accounts and removal of inappropriate access privileges. Such rising identity and security concerns across enterprises are anticipated to fuel the growth of this market.


Increasing Awareness of Regulatory Compliance to Drive Market Growth


In today’s data-driven world, companies incorporate identity and access management solutions to identify fraudulent activities and mitigate cyberattacks, ensuring data privacy and security. IAM systems help organizations fulfill compliance requirements. For instance, organizations having IAM solutions can prove that they have appropriate measures to mitigate the risk of a data breach or misuse while auditing.


IAM solutions also help to meet specific criteria associated with various regulations includes Gramm-Leach-Bliley Act (GBLA), Sarbanes-Oxley (SOX), Family Educational Rights and Privacy Act of 1974 (FERPA), Payment Card Industry Data Security Standard (PCI), Health Insurance Portability and Accountability Act (HIPAA), General Data Protection Regulation (GDPR) and North-American Electric Reliability Corporation (NERC).


Such compliance requirements and corporate governance concerns are expected to boost this market.


RESTRAINING FACTORS


Risk Associated with Identity and Access Management to Hamper Market Growth


Failure to store data such as authentication credentials, personal information, etc., at a centralized place may result in digital identity fraud and data breaching activities. Emerging BYOD policy among enterprises has made IAM Systems more complex.


Lack of skilled professionals may impact the adoption of IAM solutions. Cloud-based IAM systems are rapidly adopted by enterprises that provide numerous benefits, but it has security and privacy issues such as data breaches, hacked interfaces, credential protection, DoS attacks, etc., of stored data. Such activities are expected to hinder the identity and access management market growth.


SEGMENTATION


By Component Analysis


Access provisioning segment to hold major market share


Based on components, the market is segmented into provisioning, directory services, single sign-on, password management, advanced authentication, audit, compliance, and governance, and others (access management and authorization, verification etc.). Among these, the provisioning segment held the largest market share in 2020 owing to its vast functionalities. For instance, the identity management provider, OneLogin, provides multi-role single sign-on, multi-account for Amazon Web Services (AWS) access management. The solution automates user provisioning, which improves the productivity of AWS administrators.


The single sign-on segment is expected to grow with the highest CAGR during the forecast period. For instance, IBM Corporation single sign-on offers one-click access with a single set of credentials to cloud, on-premise and mobile applications.


By Deployment Analysis


Rising Adoption of Cloud to Fuel the Market Growth


Based on deployment, the market is bifurcated into the cloud and on-premises. Key players in the market are providing cloud and on-premises solutions to their customers.  Cloud-based IAM solutions are expected to be the fastest-growing segment during the forecast period. In the March 2021 study, ForgeRock states that 80% of IT Decision makers have adopted or expanded or plan to adopt the cloud-based solutions in the next two years. Rising adoption of cloud-based solutions by SMEs fuels the growth in this segment. The on-premise segment is likely to rise with steady growth.


By Enterprise Size Analysis


Adoption of IAM Solution across Large Enterprises Boost the Market Growth


Based on organization size, the market is segmented into small & medium enterprises (SMEs) and large enterprises. Among these, the large enterprises' segment is expected to hold the largest market share during the forecast period. Large enterprises are making substantial investments in advanced technology solutions to ensure advanced identity protection for customers. Large companies provide comprehensive products across different categories and industries and hence are likely to be the potential customers of IAM solutions. Small and medium-sized enterprises are anticipated to grow with the highest CAGR during the forecast period across different categories and industries and hence are likely to be the potential customers of IAM solutions.


By Industry Vertical Analysis


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Rising Adoption of IAM Solutions across the Healthcare and BFSI sector to Foster the Market Growth


Taking into consideration the industry vertical, the global identity and access management market has been segmented into BFSI, healthcare & life sciences, manufacturing, retail and consumer packed goods, IT & telecom, government, education, and energy & utilities. Among these, the healthcare and life-science segment is expected to show the highest growth owing to the rising adoption of these type of solutions.


Rising digitalization across healthcare like telemedicine, EMR, e-health applications creates a large number of identities, to secure these identities, patient’s sensitive data, etc. and meet regulatory compliances like Health Insurance Portability and Accountability Act (HIPAA), Electronic Prescribing for Controlled Substances (EPCS), etc. is expected to fuel the demand for IAM systems across the sector.


The rising adoption of online payments, e-wallets and digital/retail banking is expected to boost the adoption of these type of solutions across the BFSI sector to ensure right access to the right people, manage risks and comply with security regulations. The other verticals, such as government, manufacturing, retail and consumer packaged goods, education, IT & telecom, and energy & utilities, are projected to grow at a substantial rate.


REGIONAL INSIGHTS


North America Identity and Access Management Market Size, 2020 (USD Billion)

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Geographically, the market is fragmented into five major regions such as North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. They are further categorized into countries.


North America is expected to dominate the market share in 2020. The growth in this region is owing to the adoption of remote work, cloud technology and increasing cyberattacks. Also, the market growth is driven by the presence of key companies such as Amazon Web Services Inc., Akamai Technologies, HP Development Company L.P., Microsoft Corporation, Oracle Corporation, IBM Corporation, and others in the region.


The players in this region are focused on investing in emerging technologies to enhance the capabilities of IAM solutions. For instance, in November 2019, ForgeRock has made advancements in ForgeRock Identity and access management by introducing ForgeRock Identity Cloud. It aims to manage digital identities in the public cloud, on-premise or hybrid cloud.


Europe is anticipated to grow significantly owing to the security and regulatory compliance concerns in countries such as Germany, Italy, Spain, and others. The requirements of general data protection regulation (GDPR) across the European Union drive the market for identity and access management solutions in this region. Rising small and medium-sized enterprises boost the demand for IAM solutions to comply with regulations in this region.


Asia Pacific is anticipated to grow with the highest CAGR during the forecast period. The major players in Asia Pacific are investing in advanced solutions to prevent cyberattacks and identity frauds; this drives the growth of this market in this region.


The growing digital transformation across the Middle East and Africa is expected to boost the demand for IAM solutions. Further, the governments of various countries such as Saudi Arabia, Egypt and Jordan in this region started implementing data protection laws, which creates market opportunities in coming years. Similarly, Latin America is to witness moderate growth with rising cybercrimes, advancement of technology and implementation of data privacy and protection laws in this region.


KEY INDUSTRY PLAYERS


Key Players Are Focused on Strengthening Their Market Position with Continuous Developments


The players are investing in advanced technologies to improve the capabilities of IAM solutions. Also, the prominent players are involved in the various acquisition, partnerships, collaborations, and mergers to expand the market presence.


December 2019 – IBM Corporation enhanced risk detection in identity management by implementing artificial intelligence technology. IBM Cloud Identity with AI-based adaptive access helps to monitor consumer risks levels while accessing services and applications.


January 2019 Akamai Technologies acquired Janrain, Inc., a U.S.-based customer identity access management (CIAM) company. This acquisition is expected to provide security benefits to CIAM customers. Through this acquisition, the company aims to provide a secure and resilient platform for storing and collecting sensitive data, avoiding identity frauds and managing privacy controls.


List of the Key Companies Profiled:



  • Amazon Web Services Inc. (Washington, U.S.)

  • Akamai Technologies (Massachusetts, U.S.)

  • HP Development Company L.P. (California, U.S.)

  • Microsoft Corporation (Washington, U.S.)

  • Oracle Corporation (Texas, U.S.)

  • IBM Corporation (New York, U.S.)

  • ForgeRock (California, U.S.)

  • Thales Group (Paris, France)

  • Avatier (California, U.S.)

  • Symantec (Arizona, U.S.)

  • Beta Systems (Berlin, Germany)

  • CA Technologies (New York, U.S.)

  • Centrify (California, U.S.)

  • CyberArk (Massachusetts, U.S.)

  • Core Security (Massachusetts, U.S.)

  • Crossmatch (Florida, U.S.)

  • Fischer Identity (Florida, U.S.)


KEY INDUSTRY DEVELOPMENTS:



  • August 2019 – Beta Systems collaborated with a British IT consulting company, Pure IT Associates. The partnership aims to promote Beta systems’ identity and access management solutions in Denmark.

  • May 2021 – Centrify and Thycotic have announced a cloud identity security solution provider, ThycoticCentrify. It aims to manage IAM accounts, AWS billing accounts and AWS EC2 instances.


REPORT COVERAGE


An Infographic Representation of Identity and Access Management Market

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The global identity and access management market report highlights leading regions across the world to offer a better understanding of the user. Furthermore, the report provides insights into the latest industry and market trends and analyzes technologies deployed at a rapid pace at the global level. It further highlights some of the growth-stimulating factors and restraints, helping the reader gain in-depth knowledge about the market.


REPORT SCOPE & SEGMENTATION


























































  ATTRIBUTE



  DETAILS



Study Period



2017-2028



Base Year



2020



 Estimated Year



 2021



Forecast Period



2021-2028



Historical Period



2017-2019



Unit



Value (USD billion)



Segmentation



By component, Deployment model, Enterprise Size, Industry Vertical, Region



By Component




  • Provisioning

  • Directory Service

  • Single Sign-On

  • Password Management

  • Advanced Authentication

  • Audit, Compliance, and Governance

  • Others (access management and authorization, verification etc.)



By Deployment Model




  • Cloud

  • On-Premises



By Enterprise Size




  • Large Enterprises

  • Small and Medium Enterprises



By Vertical




  • BFSI

  • Telecom and IT

  • Retail and Consumer Packed Goods

  • Government

  • Energy Utilities

  • Education

  • Manufacturing

  • Healthcare and Life Sciences

  • Others



By Region




  • North America (By Component, By Type, By Deployment, By Application, By Industry, By Country)

    • U.S.

    • Canada



  • Europe (By Component, By Type, By Deployment, By Application, By Industry, By Country)

    • U.K.

    • Germany

    • France

    • Scandinavia

    • Rest of Europe





  • Asia Pacific (By Component, By Type, By Deployment, By Application, By Industry, By Country)





    • China

    • Japan

    • India

    • Southeast Asia

    • Rest of Asia Pacific



  • Middle East & Africa (By Component, By Type, By Deployment, By Application, By Industry, By Country)

    • GCC

    • South Africa

    • Rest of the Middle East & Africa



  • Latin America (By Component, By Type, By Deployment, By Application, By Industry, By Country)

    • Brazil

    • Mexico

    • Rest of Latin America





Frequently Asked Questions

The market is projected to reach USD 34.52 billion by 2028.

In 2020, the market was valued at USD 12.26 billion.

The market is projected to grow at a CAGR of 14.5%.

The access provisioning component held the largest market share in 2020.

North America region is expected to hold the highest market share.

Asia Pacific is expected to grow with the remarkable CAGR.

North America is expected to hold a significant market share in the identity and access management market. The market in this region was USD 4.55 billion in 2020.

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