Identity and Access Management Market Witnesses Robust Growth as Organizations Prioritize Data Security and User Convenience in Digital Environments

Identity and Access Management Market Report Scope and Overview

The SNS Insider report indicates that the Identity and Access Management Market size was valued at USD 15.5 Billion in 2023, and is expected to reach USD 50.4 Billion by 2031 and grow at a CAGR of 15.9% over the forecast period 2024-2031. The proliferation of cloud-based applications and services has led to a surge in the number of user accounts requiring secure management. This has fueled the demand for Identity and Access Management solutions that can effectively control access to cloud resources, preventing unauthorized access and data breaches.

The increasing adoption of cloud-based solutions is transforming the Identity and Access Management landscape. Traditionally, Identity and Access Management solutions were viewed as capital expenses requiring on-premises deployment and implementation. However, cloud-based Identity and Access Management services are now readily available, offering easier access, scalability, and reduced costs. This shift has significantly driven market growth.

Previously, implementing Identity and Access Management projects involved substantial upfront costs and months of labor. Cloud-based solutions have addressed these challenges by offering flexible deployment options and automated processes, making Identity and Access Management more accessible and cost-effective for businesses of all sizes.

Get a Report Sample of Identity and Access Management Market @ https://www.snsinsider.com/sample-request/1985

Some of the Major Key Players Studied in this Report are:

• SecureAuth
• EmpowerID
• SAP
• OndIndentity
• FusionAuth
• Microsoft
• IBM
• Oracle
• SalesForce
• HID
• CyberArk
• Okta
• Avatier
• Beyond Identity
• Others

Impact of Russia-Ukraine War & Economic Slowdown

The war has led to a surge in cyberattacks targeting critical infrastructure and businesses. This has heightened the need for robust Identity and Access Management solutions to protect sensitive data. The war has disrupted the supply chains of essential hardware and software components used in Identity and Access Management solutions, potentially impacting production and availability. The war-induced economic slowdown could lead to budget constraints for businesses, impacting their willingness to invest in new Identity and Access Management solutions. Businesses may prioritize essential expenses over new technology investments, impacting the adoption of Identity and Access Management solutions. Economic uncertainty may lead to delays in Identity and Access Management project implementation.

Market Segmentation and Sub-Segmentation Included Are:

On The Basis of Services

• User Provisioning
• Single Sign-On
• Access Management
• Multi-Factor Authentication
• Password Management
• Directory Services
• Governance and Compliance Management

On The Basis of Deployment Mode

• Public
• Hybrid
• Private

On The Basis of Industry Verticals

• BFSI
• IT and Telecommunication
• Healthcare
• Media & Entertainment
• Retail
• Education
• Others

Key Regional Developments

North America currently dominates the global Identity and Access Management market due to the high internet penetration, advanced cybersecurity awareness, and stringent compliance regulations.

Asia Pacific is expected to witness the fastest growth rate over the forecast period. This is driven by factors such as rapid digitalization, rising internet penetration, and the increasing presence of SMEs adopting Identity and Access Management solutions.

Ask for a Discount @ https://www.snsinsider.com/discount/1985

Recent Developments

In April 2023: Saviynt partnered with leading technology and consulting firms, including IBM, to launch the Saviynt Solution Exchange. This marketplace offers pre-built solutions that accelerate and optimize organizations’ journey to cloud identity security.

In March 2023: CyberArk enhanced its Workforce Password Management solution with new capabilities to secure access to high-risk, high-value business applications. This helps organizations improve security and reduce risk.

Key Takeaways

• The Identity and Access Management market is poised for significant growth driven by the increasing adoption of cloud-based solutions, rising cyber threats, and stringent regulatory requirements.
• Cloud-based Identity and Access Management solutions are gaining traction due to their affordability, scalability, and ease of deployment.
• Access Management is the dominant service segment due to its critical role in controlling user access to sensitive data and resources.
• North America currently leads the market, but Asia Pacific is expected to witness the fastest growth rate due to rapid digitalization and a growing number of SMEs adopting Identity and Access Management

The continued migration to cloud-based applications and services will fuel the demand for Identity and Access Management solutions. The rising number of cyberattacks will necessitate stronger security measures, driving the adoption of Identity and Access Management solutions. Stringent regulations like GDPR and CCPA will continue to push businesses towards implementing robust Identity and Access Management solutions.

Buy the Latest Version of this Report @ https://www.snsinsider.com/checkout/1985

Table of Contents- Major Key Points

1. Introduction
2. Research Methodology
3. Market Dynamics
   • Drivers
   • Restraints
   • Opportunities
   • Challenges
4. Impact Analysis
   • COVID-19 Impact Analysis
   • Impact of Ukraine- Russia war
   • Impact of Ongoing Recession on Major Economies
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Identity and Access Management Market Segmentation, Services
   • User Provisioning
   • Single Sign-On
   • Access Management
   • Multi-Factor Authentication
   • Password Management
   • Directory Services
   • Governance and Compliance Management
9. Identity and Access Management Market Segmentation, by Deployment Mode
   • Public
   • Hybrid
   • Private
10. Identity and Access Management Market Segmentation, by Industry Verticals
    • BFSI
    • IT and Telecommunication
    • Healthcare
    • Media & Entertainment
    • Retail
    • Education
    • Others
11. Regional Analysis
    • Introduction
    • North America
    • Europe
    • Asia-Pacific
    • The Middle East & Africa
    • Latin America
12. Company Profile
13. Competitive Landscape
    • Competitive Benchmarking
    • Market Share Analysis
    • Recent Developments
14. USE Cases and Best Practices
15. Conclusion

About Us

SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company’s aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

Our staff is dedicated to giving our clients reliable information, and with expertise working in the majority of industrial sectors, we’re proud to be recognized as one of the world’s top market research firms. We can quickly design and implement pertinent research programs, including surveys and focus groups, and we have the resources and competence to deal with clients in practically any company sector.