“Many of the world’s top IAM vendors are located in the US and Canada, including Microsoft and IBM. Salesforce, Broadcom, Okta, Ping Identity, and ForgeRock were also listed as some of the top players in the space.”
MarketsandMarkets has released a new report that suggests that the market for consumer identity and access management (IAM) solutions will double in the next five years, growing from $7.6 billion in 2020 to $15.3 billion in 2025. Those numbers correspond to a CAGR of 15.1 percent, with venture capital driving much of that growth as investors back new technologies in an effort to build the market.
According to MarketsandMarkets, much of that growth will be concentrated in professional sectors. For example, the financial services sector is expected to have the highest CAGR during the forecast period, largely because financial institutions regularly handle sensitive information and are amongst the most popular targets for cybercriminals. Those financial organizations have historically been early adopters of new identity technologies, and that trend is expected to continue as they try to stay one step ahead of fraudsters.
Meanwhile, integration and deployment solutions are expected to see the most growth on the services front. Those services are specifically geared toward security and IT professionals, who are often asked to integrate next-generation access management technology for organizations that may not have the expertise to do it themselves.
North America will be the biggest region for IAM technology. Many of the world’s top IAM vendors are located in the US and Canada, including Microsoft and IBM. Salesforce, Broadcom, Okta, Ping Identity, and ForgeRock were also listed as some of the top players in the space.
MarketsandMarkets has previously predicted that the overall security market will reach $373 billion by 2022. Consumer Identity and Access Management only represents a fraction of that total, but it will be increasingly important moving forward. Cyberattacks and data breaches have become more common in the past few years, and especially since the onset of COVID-19.
MarketsandMarkets has also predicted that the Biometrics-as-a-Service market will hit $3.6 billion by 2025.
August 14, 2020 – by Eric Weiss