MarketsandMarkets has released a new report that suggests that the Identity and Access Management (IAM) Market will double in the next five years. The report specifically predicts that the market will jump from $12.3 billion to $24.1 billion between 2020 and 2025, with numbers that represent a CAGR of 14.5 percent.
According to MarketsandMarkets, much of that growth will be fueled by venture capital and other investments as various stakeholders try to promote the development of next-generation security solutions. However, the support and maintenance segment will display the highest CAGR as IAM technology becomes more common. Many of the organizations that deploy new IAM systems will rely on a third party for basic upkeep, and they will also need to install periodic upgrades to keep pace with fraudsters and cybercriminals.
Healthcare, meanwhile, will exhibit the most growth as a vertical. The industry covers everything from hospitals and clinics to equipment manufacturers and pharmaceutical companies, and many of those organizations will adopt IAM technology to deliver better patient experiences to the people in their care. IAM solutions will allow those organizations to offer more personalized service without compromising the privacy of their patients.
North America will make up the largest portion of the IAM market. The continent hosts several of the leading market players, and affords plenty of opportunities for organizations that are looking to pursue partnerships, mergers, and acquisitions.
Meanwhile, the firm’s list of major players includes Broadcom, Okta, Ping Identity, ForgeRock, HID Global, Ubisecure, OneLogin, and RSA, who stand alongside perennial giants like Microsoft and IBM.
The report itself comes only a few short months after a similar report that looked specifically at consumer-oriented IAM products, which forecast a $15.3 billion IAM market. MarketsandMarkets has also predicted that the access control market will climb to $12.8 billion in the same timeframe, thanks in large part to the growing demand for biometric readers.
October 8 2020 – by Eric Weiss