Verified Market Research has released a new report on the Identity and Access Management Market that suggests that the global demand for IAM products will nearly triple in the next seven years. In that regard, the firm predicts that the market will jump from $11.82 billion to $29.79 billion between 2019 and 2027. Those numbers correspond to a CAGR of 13.21 percent for the forecast period.
The report attributes much of that growth to the anticipated spend from government bodies and large enterprises, both of which will need to adopt more modern security technologies to protect the personal information of their citizens and their customers, respectively. They will also need to update their IAM protocols to keep pace with an evolving regulatory environment.
The Internet of Things will be another major factor driving growth in the IAM market. As the number of devices in circulation increases, organizations need to be able to manage a much greater number of identities and access points than they did in the past. However, they still need to ensure that only approved individuals are able to gain access to sensitive materials.
As a result, organizations will invest in IAM solutions that can deliver a safe, frictionless, and consistent user experiences at scale. The goal is to manage those identities efficiently while still guarding against data breaches.
The numbers in the Verified report are comparable to those in a recent report from MarketsandMarkets, which predicted that the Identity and Access Management market will reach $24.1 billion by 2025. Of that, a full $15.3 billion represents the demand for consumer-facing IAM products alone. Both Verified and MarketsandMarkets identified healthcare as one of the industries that will display the most interest in new IAM technologies.
Verified listed Microsoft, IBM, Hitachi, and Okta as some of the key players in the identity and access management space.
November 2, 2020 – by Eric Weiss