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(Hosting-NewsWire.com, February 26, 2025 ) The Global Identity and Access Management Market was worth US$ 22.09 billion in 2023 and is estimated to reach US$ 40.05 million by 2031, growing at a CAGR of 8.31% during the forecast period (2024-2031).
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Market Dynamics
Rising Adoption of Hybrid Cloud and Cloud-Based IAM Solutions
As the cloud market continues to expand, the need for secure identity and access management (IAM) solutions is growing rapidly. Traditionally, IAM technologies required significant capital investment and were deployed on-premises, often involving complex and time-consuming implementation. However, with the rise of cloud computing, the adoption of cloud-based IAM solutions is accelerating, offering businesses a more flexible and cost-effective approach.
Hybrid IAM deployments allow organizations to balance on-premises and cloud-based solutions, providing greater flexibility and security. Additionally, pricing models such as monthly subscriptions and pay-per-use options have made IAM services more accessible, enabling service providers to expand their market reach.
Cloud-based consumer IAM solutions, in particular, require less capital investment and shorter deployment times. As a result, with the increasing number of SMEs adopting cloud services, IAM solutions are expected to witness widespread adoption across businesses of all sizes.
Market Segments
• By Component(Data Directory, Verification, Others)
• By End-User(BFSIHealthcare, Retail & E-Commerce, Education, IT & IT Services, Government, Others)
• By Organization Size(Small & Medium Enterprises, Large Enterprises)
• By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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Market Regional Share
Escalating Identity and Access Breach Threats in Asia-Pacific
With the rising threat of identity and access breaches, Asia-Pacific is ramping up investments in security solutions. The region’s growing economies—India, Japan, China, and Australia—host a vast number of small and medium-sized enterprises (SMEs), which employ over 70% of the population.
While high implementation costs have traditionally been a barrier for SMEs in adopting large-scale IAM solutions, factors such as increased internet usage, regulatory compliance, and smartphone penetration are accelerating the adoption of cloud-based IAM services.
Governments across Asia-Pacific are taking proactive measures to combat identity fraud.
According to ForgeRock, many are implementing electronic identity verification programs to enhance internet security, build trust, and curb identity theft. The outbreak of COVID-19 further fueled a surge in identity fraud, prompting countries like India, Japan, and Australia to introduce or update national identity management regulations to address the growing sophistication of cyber threats. As a result, the demand for robust IAM solutions is expected to surge across the region.
Market Key Players
Key players are IBM Corporation, Sailpoint Technologies, Inc., Microsoft Corporation, Hitachi Id Systems, Inc., CA Technologies, Micro Focus (NetIQ Corporation), Centrify Corporation oracle Corporation, Okta Inc. and Arctic Wolf.
Recent Developments
• In March 2024, Okta Ventures' Series A extension included a strategic investment in Accredify, a Singapore-based provider of verifiable digital credential solutions. Okta Ventures' first investment in a Singaporean firm comes after Accredify's considerable revenue growth and the implementation of important integrations and partnerships.
• In September 2023 oracle announced significant enhancements to Oracle Access Governance at Oracle CloudWorld. These enhancements aim to help IT teams better manage user access to essential digital resources like applications, source code, databases and cloud services.
DataM Intelligence
Sai Kiran
+1 877 441 4866
pr@datamintelligence.com
Source: EmailWire.Com 
Source: EmailWire.com
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