Identity and Access Management Market - Global Industry Analysis (2018 - 2020) - Growth Trends and Market Forecast (2021 - 2026)

An uptick in the number of cyber threats, in recent years, has propagated robust growth waves across the global identity and access management market. Additionally, the ongoing digitalisation across the healthcare industry has also increased the need to secure healthcare records from cyber-attacks. As a result of this, the global identity and access management market is expected to reach sound maturity in the upcoming years. A recent study by Fairfield Market Research presented an insightful analysis of the global identity and access management market, outlining its growth trajectory during 2021-2026. Generating a substantial revenue of US$10.1 Bn in 2019, the global identity and access management market is set to reach US$24.8 Bn by 2026, registering a growth of 14.8% during the forecast period.

Key market growth catalysers include the growing adoption of digital technologies, the rising demand to improve business efficiency, and regulatory compliance to safeguard personal and sensitive information. Such shifts are also projected to influence M&A among industry leaders, unleashing favourable business prospects in the global identity and access management market.

Key Insights and Trends Across Global Identity and Access Management Market

On the basis of deployment, the cloud deployment segment will account for a lion’s share of 75.5% in the identity and access management market

Increasing cybercrimes, and rapid digitalisation across major industries, are projected to be the foremost demand drivers for identity and access management solutions

North America to emerge as a major market in the global identity and access management market, reaching US$3 Bn by 2026

Growing Trend of Remote Working Creates Strong Tailwinds Across Identity and Access Management Market

Several cyberattacks including identity thefts have intensified across the globe, pushing organisations to reconsider their cybersecurity strategy. Apart from this, the growing trend of remote work in recent times has further added to the urgency for the development of cybersecurity infrastructure. While working remotely, employees often access company data using their smart mobile devices. Hence, it becomes highly imperative for organisations to ensure secure access to resources and applications. Realising this, businesses are employing identity and access management (IAM) solutions to protect their systems, data, and users from cyber threats. This in turn has created a demand for IAM-as-a-Service (IAMaaS) among leading companies across a wide range of industries. Such solutions in addition to enhancing security are also cost-effective and improve flexibility. Therefore, due to evolving work culture, the identity and access management market is poised to yield economically favorable outcomes in the near future.

North America Reigns Supreme in Global Identity and Access Management Market

North America is anticipated to retain its position as a key player in the global identity and access management market. The continent is home to some of the world’s largest tech organisations, due to which it is the most advanced region in terms of cyber technology adoption and infrastructure. In addition to this, the region has strict data protection and privacy regulations, compelling businesses to follow these regulations and protect sensitive data. Other key growth enablers of the market include the heightened adoption of smartphones and increasing internet usage. Against this backdrop, North America is expected to gain a competitive edge in the global identity and access management market.

Prominent Market Players

Some of the leading players in the global identity and access management market include Microsoft Corporation, Sailpoint Technologies, Inc., Oracle Corporation, Dell EMC, IBM Corporation, Hitachi Id Systems, Inc., CA Technologies, Micro Focus (NetIQ Corporation), Centrify Corporation, and Okta, Inc.