Northbrook, IL -- (SBWire) -- 05/26/2021 --According to a new market research report "Identity and Access Management Market by Component (Solutions and Services), Solutions (Data Storage, Identity Lifecycle Management, Authentication, and Verification), Organization Size, Deployment Mode, Vertical, and Region - Global Forecast to 2025" published by MarketsandMarkets™, the IAM market size is projected to grow from USD 12.3 billion in 2020 to USD 24.1 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 14.5% during the forecast period. The increasing increasing number and complexity of cyber-attacks, increasing adoption of cloud services, BYOD policies adopted by various organizations, centralized security and management and government compliances are the factors to drive the growth of IAM market.
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Based on services, support and maintenance services segment to register the highest growth rate during the forecast period
Support and maintenance services include support related to IAM products. IAM vendors provide technical support during the implementation and use of IAM solutions. Maintenance services include providing enhancements to solutions and assisting in resolving issues in deployed solutions. The demand for support and maintenance services is expected to increase with the deployment of IAM solutions. The need for support and maintenance services has increased due to the COVID-19 pandemic, as employees across enterprises are working from home or remotely. IAM professionals are monitoring and guiding enterprises during downtime and protecting enterprise workforce from potential security breaches.
Based on vertical, the healthcare to grow at the highest CAGR during the forecast period
The healthcare vertical comprises hospitals, health clinics, medical and dental practices, healthcare equipment and services providers, pharmaceutical companies, biotechnology companies, and providers of related life sciences services. The healthcare vertical is rapidly deploying cutting-edge technologies to offer patients improved, intuitive, and personalized care and experience. IAM solutions help healthcare organizations address the security issues related to users' credentials and help them deliver an enriched experience to their patients. Therefore, healthcare registers the highest growth rate during the forecast period.
North America to hold the largest market share during the forecast period.
North America has the presence of several prominent market players delivering IAM solutions to all end-users in the region. The US and Canada both have strong economic conditions and are expected to be major contributors to the growth of the IAM market. Specific budget allocations and mandated identity management policies are expected to make North America the most lucrative region for different categories of vendors. The region includes several large enterprises and rapidly growing SMEs, where the protection of workforce and consumer data is a prime objective of the organization. The other factors fueling the market growth include the extensive use of smart mobile devices and the rapidly growing e-commerce sector in the region. The major vendors, such as IBM, Microsoft, Salesforce, SAP, and Broadcom.
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Market Players
Key and innovative vendors in the IAM market include IBM (US), Microsoft (US), Salesforce (US), Oracle (US), Broadcom (US), Okta (US), Ping Identity (US), ForgeRock (US), HID Global (US), Ubisecure (London), OneLogin (US), CyberArk (US), SAP (Germany), AWS (US), SailPoint Technologies (US), RSA (US), Saviynt (US), Avatier (US), SecureAuth Corporation (US), ManageEngine (US).
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Identity and Access Management Market Expected to Gain $24.1 Billion by 2025
This report to define Identity and Access Management Market by component, solution, service, deployment mode, organization size, vertical, and regions.