The identity & access management market size is projected to be valued at US$ 14.4 billion in 2023 and is expected to rise to US$ 49.3 billion by 2033. The sales of identity & access management are expected to record a CAGR of 13.1% during the forecast period.
Identity & access management market is highly fragmented with suppliers due to its large clientele and its cost-effectiveness. The increased desire for technological advancements, as well as emerging trends like bring your own device (BYOD) and identity management tools, will increase buyer power even more. As a result of these industry trends, the market has seen a steady increase in spending on security solutions and enterprise mobility.
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As old cost structures are now being replaced by appealing pricing offers such as usage-based pricing and subscription pricing to IAM solutions and services, various SMEs are expected to participate in these initiatives.
A surge in web-based software, and asset management services including policy-based adherence and audit management, as well as cost-cutting initiatives, are driving IAM demand.
Scope and Scale of Identity Access Management May Continue to Expand in Tandem with the Increasing Complexity of Cyber-attacks Around the World
Manufacturers are Driving their Attention Towards Innovative Solutions
Market players are investing in advanced technologies such as cloud computing, artificial intelligence, and machine learning to improve the capabilities of IAM solutions. Furthermore, in order to increase their market presence, the key players are engaged in numerous strategic developments, such as product launches.
As an example: In May 2022, Microsoft introduced Entra, a new product family of security solutions. Entra is designed to secure access to any resource or application by enabling security teams to manage and discover authorizations in multi-cloud environments, allowing them to secure digital characteristics from start to finish.
In January 2022, Alcor, a cloud solution provider, launched AccessFlow, an access management product. It is a self-service automated enterprise access management solution built on the ServiceNow platform that assists businesses in achieving centralized, automated, and compliant access management.
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