DUBLIN, October 27, 2021– (COMMERCIAL THREAD)–The “Identity and Access Management (IAM) Market – Forecasts 2021 to 2026” report was added to ResearchAndMarkets.com offer.
The Identity and Access Management market was estimated at US $ 12.146 billion in 2019 and is expected to grow at a CAGR of 14.79% to reach a market size of US $ 31.898 billion by 2026.
IAM (Identity and Access Management) is a set of business procedures, rules and technologies that facilitate the management of electronic or digital identities. Information technology (IT) administrators can limit user access to important information within their organization using an IAM architecture. Examples of IAM systems are single sign-on systems, two-factor authentication, multi-factor authentication, and privileged access management. These technologies also enable the secure storage of identification and profile data, as well as data governance features that ensure that only essential and relevant data is exchanged.
Increased digitization and the introduction of sophisticated technologies are driving the global Identity and Access Management (IAM) market. In addition, factors such as the growing need for security governance, application issues, dispersion of systems and workforce, and poorer security services within enterprises, among others. , are expected to push the market even further throughout the forecast period.
Use blockchain technology to solve identity management issues to provide market opportunities
Blockchain technology is slowly making its way into the IAM space, with the intention of creating a platform that protects the identity of people from theft or the victim of various fraudulent acts. To cope with authentication and authorization difficulties, companies have implemented blockchain technology in IAM. Blockchain technology allows users to store and verify proof of identity credentials in a decentralized and relatively secure manner. In IAM systems, blockchain technology helps users create, prove, and record their own identity and associated credentials to access digital services. By removing the requirement for separate or replicated identities, repositories, and data, blockchain-enabled IAM solutions in enterprises can help businesses reduce operational risk and expense. However, for blockchain technology to be widely adopted in IAM, it must be open source, have simple financial models, respect privacy by design, and provide a satisfying user experience.
Raise awareness of regulatory compliance to propel adoption
Businesses use identity and access management systems to control and reduce cybercrime by ensuring the right people have access to the right information. Several compliance requirements can be met using identity and access management solutions. If a business is audited and has a strong IAM program, it can easily demonstrate that it has taken steps to reduce the risk of data theft or abuse. It also helps meet the requirements of different regulations, such as Sarbanes-Oxley (SOX) and Gramm-Leach-Bliley (GBLA).
Machine learning and artificial intelligence to improve risk detection increase market demand
To meet privacy compliance standards, identity and access management is constantly evolving in several essential services such as authentication and data security. The use of artificial intelligence (AI) and machine learning in IAM is likely to become more common. As an increasing number of devices and systems interact and learn from each other without human intervention, artificial intelligence in identity management is expected to change security beyond people, places and things. It provides both contextual information to technical and non-technical staff, allowing them to work more efficiently. To strengthen security methods, IAM vendors have started to include behavioral data analysis using machine learning. As a result, AI and machine learning have a significant influence on the security industry. These technologies have been highlighted by providers of identity access management solutions as a major potential in the years to come.
Security concerns regarding stored data to curb market growth
All permissions and credentials should be stored in a centralized location when using identity and access management solutions or platforms. If the data is not kept safe, there is a significant risk that an attacker will gain access to the system. As a result, all digital identities were hacked. Converting resources from an existing legacy system to IAM is also difficult, expensive, and time consuming. Also, although the cloud-based system has many advantages, it does have some security concerns regarding the data it stores. Security issues include credential protection, data breaches, compromised interfaces and APIs, account hijacking, and hostile insiders.
Main topics covered:
2. Research methodology
3. Executive summary
4. Market dynamics
4.1. Market factors
4.2. Market constraints
4.3. Porter’s Five Forces Analysis
4.4. Value chain analysis function
5. Identity and Access Management (IAM) Market Analysis, By Deployment Model
6. Identity and Access Management (IAM) Market Analysis, by Service
7. Identity and Access Management (IAM) Market Analysis, by Vertical
8. Identity and Access Management (IAM) Market Analysis, by Geography
9. Competitive environment and analysis
9.1. Major players and strategic analysis
9.2. Emerging players and market profitability
9.3. Mergers, acquisitions, agreements and collaborations
9.4. Supplier competitiveness matrix
10. Company profiles
For more information on this report, visit https://www.researchandmarkets.com/r/bddsv1
See the source version on businesswire.com: https://www.businesswire.com/news/home/20211027005721/en/
Laura Wood, Senior Press Director
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