Identity and Access Management Market predicted $25.6 billion by 2027
According to a research report published by MarketsandMarkets, the Identity and Access Management Market size is expected to grow from USD 13.4 billion in 2022 to USD 25.6 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 13.7% from 2022 to 2027.
According to MarketsandMarkets the major factors fueling the IAM market include rising instances of security breaches and escalating instances of identity related fraud, growing awareness about compliance management, increasing need for IAM for IoT, and increased spending on cybersecurity following COVID-19 pandemic. Moreover, cultural shift from traditional IAM to IAM, proliferation of cloud-based IAM solutions and services and growing adoption of hybrid cloud model, and increasing integration of technologies, such as AI, ML, blockchain, and biometrics, into identity and access management would provide lucrative opportunities for IAM vendors.
The report also cites budgetary constraints as a restraint in deploying IAM solutions but that cloud-based IAM solutions, such as the automated data access governance tool Torsion, are making solutions more accessible.