Identity and Access Management (IAM) Market Size, Share, Growth Analysis, By Component(Audit, Compliance & Governance, Directory Service, Multifactor Authentication), By Deployment(Cloud, Hybrid, and On-premise), By Industry Vertical(BFSI, Energy, Oil & Gas, Telecom & IT), By Region - Industry Forecast 2024-2031

Identity and Access Management (IAM) Market Drivers 

Rising Incidence of Cyberattacks  

• The threat landscape is continuously evolving, and this has resulted in a high prevalence of data breaches and cyberattacks around the world. Identity and access management (IAM) solutions help fend off cyberattacks and improve the security of organization’s data, which is why their adoption is projected to increase in the future.  

Growing Mobile Workforce and High Use of Cloud Platforms 

• Increasing number of remote workers around the world has also increased the risk of cyberattacks and data breaches on a cloud platform. Identity and access management (IAM) solutions help manage mobile workforce and safeguard cloud platforms from any data breaches.   

Restraints 

Complex Deployment and Integration 

• Deploying and integrating identity and access management (IAM) solutions with IT infrastructure could be a very challenging task as they have various security tools and authentication measures. This complexity could hinder the adoption of identity and access management (IAM) in the long run.  

Consent Management 

• Identity and access management (IAM) solutions need to comply with data privacy regulations and ensure consent from users whose data is stored and secured. Managing consent on an enterprise level whilst maintaining privacy compliance could slow down identity and access management (IAM) demand outlook going forward.