19:00 ET Rising IT Spending, Cloud Adoption, and Security Concerns Drive Identity and Access Management (IAM) Market, with Multifactor Authentication Leading the Way

Nov 3, 2023 12:00 am Cyber Security 134

DUBLIN, Nov. 2, 2023 /PRNewswire/ -- The "Global Identity and Access Management Market (by Sub Category, Deployment Type, Solution, Enterprise Size, End User, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2027)" report has been added to ResearchAndMarkets.com's offering.

The global identity and access management (IAM) market is poised for significant growth and is projected to reach a value of US$17.31 billion by 2023, experiencing a robust Compound Annual Growth Rate (CAGR) of 14.10% during the forecast period.

Understanding Identity and Access Management (IAM)

Identity and Access Management (IAM) encompasses the systems and processes that enable IT managers to issue a single digital identity to each user, authenticate users during login, authorize users to access specific resources, and monitor and manage these identities. IAM has become the critical layer of an organization's security in response to increased application usage, cloud adoption, data threats, security breaches, and the transition to remote work.

Market Segmentation

By Sub Category: The global IAM market is segmented into four sub-categories: Access Management, User Authentication, Identity Governance and Administration (IGA), and Privileged Access Management (PAM). Access management currently holds the largest market share and is expected to be the fastest-growing segment due to increased awareness of security concerns and data theft.

By Deployment Type: IAM can be deployed in two ways: On-Premise and Cloud. On-premise IAM holds the majority of the market share, while cloud-based IAM is expected to exhibit the highest C ..

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