The identity and access management market is estimated to be valued at US$ 15.7 Bn in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Identity and access management provides centralized control over digital identities and access credentials across data systems and applications through strong authentication process, authorization and auditing of users. It allows enterprises to securely manage access to critical resources like applications, data and infrastructure by accurately identifying and verifying users.

Market Dynamics:
Increased adoption of cloud computing and mobility solutions is driving the demand for sophisticated identity and access management solutions to securely access data from remote locations. According to IDC, more than 80% of enterprises are estimated to embrace public cloud by 2022 which will surge the adoption of robust identity and access solutions for user authentication and access controls. Growing instances of identity theft, account takeovers and fraudulent activities are also compelling enterprises to invest in advanced identity and access management. For instance, identity theft resulted in $16.9 billion financial losses in the US in 2021 alone, according to Javelin Strategy & Research. This has propelled the implementation of identity and access management solutions for continuous user monitoring and authentication.

SWOT ANALYSIS
Strength:
- Identity and Access Management provides centralized authentication and authorization for access management which enhances security and compliance. It allows governing user permissions and access rights efficiently through its capabilities.
- IAM solutions offer Single Sign-On (SSO) which provides a seamless sign-in experience across multiple applications. This removes credentials fatigue for users.
- IAM solutions help organisations mitigate identity risks and meet stringent compliance regulations such as GDPR, CCPA, HIPAA etc through its access governance and audit capabilities.

Weakness:
- Implementation of IAM involves high upfront investment and recurring operational costs including licensing, maintenance etc. This can be prohibitive for small and medium enterprises.
- Complex deployments and integrations of IAM solutions with legacy applications can increase risks of technical glitches impacting user experience.

Opportunity:
- Increased risk of identity theft, data breaches and phishing attacks is prompting organisations across verticals to adopt IAM for strengthening their identity infrastructure and security posture.
- Growing digital transformation initiatives are spurring demand for identity proofing, multi-factor authentication and lifecycle management capabilities provided by IAM.
- Rising BYOD and remote work trends amid pandemic is augmenting deployments of cloud-based IAM for securing remote access.

Threats:
- Stiff competition from open-source and low-cost IAM vendors poses pricing pressures on established players.
- Sophisticated authentication techniques like biometrics also emulate core IAM capabilities narrowing down competitive edge of IAM vendors.

KEY TAKEAWAYS
The global Identity And Access Management Market Growth is expected to witness high growth, exhibiting CAGR of 15% over the forecast period, due to increasing adoption of cloud-based IAM solutions and stringent data security regulations.

Regional analysis:
North America dominates the global IAM market, favored by strong demand from the BFSI and government sectors. The Asia Pacific IAM market is projected to grow at the fastest rate owing to digitization across industries in major economies like China and India. Countries in Europe and Latin America are also boosting investments in IAM to combat cyber threats.

Key players

Key players operating in the Identity and Access Management market are Microsoft, Okta, IBM, Oracle, Salesforce, Ping Identity, HID Global, ForgeRock, CyberArk, Micro Focus, Thales, RSA Security, Avatier, ManageEngine, SecureAuth, EmpowerID, SAP, Simeio, One Identity, FusionAuth, Auth0, IDnow, Zephr, Signzy, Civic, Trusona, Beyond Identity, Akamai, Delinea, Optimal IdM, Netwrix, Zoho Vault, Transmit Security. These vendors are focused on product innovation and mergers &

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