Identity and access management (IAM) market expected to surpass $48.78 billion by 2031, increasing emphasis on security will drive market expansion | SkyQuest Technology

WESTFORDMass. , July 9, 2024 /PRNewswire/ — According to SkyQuest, the global identity and access management (IAM) market size was estimated at $13.32 billion in 2022 and is expected to grow from $15.4 billion to achieve in 2023 $48.78 billion by 2031, with a CAGR of 15.6% over the forecast period (2024-2031).

The increasing emphasis on improving the security of digital and physical environments is driving the demand for identity and access management (IAM) solutions. IAM solutions play a crucial role in managing identities, providing secure access to users, and keeping unauthorized users out of critical data. The increasing sophistication of cyberattacks and the imposition of stringent security regulations mandating the use of IAM are also driving the growth of the identity and access management (IAM) market. The global identity and access management (IAM) market is segmented into type, offering, solution, identity lifecycle management, service, deployment mode, vertical, and region.

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Identity and Access Management (IAM) Market Overview:

Reporting coverage


Market revenues in 2023

$15.4 billion

Estimated value in 2031

$48.78 billion

Growth percentage

Ready to grow with a CAGR of 15.6%

Forecast period


Forecast units

Value (USD billion)

Reporting coverage

Sales forecast, competitive landscape, growth factors and trends

Segments covered

Type, offering, implementation and vertical

Geographies covered

North America, Europe, Asia Pacific, Middle East and Africa, Latin America

Highlights of the report

Updated financial information / product portfolio of players

Key market opportunities

Growing Number of Digital Transactions and Adoption of IAM in the BFSI Sector

Key Market Drivers

Increasing sophistication of cyber attacks and the need for better access management

Segments covered in The Identity and Access Management (IAM) market is as follows:

  • To offer
    • Solution (Data Directory, Identity Lifecycle Management (Provisioning, De-provisioning), Authentication (Single-factor authentication, Two-factor authentication, Multi-factor authentication), Authentication, Access Management and Authorization (Single sign-on, Privileged Access Management (PAM)), Audit, Compliance and Governance), Services (Integration and Implementation, Support and Maintenance, Consulting)
  • Type
    • IAM for employees, IAM for consumers
  • Stake
  • Vertical
    • BFSI, Travel, Tourism & Hospitality, Healthcare, Retail & E-commerce, Education, IT & ITeS, Government & Defence, Others (Telecom, Energy & Utilities, Gaming & GambleMedia)

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Workforce IAM solutions are prioritized as the need for robust security increases across organizations

The frequency of sophisticated cyberattacks has increased globally, prompting identity and access management (IAM) companies to strengthen their security framework. Workforce IAM solutions play a critical role in access management to prevent unauthorized use of an organization’s resources. The increasing adoption of digital transformation initiatives and the growing emphasis on protecting networks is expected to create a favorable environment for identity and access management companies in the future as well.

A strong emphasis on improving customer experience while maintaining optimal security is expected to help identity and access management companies grow through this segment. Retail, e-commerce, and banking are some of the key sectors where the demand for consumer IAM solutions is expected to grow at a notable CAGR in the future.

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High demand for patient data protection drives IAM adoption in healthcare vertical

The increasing digitalization of healthcare has led to a growing amount of patient data. Securing this data is a necessity, as in the wrong hands, this data can jeopardize patient safety. Identity and Access Management (IAM) solutions are widely deployed by healthcare providers to strengthen their data security. The increasing use of digital healthcare systems will also increase the demand for new IAM solutions in the future.

Meanwhile, the banking, financial services and insurance (BFSI) sector is expected to offer highly attractive opportunities for identity and access management (IAM) providers in the coming years. Increasing number of digital transactions and rapid digitization of the BFSI sector is also expected to create new opportunities for identity and access management companies in the future. The manufacturing industry and IT and telecom industries will also be highly beneficial for all players in the identity and access management (IAM) market in the long run.

Both new and established IAM providers can succeed in the market by targeting the right segments. Emerging identity and access management (IAM) companies should focus on consumer IAM and BFSI segments to penetrate the market and compete with leading market players. Established IAM companies should focus on innovation and provide robust employee IAM solutions to maintain their dominance. Targeting the right segment is essential for any identity and access management (IAM) company to get the best return on its investments.

Related report:

Cybersecurity Market

Network Security Market

Endpoint security market

Managed Security Services Market

Application Security Market

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SOURCE SkyQuest Technology