Identity and Access Management IAM Market Size, Share, Emerging Trends, Sales Revenue Analysis

According to a research report "Identity and Access Management IAM Market Size by Offering (Solutions and Services), Type, Solution (Data Directory, Identity Lifecycle Management, Authentication, Verification), Service, Deployment Mode, Vertical and Region - Global Forecast to 2028" published by MarketsandMarkets

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the global Identity and Access Management IAM Market Size is projected to grow from USD 15.7 billion in 2023 to USD 32.6 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 15.6% during the forecast period. The growth of the IAM market is driven by factors such as rising instances of security breaches and escalating instances of identity-related fraud.

The Identity and Access Management IAM Market Size is shaped by various drivers, restraints, opportunities, and challenges that impact its trajectory. Driving the market forward are the escalating instances of security breaches and identity-related fraud, underscored by the Identity Theft Report in the US, which emphasizes the critical need for robust IAM solutions. A growing awareness about compliance management and the increasing demand for IAM in the Internet of Things (IoT) further contribute to the market's momentum. The aftermath of the COVID-19 pandemic has seen an upswing in cybersecurity spending, acting as a catalyst for IAM market growth.

Nevertheless, the market faces challenges and restraints that need to be addressed. The lack of identity standards and budgetary constraints pose challenges in deploying effective IAM solutions. On a positive note, there are promising opportunities on the horizon. A cultural shift from traditional IAM to Consumer Identity and Access Management (CIAM) indicates a changing landscape in identity management practices. The proliferation of cloud-based IAM solutions and services, coupled with the growing adoption of the hybrid cloud model, presents opportunities for market expansion. Additionally, the increasing integration of technologies into IAM offers the potential for innovation and enhanced security measures.

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However, challenges persist in the form of a scarcity of skilled cybersecurity professionals among enterprises, potentially hindering the effective implementation and management of IAM solutions. Addressing the complexity of advanced threats poses another formidable challenge. Navigating this landscape requires industry players to remain adaptable, stay abreast of technological advancements, and strategically address both opportunities and challenges to thrive in the evolving Identity and Access Management market.

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