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Identity and Access Management Market Growing at a CAGR 14.5% | Key Player Microsoft, Broadcom, Oracle, Salesforce, Avatier
The global IAM Market size is projected to grow from USD 12.3 billion in 2020 to USD 24.1 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 14.5% during the forecast period. The increasing venture capital funding and growing investments in IAM technology to drive the market growth.
By service, the support and maintenance service segment to register the highest growth rate during the forecast period
Support and maintenance services include support related to IAM products. IAM vendors provide technical support during the implementation and use of IAM solutions. Maintenance services include providing enhancements to solutions and assisting in resolving issues in deployed solutions. The demand for support and maintenance services is expected to increase with the deployment of IAM solutions.
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Based on vertical, the healthcare to grow at the highest CAGR during the forecast period
The healthcare vertical comprises hospitals, health clinics, medical and dental practices, healthcare equipment and services providers, pharmaceutical companies, biotechnology companies, and providers of related life sciences services. The healthcare vertical is rapidly deploying cutting-edge technologies to offer patients improved, intuitive, and personalized care and experience. IAM solutions help healthcare organizations address the security issues related to users’ credentials and help them deliver an enriched experience to their patients. Therefore, healthcare registers the highest growth rate during the forecast period.
Major vendors covered in the IAM market report include IBM (US), Microsoft (US), Salesforce (US), Oracle (US), Broadcom (US), Okta (US), Ping Identity (US), ForgeRock (US), HID Global (US), Ubisecure (London), OneLogin (US), CyberArk (US), SAP (Germany), AWS (US), SailPoint Technologies (US), RSA (US), Saviynt (US), Avatier (US), SecureAuth Corporation (US), ManageEngine (US).
These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their presence in the IAM market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2017 to 2020 to innovate their offerings and broaden their customer base.
IBM (US) is a prominent provider of IAM solutions. The company provides a large number of authentication options and are equipped with multiprotocol federation capabilities. It also offers robust user authentication, which helps protect user identities from web security threats. In June 2020, IBM collaborated with Wipro. Through this alliance, Wipro will develop hybrid cloud offerings to help businesses migrate, manage, and transform mission-critical workloads and applications, with security across public or private cloud and on-premises IT environments. IBM caters its solutions to various industries, including IT, healthcare, life sciences, government, telecom, automobile, manufacturing, Fast-Moving Consumer Goods (FMCG), chemicals and petroleum, electronics, energy and power, media and entertainment, mining, retail, BFSI, travel and transportation, and education. The company has a global presence across North America, Europe, Asia Pacific (APAC), MEA, and Latin America.
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Salesforce (US) is another top player in the IAM market. The company provides Salesforce Identity, a cloud-based consumer IAM solution that connects users with external applications and services while providing administrative tools for monitoring, maintaining, and reporting user apps and user authorization. In May 2020, Salesforce partnered with Workday, and now businesses can synchronize critical worker data to foster collaboration, drive smart decisions quickly, and communicate to their workers more effectively. The company provides its platform and services to SMEs and large enterprises across different industries, including BFSI, IT and telecom, and government.
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