According to a new report, published by KBV research, The Global Identity and Access Management Market size is expected to reach $42.9 billion by 2031, rising at a market growth of 12.2% CAGR during the forecast period.
The Large Enterprises market dominated the Global Identity and Access Management Market by Organization Size in 2023; thereby, achieving a market value of $23.4 billion by 2031. These organizations often manage vast amounts of sensitive data across multiple systems, applications, and locations, which makes robust IAM solutions essential. In order to protect against internal and external threats, large enterprises necessitate comprehensive access controls that restrict access to critical resources to authorized personnel. Compliance with stringent data protection regulations further pushes large enterprises to invest in sophisticated IAM solutions that can adapt to evolving security standards.
The Multifactor Authentication (MFA) market is expected to witness a CAGR of 11.4% during (2024 - 2031). As cyber-attacks grow more sophisticated, the need to enhance security through multiple layers of authentication has become essential. MFA provides a stronger security framework by requiring multiple verification steps, such as biometric scans or one-time passwords, which reduces the risk of unauthorized access. The increased adoption of remote work has further emphasized the importance of MFA, as employees access critical systems from various locations and devices, making MFA a vital component for secure identity management.
The On-premise market dominated the Global Identity and Access Management Market by Deployment in 2023; thereby, achieving a market value of $19.5 billion by 2031. The segment is primarily driven by the need for enhanced control and security, especially in highly regulated industries like finance, healthcare, and government. Organizations handling sensitive data often choose on-premise IAM solutions to maintain direct oversight over their systems and data, ensuring compliance with strict regulatory requirements. This deployment model allows for highly customized configurations, giving organizations confidence that their IAM infrastructure meets specific security standards.
The BFSI market is expected to witness a CAGR of 11.1% during (2024 - 2031). For the BFSI sector, the driving factors behind IAM adoption are stringent security to prevent data breaches, financial fraud, and identity theft. The BFSI industry is heavily regulated, requiring compliance with standards like PCI DSS, SOX, and GDPR, which mandate secure access control and audit capabilities. IAM solutions in BFSI enable secure customer access, support MFA for transactions, and help organizations meet compliance requirements. As banks and financial institutions move towards digital services, the demand for IAM solutions to protect customer data and ensure trust has become essential.
Full Report: https://www.kbvresearch.com/identity-and-access-management-market/
The North America region dominated the Global Identity and Access Management Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $14,896.7 million by 2031. The Europe region is experiencing a CAGR of 11.8% during (2024 - 2031). Additionally, The Asia Pacific region would exhibit a CAGR of 12.8% during (2024 - 2031).
By Organization Size
By Deployment
By Component
By End-use
By Geography
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