The identity and access management (the IAM) market is expected to grow at a tremendous rate in the coming years. The expected CAGR is 14.8 percent, and it is estimated that the market will be worth about US $24,849 by the year 2026, reveals a survey by Fairfield Market Research.
This is a massive increase as compared to 2019. Then, the market was worth around US$10,145.0 Mn. Also, the cloud accounted for a significant share of about 75.5 percent concerning deployment as far as the identity and access management market is concerned.
The contemporary cyber security landscape has turned quite complicated and is full of challenges because of the ever-increasing cyber threats. However, the scenario has opened up never-before opportunities for the worldwide identity and access management market.
Experts give the below as triggers for the tremendous growth of the market:
- The significant talent gap in the cyber security space
- Rising use or reliability of cloud
- Complexity in dealing with user identities
The cyber security space often finds it difficult to locate sufficient talent in a scenario wherein new hacking methods are constantly evolving.
As more and more enterprises across domains are shifting their entire data to the cloud, organizations are forced to strengthen their identity and access management options.
North America is expected to lead the identity and access management market. This is because the region has supported increasing cyber security threats. Besides, the area has a well-formed cyber security infrastructure.
Also, several key players as far as the market is concerned are also based in the region. (prominent players include IBM, Oracle, and Microsoft)