Organizations are increasingly embracing Identity and Access Management (IAM), a security framework, to control access to company resources and information as well as digital identities. IoT and AI developments, rising regulatory compliance management awareness, increasing reliance on digital platforms and automation, and expanding usage of cloud technologies across industries will all drive the Identity and Access Management Market throughout the projection period.
IAM vendors will profit from the cultural shift from traditional IAM to IAM, the widespread use of cloud-based IAM solutions and services, the growing popularity of the hybrid cloud model, and the increased incorporation of technologies like artificial intelligence, machine learning, blockchain, and biometrics into identity and access management.
Businesses that rely on online platforms reported a two-thirds increase in ransomware and phishing attacks as a result of the pandemic, with rigorous lockdowns and travel restrictions in place and corporate activities shifting exclusively to online platforms, according to a Proof Point investigation. The pandemic has thus boosted need for security and privacy while retaining operational integrity, in addition to fueling the expansion of the Identity and Access Management Market.
One of the top worries for businesses in all industry sectors is the growing cyber threat scenario. The growth of the Identity and Access Management Market is being restricted by a lack of identification standards, insufficient financial resources, high installation costs of consumer IAM systems, and other factors. The initial investment and maintenance costs for consumer IAM systems are considerable since it is necessary to incorporate strong security technology. SMBs ignore IAM because they focus more on the resources needed to keep their business alive.
