Identity and Access Management (IAM) is a critical security process that helps organizations control and manage user access to critical applications and data. IAM enables organizations to secure their digital assets and protect against cyber-attacks. With the increasing number of cyber threats and data breaches, the demand for IAM solutions is on the rise. According to a recent report by Expert Market Research, the global Identity and Access Management (IAM) market size is expected to grow from $11.2 billion in 2020 to $23.6 billion by 2028, at a CAGR of 13.2% during the forecast period 2023-2028.
Market Segmentation:
Based on deployment, the global IAM market can be segmented into cloud-based and on-premises. The cloud-based IAM segment is expected to grow at a higher CAGR during the forecast period due to its scalability and cost-effectiveness.
Based on organization size, the global IAM market can be segmented into small and medium-sized enterprises (SMEs) and large enterprises. The SME segment is expected to grow at a higher CAGR during the forecast period due to the increasing adoption of IAM solutions by SMEs.
Based on vertical, the global Identity and Access Management market can be segmented into banking, financial services, and insurance (BFSI), healthcare, IT and telecom, government and defense, retail, energy and utilities, and others. The BFSI segment is expected to hold the largest market share during the forecast period due to the increasing adoption of IAM solutions in the BFSI sector.
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FAQs:
Q: What is Identity and Access Management (IAM)?
A: Identity and Access Management (IAM) is a security process that helps organizations control and manage user access to critical applications and data.
Q: What is the global IAM market size?
A: The global IAM market is expected to grow from $11.2 billion in 2020 to $23.6 billion by 2028, at a CAGR of 13.2% during the forecast period.
Q: What are the segments of the global IAM market?
A: Based on deployment, the global IAM market can be segmented into cloud-based and on-premises. Based on organization size, the global IAM market can be segmented into small and medium-sized enterprises (SMEs) and large enterprises. Based on vertical, the global IAM market can be segmented into banking, financial services, and insurance (BFSI), healthcare, IT and telecom, government and defense, retail, energy and utilities, and others.
Q: Why is the cloud-based IAM segment expected to grow at a higher CAGR?
A: The cloud-based IAM segment is expected to grow at a higher CAGR during the forecast period due to its scalability and cost-effectiveness.
Q: Why is the BFSI segment expected to hold the largest market share?
A: The BFSI segment is expected to hold the largest market share during the forecast period due to the increasing adoption of IAM solutions in the BFSI sector.
In conclusion, the global IAM market is growing rapidly due to the increasing need for security and the rising number of cyber threats. The cloud-based IAM segment is expected to grow at a higher CAGR during the forecast period due to its scalability and cost-effectiveness. The BFSI segment is expected to hold the largest market share due to the increasing adoption of IAM solutions in the BFSI sector. As organizations continue to embrace digital transformation, the demand for IAM solutions is expected to increase, providing significant opportunities for vendors in the IAM market.
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