In 2022, the Identity and Access Management (IAM) Market stood at US$17.14 billion. It's now poised to take a robust leap with a projected revenue growth rate of 13.21% CAGR, surging to nearly US$40.87 billion by 2029
Understanding Identity and access management
Identity and access management is the digital gatekeeper for enterprises, managing electronic identities seamlessly. This technology automates the collection, management, and control of user identities and permissions. IAM ensures that users, whether on-premises or in the cloud, are granted the right access at the right time. It's all about enhancing security, improving productivity, delivering a seamless user experience, and cutting IT costs. In the era of GDPR, there's even a specialized term, "Customer Identity and Access Management" (CIAM). IT administrators wield IAM to control access to crucial data, be it through single sign-on, two-factor authentication, multifactor authentication, or privileged access management.
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Market Dynamics
The IAM market is responsive to external dynamics like the Federal Trade Commission (FTC) monitoring consumer fraud and identity theft complaints. In 2022, out of 3.2 million reports, 1.7 million were identity theft and fraud-related, with consumers losing over $1.9 billion to fraud. Imposter scams were the most reported, racking up a $667 million loss. Identity theft claims increased by 46% from 2022 to 2023 after a temporary dip.
Yet, businesses face challenges like an evolving cyber threat landscape, lack of identification standards, budget constraints, and expensive IAM system installations. IAM systems require substantial investments due to their combination of robust security technologies. The shortage of skilled personnel compounds the issue for organizations with critical cybersecurity needs. And as users access critical applications anytime, anywhere, on any device, gathering consumer data from various channels remains a complex task.
Artificial Lift Systems Market Segment Analysis:
The three main categories of the global market are technology, application, and geography. In 2022, rod lift is anticipated to lead the market based on technology. The market for rod lift ALS is expected to expand due to its straightforward design, ease of operation, and affordable running costs. Additionally, the capacity to hoist high-temperature oil and the high efficiency of between 50 and 60% will further enhance the market environment. The primary factors that will drive product market penetration are availability in various sizes, longevity, and relatively low installation costs.
Onshore Market has the most market share within the application sector. An rising number of aging fields combined with a growing concentration on heavy oil reserves will fuel market expansion.
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Key Players
1. CA Technologies 2. Centrify 3. One Identity LLC 4. ForgeRock Inc. 5. HID Global Corporation 6. IBM Corporation 7. McAfee 8. Microsoft Corporation 9. NetIQ Corporation 10.Okta Inc. 11.One Login Inc. 12.Oracle Corporation 13.Ping Identity 14.SecureAuth 15.Evidian 16.Intel Corporation 17.Salesforce 18.Broadcom 19.Ubisecure 20.CyberArk
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