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According to recent data, the worldwide identity and access management (IAM) market generated approximately billion U.S. dollars in revenue during 2023, a significant increase when compared to the previous year. This market is then forecast to grow by over *** billion U.S. dollars in 2024, reaching around **** billion U.S. dollars.

What is IAM?

This market refers to a set of technologies and policies within the realm of cyber threat intelligence, implemented within an organization to ensure authorized users have appropriate access to resources while reducing some of the common cyber security threats. These resources may include company data on the cloud or on-premises - providing access to various users, including employees, partners, customers, and via a variety of hardware such as routers, smartphones, and computers.

Why are businesses looking at IAM?

Implementing an IAM system aims to improve security measures and maintain confidentiality within a company. Business leaders and IT departments face increasing pressure to protect access to corporate resources at a time with high levels of cybercrime, making it necessary to automate tasks and enable granular access control and auditing of all assets. IAM replaces manual processes that are prone to errors in assigning and tracking user privileges, both on-premises and in the cloud, using robotic process automation or artificial intelligence. This is evident from reports that security automation reduces the costs of a data breach in an organization.