Identity & Access Management market to hit US$26B by 2027: Juniper Research

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Identity & Access Management market to hit US$26B by 2027: Juniper Research

Global spending on identity and access management solutions will rise from $16 billion in 2022 to US$26 billion by 2027.

The figures which represent an absolute growth of 62 percent over the next five years are contained in a new study by Juniper Research.

Identity and access management includes B2B security solutions that enable the monitoring and management of users’ access to an enterprise’s applications, databases and IT services.

According to the authors, the increasing demand for identity and access management will originate from small businesses. Prior to the emergence and proliferation of the subscription model, many of these companies were often unable to afford comprehensive suites of identity and access management services.

Juniper Research found that 94 percent of global identity and access management spending will be attributable to the subscription model by 2027; rising from 60 percent in 2022.

It anticipates that the use of the subscription model will become increasingly popular amongst small businesses, by minimising the initial acquisition cost of identity and access management services.

Additionally, the subscription model will enable service vendors to provide regular software updates that continually improve the value proposition of their platforms.

The research also found that annual spending on identity and access management solutions by small businesses via subscription models will surpass US$370 million globally by 2027, up from US$178 million in 2022.

The researchers argue that identity and access management vendors must capitalise on this growth by developing flexible pricing models that appeal to the small business sector.

Furthermore, as enterprise adoption of cloud computing infrastructure increases, so too will the demand for effective cybersecurity policies to prevent revenue losses.

The report anticipates that identity and& access management solutions will represent a significant cornerstone of corporate cybersecurity initiatives, as firms seek to meet increasingly stringent regulatory compliances; driving market growth.

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