Global Identity Management Set to Break the Banks By 2029

$22.9 billion – That is the current global worth of the identity management solutions marketplace for 2024. Ever since the pandemic threw the planet in uproar, the IAM requirements have pushed this particular marketplace into the stratosphere – and it has zero signs of slowing down.

By 2029, the global IAM market is estimated to reach a worth of $34.9 billion – a landslide of wealth being fed by ever-evolving cyber threats, intricate data breaches, the adoption of cloud-based services, and a slew of regulatory compliance needs, twinned with the shift towards full remote working.

A Robust Need

Each item on the blackboard fuels the need for more robust identity management solutions that securely manage access across all platform types and locations. 

Another aspect driving identity access management for businesses in the UK is the full adoption of digital transformation and the complex networks involved. Blockchain and IoT, coupled with the desire for user-friendly and scalable solutions, are making the case for the growth of identity and access management a done deal, with more and more business owners attending events and seeing the potential for their company or organization.

Over the next five years, consumer IAM will see the biggest CAGR in the marketplace, fed by an overflow of consumer awareness and demand for more privacy and data protection online. The increase has caused a more serious approach to identity management access for businesses, with digital transactions and secure online verification services across everything from retail to financial services.

A Solution for Solutions

With the evolution of mobile and cloud-based technologies and services, customers will expect more secure and scalable identity access management for a better experience across every platform.

Combined with the regulatory pressures over robust data protection implementation, the bulk of the identity management system market will be spearheaded by the solutions sector, pushing the demand for identity verification and management tools across each industry into 2029.

The next five years will also see new waves of complex security challenges that will play on inefficient user identities and access permissions – a problem that every business and organisation has to face head-on. It will require strict user provisioning, governance, and effective access management tools vital to protecting sensitive data and regulatory compliance.

Areas Outside the UK

Apart from the vast growth of the identity and access management market expected in the UK over the next five years is an impressive figure, the region that will experience the highest CAGR in identity and access management arenas will be the Asia Pacific region.

The region – including the countries of China, India, and Japan – will drive economic growth and digital transformation alongside their fresh, sizable expansion in startups and SMEs that demand a more efficient identity manager for their security. Thanks to the developments of the pre and post-pandemic cybersecurity scene, forward-thinking business owners now understand the risks of ignoring strict cybersecurity protocols and regulatory demands, resulting in them shying away from any Identity access management solutions that are subpar or cheap.

The next five years within identity management solutions will be an interesting period of change and innovation, highlighted by identity and access management events in the UK this year.