Revenue Forecast

The revenue estimate for the base year 2023 is $16.50 billion, with a CAGR of 14.6% for the study period from 2022 to 2028.

The Impact of the Top 3 Strategic Imperatives on the Workforce Identity and Access Management Industry

Competitive Intensity

WHY

• A workforce identity and access management (IAM) system comprises numerous components. Changes in the corporate environment have increased the importance of securing workforce identity.
• Many IT and security providers are adding IAM to their portfolios to meet customer demand for consolidated offerings.

Frost Perspective

• Competition will intensify in the next 2 to 3 years as vendors strive to enhance the coverage of their IAM offerings by adding more components, making vendor selection for enterprises more difficult.
• However, cooperation will help decision-makers deploy a solution.

Disruptive Technology

WHY

• The hybrid workplace is a new reality, and the corporate perimeter's dissolution means enterprises must deploy flexible and agile solutions for effective IAM.
• Vendors are exploring and incorporating new technologies such as biometrics, artificial intelligence (AI) and machine learning (ML)-enabled insights and platforms, decentralized and blockchain-enabled identities, and automation.

Frost Perspective

• Technology improves IAM outcomes with access to context-based outcomes.
• Vendors require an understanding of disruptive technologies to ensure difficult-to-breach and easy-to-control IAM solutions. Explainable AI is crucial, as regulators and enterprises are typically uncomfortable flying blind, and rightly so.

Geopolitical Chaos

WHY

• The pandemic disrupted business value chains across verticals. The great resignation, Russo-Ukrainian, and Israel-Gaza conflicts exacerbated challenges. Political tensions continue to brew across other locations.
• Identity-related breaches have been effective tools for bad actors aiming to disrupt normal life, commit fraud, and steal valuable data.

Frost Perspective

• New working environments increased enterprises' vulnerability to the constantly evolving threat landscape. While the threats will continue to evolve, the changing approach to IAM will enable better outcomes.

Scope of Analysis

• The workforce IAM industry comprises solutions that enable identity-based access, authentication, and policies in a corporate infrastructure for employees, partners, and gig workers.
• Vendors offer solutions for on-premises, cloud, and hybrid environments. These solutions help enterprises manage the large number of variables that make up an identity stack.
  • Access Management: Conditional access that is time-based and/or role-based and/or task-based
  • Authentication: Tools that enable 2/multi-factor authentication (2FA/MFA) and continuous authentication or create friction for less-than-ideal users
  • Governance: Identity governance and administration (IGA) tools enable the setting up of policies that govern access and authentication administration
• The spurt in identity-led breaches has prompted enterprises and vendors to invest in improving the capabilities of IAM solutions. AI and ML-enabled solutions are expanding the scope from remediation to prediction and prevention.
• The following slide highlights the scope of this analysis.

Segmentation

Region

• North America
• Europe
• Middle East and Africa (MEA)
  • Latin America (LATAM)
• Asia-Pacific (APAC)

Vertical

• Banking, Financial Services, and Insurance (BFSI)
• Education
• Government
• Healthcare and Medical (Healthcare)
• Manufacturing
• Technology and Telecommunications (Tech & Telecom)
• Others*

Business Size

• Very Large (≥10,000 employees)
• Large (5,000–9,999 employees)
• Medium (1,000–4,999 employees)
• Small (<1,000 employees)

Competitive Environment

Key Competitors

• Fortinet
• Oracle
• Microsoft
• IBM
• Cisco
• Radiant Logic
• Beyond Identity
• Omada
• Thales
• Saviynt
• Ping Identity
• Silverfort
• SecurID (RSA)
• Cyberark
• OneIdentity
• Okta
• SailPoint
• Optimal IdM2