Chicago, June 11, 2024 (GLOBE NEWSWIRE) -- The global Identity And Access Management (IAM) Market size is projected to grow from USD 22.9 billion in 2024 to USD 34.3 billion by 2029 at a CAGR of 8.4% during the forecast period. The growth of the IAM market is being driven by several factors. Browse in-depth TOC on "Identity and Access Management Market" 499 - Tables 57- Figures 404 - Pages Download Report Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1168 Identity and Access Management Market Dynamics: Drivers: Rising instances of security breaches and identity-related fraud Growing awareness about compliance management Increasing need for identity access management solutions for IoT Increased spending on cybersecurity following COVID-19 pandemic Growing adoption of IAM solutions by SMEs Restraints: Lack of identity standards and budgetary constraints in deploying IAM solutions Privacy concerns in IAM adoption Opportunities: Cultural shift from traditional IAM to customer identity and access management Proliferation of cloud-based IAM solutions and services and growing adoption of hybrid cloud model Increasing integration of technologies into IAM List of Top Companies in Identity and Access Management Market: Microsoft  Okta IBM Oracle Salesforce  Ping Identity  HID Global ForgeRock CyberArk Micro Focus Get Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=1168 These include the increasing occurrence of security breaches and identity-related frauds, which have created a heightened demand for robust IAM solutions. Additionally, organizations are becoming more aware of the importance of compliance management and are investing in IAM systems to meet regulatory requirements. The expanding need for IAM solutions in the context of the Internet of Things (IoT) is also contributing to market growth. Furthermore, the COVID-19 pandemic has led to a greater focus on cybersecurity, prompting organizations to increase their investments in IAM solutions to enhance their defenses. These factors are pushing organizations to adopt MDR services for advanced threat detection and response capabilities. The promising growth potential of the IAM market can be attributed to various factors, including the introduction of AI/ML-powered IAM services, blockchain aspect, and the increasing adoption of IAM among SMEs. Trend: Artificial Intelligence As cybercriminals increasingly employ Artificial Intelligence (AI) and Machine Learning (ML) techniques in their attacks, the decryption of complex passwords has become more accessible. To address this security concern, there is a growing trend towards adopting biometric authentication methods as an alternative to passwords. Biometric authentication, including retinal scans, facial recognition, and fingerprints, is witnessing widespread adoption. These ...