Customer Identity And Access Management (Iam) Market 2024-2028: Increase in data thefts globally demand Fuels Growth
The customer identity and access management (iam) market size by Deployment (On-premises and Cloud-based), End-user (Large enterprises, Government organizations, and SMEs), and Geography (North America, Europe, APAC, Middle East and Africa, and South America), is forecast to increase by USD 19368.8 million. The market is expected to grow at a CAGR of 21.48% between 2024 and 2028.
The escalating threat of cybercrime, with an alarming number of data breaches and identity theft incidents, poses significant risks to businesses and consumers alike. In the US, for instance, the Federal Trade Commission reported a 45% increase in identity theft and fraud complaints in 2020, totaling approximately 4.8 million reports. Notable data breaches include the January 2020 attack on Landry's restaurant conglomerate, which targeted customers' payment card data, compromising cardholder names, credit and debit card numbers, expiration dates, and verification codes. These incidents underscore the critical importance of robust Customer Identity and Access Management (IAM) solutions to safeguard sensitive information and mitigate potential losses.
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In the business world, ensuring secure and efficient access to digital resources is paramount. The Customer Identity and Access Management (IAM) market offers solutions that address this need, providing centralized management of user identities and access permissions. These solutions enhance security, streamline onboarding and offboarding processes, and enable compliance with regulatory requirements. By implementing IAM solutions, businesses can mitigate risks, improve operational efficiency, and deliver a seamless user experience.
The Customer Identity and Access Management (IAM) market plays a pivotal role in safeguarding digital business operations. It enables organizations to manage and secure user identities, access permissions, and authentication processes. By implementing IAM solutions, businesses can ensure regulatory compliance, mitigate risks, enhance user experience, and streamline workflows. These solutions are essential for modern enterprises seeking to protect sensitive data and maintain a robust security posture.
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