In today’s digital age, Identity and Access Management (IAM) has become an essential aspect of business operations.
As technology advances, IAM is becoming increasingly important for organizations to protect sensitive information and systems.
In this blog post, let’s take a look at the latest IAM statistics in 2023 including IAM implementation statistics, IAM market size and growth.
Latest IAM Statistics:
1) 60% of medium-sized companies were affected by a hack, impacting 250-5000 employees, who requested to work remotely. 56% of these companies had reported theft of their credentials and 48% had incidents of social engineering such as phishing. (Expertinsights)
2) 91% of companies state that the primary motivation for implementing passwordless multi-factor authentication (MFA) is to protect against cyber attacks, specifically to prevent the theft of credentials and phishing attempts. (Expertinsights)
3) Privileged Access Management in the Modern Threatscape reports that 74% of data breaches begin with the misusing of privileged credentials. (Forbes)
4) Nearly 90% of financial organizations have been impacted by data breaches, with 60% of those incidents involving identity theft. (Gminsights)
5) Research indicates that more than 80% of data breaches are caused by the use of stolen, default or weak passwords. Implementing IAM systems that enforce best practices in credential management can greatly reduce the risk of users using weak or default passwords and can practically eliminate the risk. (Imperva)
6) Another study found that 44% of security experts believe that their current security vulnerabilities can be addressed by implementing an Identity and Access Management (IAM) solution. (Expertinsights)
7) On an average, a data breach costs 4.24 million dollars. (IBM)
8) A poll from cybersecurity experts revealed that when organizations are evaluating an Identity and Access Management (IAM) solution, the top factor they consider is ease of integration (72%). Other important factors included are end-user experience (62%), and the product’s performance and effectiveness (61%). (Expertinsights)
9) Last year, only 34% of companies that have a culture of innovation in their security practices reported experiencing an identity-related security breach. (Expertinsights)
10) An analysis of identities and access management reports suggest that automation can result in cost savings of more than 17% for a company. (Identitymanagementinstitute)
11) 49% of businesses have at least one employee with access rights that go beyond what is required for their job responsibilities. (Expertinsights)
12) Despite its importance in securing sensitive data, only 21% of companies have implemented multifactor authentication for privileged administrative access, and only 48% have implemented password vaults. (Forbes)
13) Out of the companies surveyed, 79% have suffered a data breach in the last 2 years, making up 94% of all reported breaches. (Expertinsights)
14) According to the IDSA, 99% of survey participants who had experienced an identity-related security breach believed that these types of attacks could have been prevented. (Expertinsights)
15) In 61% of all security breaches, credentials are involved, either obtained through social engineering methods or hacked using brute force tactics. (Verizon)
16) Phishing, a form of social engineering attack, is responsible for 25% of all data breaches. (Webinarcare)
17) A recent survey found that 8 in 10 individuals struggle with password management. (Nordpass)
18) 24% of security professionals in the US report their organization has suffered a brute force attack, including password spraying or credential stuffing, within the last two years. (Expertinsights)
19) Despite 45% of breaches happening in the cloud, organizations with a hybrid cloud setup incurred lower average data breach costs of USD 3.80 million compared to those with public or private cloud models. (IBM)
20) It is not surprising that managers or business owners make up 25% of those impacted by cybercrime in the US and UK, and that 34% of identity-related breaches in the past two years have targeted privileged user accounts. (Expertinsights)
IAM Implementation Statistics:
21) Over 80% of global IT leaders have implemented or intend to implement or expand cloud-based identity and access management in the next two years. (Techrepublic)
22) Nearly 75% of enterprise security and risk managers, plan to increase their spending on multi-factor authentication. (Businesswire)
23) It is predicted that a significant number of organizations, between 60-70%, have adopted Single Sign-On (SSO) or plan to implement it in the near future. (MarketsandMarkets)
24) Around 40-50%, of organizations are forecasted to have adopted Cloud Identity and Access Management (CIAM) in 12 – 24 months. (Bloomberg)
IAM Market Size and Growth:
25) The global IAM market size was valued at USD 18.3 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 11.1% during the forecast period from 2021 to 2026. (MarketsandMarkets)
26) The IAM market is estimated to reach 14.4 billion USD by 2023 and is expected to experience a CAGR of 13.1% for the next 10 years, reaching 49.3 billion USD by 2033. (Futuremarketinsights)
Hope this blog has provided you the latest information about IAM statistics.
Overall, IAM implementation is expected to be widespread in 2023, with a significant percentage of organizations adopting MFA, SSO, and CIAM.
Organizations will face challenges such as budget constraints and regulatory compliance, but are expected to increasingly adopt IDaaS solutions to overcome these challenges.
The market for IAM is expected to continue to grow, driven by increasing demand for secure and compliant solutions.
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