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Rising IT Spending, Cloud Adoption, and Security Concerns Drive Identity and Access Management (IAM) Market, with Multifactor Authentication Leading the Way

The global identity and access management (IAM) market is expected to reach $17.31 billion by 2023, with a compound annual growth rate of 14.10%, according to’s report. Accelerated by the COVID-19 pandemic, factors such as increased IT spending, shift towards cloud adoption and increased data thefts are driving market growth. Despite challenges like security breaches and lack of identity standards, key players like IBM, Okta Inc., Broadcom Inc., and Oracle Corporation continue to grow in the market.

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