Global Cloud IAM Market Analysis by Type, Vertical, End-user, Region and segments forecast till 2033
The Global Cloud IAM Market valued at USD 3594.95 million in 2022 is anticipated to reach a value of USD 1829.37 million in 2033, growing at a CAGR of 21.3%.
Market Forecast in 2022
USD 3594.95 million
Market Forecast in 2033
USD 1829.37 million
CAGR % 2023-2033
Product, end-user industry, company share, company heatmap, company Capacity Technology Product capacity, growth factors and more
IBM, Microsoft, Broadcom, Auth0, CyberArk, Oracle Corporation, OneLogin, Inc., Hewlett Packard Enterprise, Sailpoint Technologies Holdings, Inc., Ping Identity, Okta, Dell and Evidian.
Global Cloud IAM Market- Description
Cloud Identity and Access Management (IAM) solution provides a clean and consistent access control interface for all cloud platform services. The same interface can be used for all cloud services. IAM technology can be used to initiate, capture, record, and manage user identities and their access permissions. Furthermore, all users are authenticated, authorized, and evaluated according to policies and roles. It helps maintain compliance of processes and procedures.
However, a major drawback is that permissions are granted based on needs and tasks of employees, and not revoked when they are no longer necessary, thus creating users with lots of unnecessary privileges. The key factors responsible for the growth of the cloud IAM market are implementation in governmental regulations regarding identity and access management and unprecedented growth in cloud adoption.
Increase in security concerns in a cloud-based environment and lack of awareness & trust in cloud IAM providers are expected to restrain the growth of the market. The global market will grow at an exponential rate with a wide scale adoption of cloud IAM in BFSI, IT & telecom, and retail. The industrial developments occurring within developing economies are likely to boost the adoption of cloud IAM services.
Key Trends of Global Cloud IAM Market:
· Increase in Trend of BYOD and other Mobility Trends:
Increase in trend of bring your own device(BYOD) is one of the major factors affecting the adoption of cloud IAM. With the concept of BYOD gaining momentum across various organizations, implementation of BYOD security solutions has become highly important. Increase in efforts to secure enterprise data and reduce data theft cases, owing to rising implementation of BYOD concept, drive the market.
· Increase in Cyber-attacks
Increase in number of cyber-attacks, owing to burgeoning digitalization is one of the driving factors of cloud IAM. Cyber-attacks are increasing at a rapid pace therefore, resulting in a strong need for IAM services. According to the Identity Theft Resource Center, data theft cases have exponentially increased, owing to increase in digital content and lack of security to protect financial & corporate data. BFSI, followed by IT & telecom, and retail, are the most targeted industries. Therefore, burgeoning cyber-attacks and data breach cases would drive the growth of the cloud IAM market in the future.
Segmental Analysis of Global Cloud IAM Market:
Based on Type
• Access Management
• User Provisioning
• Single Sign-On (SSO)
• Password Management
• Audit governance and Compliance Management
Based on End-User
• Large Enterprises
The large enterprise segment is anticipated to expand at the highest rate during the forecast period.
Based on Vertical
• Telecom and IT
• Energy, Oil and Gas
• Public Sector and Utilities
The BFSI segment will be a dominating segment over the assessment period. The BFSI segment is anticipated to expand.
Geographical Analysis of Global Cloud IAM Market:
The global Cloud IAM Market is further segmented into five major countries- North America, Europe, Asia-pacific, Latin America and Middle East and Africa. The North America region is dominating the cloud IAM market during the forecasted period. The increase is being driven primarily by the increasing and changing compliance and governance regulations every year and the need of organizations to adhere to it.
Global Cloud IAM Market: Recent Developments
· In August 2020, IBM launched security IAM suite V1.0. The new version offers security programs including access manager, security identity governance and intelligence, security directory suite, and security identity manager.
Global Cloud IAM Market: Key Companies
· Oracle Corporation
· OneLogin, Inc.
· Hewlett Packard Enterprise
· Sailpoint Technologies Holdings, Inc.
· Ping Identity
Global Cloud IAM Market: Regional Scope
· Rest of Europe
· South Korea
· Rest of Asia Pacific
· Rest of South America
Middle East and Africa
· Saudi Arabia
· South Africa
· Rest of Middle East and Africa
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