Cloud IAM Market Size Set to Reach New Heights, Redefining Security Standards

Growth of Cloud IAM market is primarily driven by increasing cybersecurity concerns, widespread cloud adoption & need for efficient access control solutions.

PORTLAND, OREGON, UNITED STATES, October 9, 2023 /EINPresswire.com/ — By 2030, the Cloud Identity and Access Management Market, which was valued at $3,109.15 million in 2020, is expected to have grown to $20,728.92 million, with a CAGR of 21.1% between 2021 and 2030.

Identity and access management (IAM) is a security framework, ensuring secure access to end users across multiple applications such as IT & telecom, BFSI and many others. Increase in the number of cyber-attacks, growing adoption of cloud services coupled with the increasing adoption of BYOD policies, and the stringent government compliances with respect to data security, are the key factors driving cloud IAM services market in the region. Japan was the highest revenue generating country in 2014, followed by Australia and Singapore.

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With the increasing adoption of multi-cloud strategies, organizations are seeking unified IAM solutions that can seamlessly manage access across various cloud platforms. Cloud IAM providers are responding by offering compatibility with multiple cloud providers, enabling consistent and secure access control across diverse cloud environments.

The Zero Trust security model has gained prominence, shifting the IAM paradigm towards continuous verification and strict access controls. Cloud IAM solutions are implementing Zero Trust principles, requiring authentication and authorization for every user and device attempting to access resources, regardless of their location.

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IDaaS solutions are gaining traction as organizations look for more scalable and cost-effective ways to manage identities. Cloud IAM providers are offering comprehensive IDaaS offerings that include identity lifecycle management, single sign-on (SSO), and adaptive access control, making it easier for organizations to implement and manage IAM.

User experience is becoming a critical factor in IAM solutions. Cloud IAM providers are focusing on user-friendly interfaces, adaptive authentication methods, and self-service capabilities. This not only enhances security but also improves user satisfaction, making IAM solutions more appealing to businesses.

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Fujitsu, SailPoint Technologies, Inc., EMC Corporation, CA Technologies, Oracle Corporation, Hewlett-Packard Company, Ping Identity Corporation, Dell, Inc. and Intel Corporation, are some of the prominent players operating in this market. The leading market players have adopted acquisition as their key strategy to strengthen their technical expertise and increase their market foothold.

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