Cloud Identity and Access Management Market is expected to reach USD 20,728.92 Million by 2030
The global market will grow at an exponential rate with wide-scale adoption of cloud IAM in BFSI, IT & telecom, and retail.
PORTLAND, PORTLAND, OR, UNITED STATE, March 2, 2023 /EINPresswire.com/ — Identity and access management is a business security framework that manages digital identities, both inside and outside an enterprise. Varied technological environments, increasing cyber-attacks, strict regulatory compliances, and increasing digital identities across organizations are propelling the need for IAM services for information security. Integration of IAM with the cloud is gaining popularity owing to its low cost and enhanced security.
According to a recent report published by Allied Market Research, The global cloud identity and access management market was valued at $3.10 billion in 2020, and is projected to reach $20.72 billion by 2030, growing at a CAGR of 21.1% from 2021 to 2030.
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Factors such as an increase in cyber-attacks, multi-factor authentication, centralized access management, and regulatory & compliance requirements drive the growth of the market. Security in a cloud-based environment, lack of trust in cloud IAM providers, and inadequate awareness are some of the restraints associated with the cloud IAM market.
On the basis of service, the single sign-on segment is expected to grow at the fastest rate during the forecast period. This is attributed to benefits, such as low IT cost and easy-to-manage identity life cycle, are driving the market for this segment. In addition, governments of various countries are investing considerably in single sign-on projects.
Region-wise, the global cloud identity access management market was dominated by North America in 2021 and is expected to maintain this trend during the forecast period. The market is expected to grow in North America, owing to implemented governance regulations and needs for organizations to adhere to these regulations.
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Around 380 new cyber security regulatory policies are issued by the U.S. Government every year. The increase in cyber security concerns in North America is one of the major threats to domains such as BFSI, IT & Telecom, and retail. However, Asia-Pacific is expected to grow at the fastest CAGR during the forecast period owing to an increase in the adoption of cloud IAM services by small & medium-sized businesses (SMBs) and a burgeoning number of cyber-attacks in the region.
The cloud identity access management market has been positively impacted by the COVID-19 outbreak. This is attributed to the fact that consumer trends toward cloud IAM are changing and key players in the market are adopting technologies such as artificial intelligence-based solutions for the authentication and security of employees.
The key players profiled in the cloud identity access management market analysis are IBM, Microsoft, CA, Inc., Secureworks, Inc., Oracle Corporation, Intel Corporation, OneLogin, Inc., Hewlett Packard Enterprise Development LP, Sailpoint Technologies Holdings, Inc., and Ping Identity. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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Key findings of the study:
• By service, the user provisioning segment led the cloud identity access management market in terms of revenue in 2020.
• Depending on deployment mode, the public segment accounted for the highest revenue in 2020.
• As per industry vertical, the BFSI segment accounted for the highest cloud identity access management market share in 2020.
• Region-wise, North America generated the highest revenue in 2020.
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