The Global Cloud IAM Market valued at US 3594.95 Billion in 2022 is anticipated to reach a value of US 1829.37 Billion in 2030, growing at a CAGR of 21.3%.
Cloud IAM market– Overview
Cloud identity and access management (IAM) solution is defined as the solution that provides a clean and consistent access control interface for all cloud platform services.
The same interface has been used for all cloud services. The IAM technology is used to initiate, capture, record, and also manage user identities, as well as used to access their permissions.
All users are authenticated, authorized, and evaluated according to policies and roles and it has helped in maintaining compliance of processes and procedures.
The major drawback of the software is that the permissions are granted based on needs and tasks of employees, and they are not revoked when they are no longer necessary, which creates lots of unnecessary privileges to users.
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Key market trends- Growth determinants and Challenges
Every market has its growth determinant and challenges. One of the major factor that has fuelled the market growth is the implementations in governmental regulations with regards to identity and access management and unprecedented growth in cloud adoption over the forecast period.
On the flip side, the increase in security concerns in a cloud-based environment and lack of awareness and trust in cloud IAM providers have hampered the market growth over the forecast period.
Also, the global market is expected to grow at an exponential rate with a wide scale adoption of cloud IAM in BFSI, IT and telecom, and retail. The industrial developments that occurs within developing economies will boost the adoption of cloud IAM services over the forecast period.
Segmental analysis of the market
Based on Services
- User Provisioning
- Single Sign-On
- Access Management
- Multi-Factor Authentication
- Password Management
- Directory Services
- Governance and Compliance Management
The user provisioning segment has dominated the market growth over the forecast period.
Based on Deployment mode
- Public
- Hybrid
- Private
The public segment has dominated the market growth over the forecast period.
Based on Industry Verticals
- BFSI
- IT and Telecommunication
- Healthcare
- Media & Entertainment
- Retail
- Education
- Others
The BSFI segment has dominated the market growth over the forecast period.
North America is anticipated to amplify at a considerable CAGR
The Cloud identity and access management (IAM) market is segmented into 4 main regions namely, North America, Europe, Asia Pacific, and Middle east and Africa. Among these, North America has dominated the market growth over the forecast period. This is because of the technological advancements in the region.
Competitive Landscape
Some of the prominent companies operating in the market are
- IBM
- Microsoft
- CA, Inc.
- Secureworks, Inc.
- Oracle Corporation
- Intel Corporation
- OneLogin, Inc.
- Hewlett Packard Enterprise Development LP
- Sailpoint Technologies Holdings, Inc.
- Ping Identity
Major questions answered in this report
- what is the growth rate of this market?
- What are the primary growth determinants of the market?
- Which are the major regions constituting the geographical landscape of the market?
- Which are the prominent companies operating in the market?
Key takeaways from the report
- The Cloud IAM market is projected to expand at a CAGR of 21.3% over the forecast period.
- The implementation in governmental regulations is aiding market progression.
- The BSFI segment is poised to expand significantly over the forecast period.
- North America has dominated the regional market sphere over the forecast period.
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Scope of the report:
Global Cloud IAM Market: Historical Years- 2018-2021
Global Cloud IAM Market: Forecast Years- 2022-2030
Global Cloud IAM Market USD value in 2022- $3594.95 Billion
Global Cloud IAM Market USD value in 2030- $1829.37 Billion
Global Cloud IAM Market CAGR- 21.3%
Segments Covered- Type, Vertical, End-user and Region
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