Cloud Identity and Access Management Software Market Size Provides an In-Depth Insight of Sales, Revenue, Analysis of Growth Factors 2022-2031

Market Overview

The cloud identity and access management software market was valued at USD 2925.55 million in 2022, and it is expected to reach a value of USD 8127.70 million by 2031, at a CAGR of 18.77% over the forecast period

– Cloud identity and access management (IAM) technology is used to initiate, capture, record, and manage multiple user identities and their access permissions. All users are authenticated, authorized, and evaluated, according to the company policies and their respective roles.
– Cloud technology is changing the way businesses work, driven by the cost efficiencies and economies of scale. However, lack of proper security measures can undermine the benefits of cloud computing. This calls for a fundamental need for security solutions, including security for identity-related crimes, and hence, drives the market for cloud identity and access management.
– Among the types of cloud deployment being used in the market, public cloud accounted for the largest market share, owing to their increased adoption across different verticals. However, hybrid cloud deployment is expected to witness the highest CAGR over the forecast period, because of growing adoption among small- and medium-sized enterprises.
– Increasing penetration of mobiles and tablets has enabled employees to connect to the enterprise network through their mobiles and laptops. Instead of using their old office desktops, employees like to use their own devices in enterprises, which increases the need for cloud identity and access management software, and hence drives the market studied.

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Scope of the Report

The cloud identity and access management market includes cloud-based identity and access management solutions, which include the software that are deployed on cloud and used for preventing identity threats in an enterprise. The end-user verticals include IT and telecommunication, healthcare, BFSI, media and entertainment, retail, and education.

Key Market Trends

Single Sign-on (SSO) and Federated Provisioning is Expected to Witness the Highest Growth

– Single sign-on (SSO) is the most recent innovation in identity access management. The compact and highly flexible nature of this solution is attracting a wide range of end users, ranging from IT companies to the manufacturing sector.
– In the case of federated provisioning, the solution is a mix of two separate systems called federated identity and provisioning. Federated identity refers to the standards by which identity management responsibilities can be shared between various policy domains, while provisioning is the automation of all the lifecycle steps required to manage user or system access entitlements.
– The capability of retaining in-house control of user accounts, while leveraging cloud applications and data is the significant advantage that the federated provisioning solutions offer and are driving the immense growth of these solutions in the market.
– Furthermore, the increasing number of social engineering attacks and identity thefts is driving the growth of both single sign-on and federated provisioning in common, especially in the developed countries of North America and Europe.
North America Occupies the Largest Market Share

– Most of the cloud advanced organizations in the world are from the North American region, along with the high number of startups (whose most preferred mode of deployment of a solution is cloud).
– Along with the highest adoption of cloud-based software services, it is also reported by the ITU (International Telecommunication Union) that North American region is very pro-active and committed toward cybersecurity.
– Moreover, benefits, like reduced CAPEX and faster rollouts of updates, are some of the major reason for the adoption of cloud-based identity management solutions in the North American region.
– Major adoption of cloud-based IAM in the region is seen in the BFSI sector, and it may continue to rise, as the credit card frauds and breaches accounted for a major share in total number of identity thefts, as reported by the US consumer sentinel network.

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