The increasing use of IoT and smart devices is boosting the market growth
The global cloud IAM (Identity and Access Management) market size is likely to attain over USD 16.4 billion by the year 2028. Besides, it is likely to project a CAGR of nearly 24% during the forecast years 2021-2028. Cloud IAM solutions let IT and security organizations control access to the resources in their cloud environments. According to Gartner, Identity and Access Management (IAM) is the security discipline that enables the right individuals to access the right resources at the right times for the right reasons. IAM addresses the mission-critical need to ensure appropriate access to resources across increasingly heterogeneous technology environments.
Enterprises traditionally used on-premises IAM software to manage identity and access policies, but nowadays, as companies add more cloud services to their environments, the process of managing identities is getting more complex. Therefore, adopting cloud-based Identity-as-a-Service (IDaaS) and cloud IAM solutions becomes a logical step. Traditional IAM permission models aren’t well suited for modern IT environments. Conventional IAM solutions and practices were designed to protect and control access to systems and applications deployed in an on-premises corporate data center owned and operated by an enterprise.
The present and future higher rducation market progress is summarized to conclude the attractiveness of the entire market. Also, prime factors that influence the cloud IAM market opportunities during the forecast years. Factors such as the growing data breaches has organizations realise the importance of IAM which in turn helped the industry grow. Increasing number of IoT & smart devices is also helping the market growth.
The report also emphasizes several distinctiveness of the global cloud IAM industry by valuing the market from value chain breakdown. Moreover, the report encompasses numerous qualitative features of the cloud IAM industry which comprises market restraints, drivers, as well as key industry opportunities. Furthermore, the report offers an inclusive evaluation of the company profiling along with the market rivalry of local and global vendors.
The cloud IAM market has tough competition among the new emerging and pre-established market vendors. Besides, the cloud IAM industry vendors are trying to capture the prospective markets to grab a competitive advantage over the remaining industry vendors. To capture the market, market players are forming agreements, acquiring other companies & startups, mergers & acquisitions, partnerships & collaboration, and escalating their business existence.
In terms of the type, the market is categorized into Public Cloud, Private Cloud and Hybrid Cloud. The public cloud segment is predicted to hold the major share of the market while the private cloud segment is expected to witness rapid growth. This is owing to the lower cost and high adoption by several enterprises.
The Asia-Pacific is likely to gather noteworthy growth through the forecast years 2021-2028. The growth of the cloud IAM market in this region is mostly ascribed to the importance of cloud IAM in the regions with countries like India, Japan, and China. However, the North American region is likely to account for the maximum market contribution during the forecast years. The domination of this region is largely ascribed to the market maturity, large number of businesses that are targeted by hackers, along with growing spending on IT by enterprises in the region.
The major players of the global cloud IAM market are IBM, Microsoft, Salesforce, SAP, Okta, CA Technologies, Acuant Inc, Janrain, LoginRadius, Ping Identity, Imprivata and Akamai. In addition, the previously recognized as well as new market players are approaching the market with advanced and new strategic services and solutions and to remain competitive in the global market.
Key Segments of the Global Cloud IAM Market
Type Overview, 2019-2028 (USD Billion)
- Public Cloud
- Private Cloud
- Hybrid Cloud
Application Overview, 2019-2028 (USD Billion)
- Large enterprises
Regional Overview, 2019-2028 (USD Billion)
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America