The Global Cloud Identity and Access Management Market to amount to $7425.73 Million by 2028

A report by Triton Market Research report estimates the global cloud identity and access management market, which generated $2402.92 million in 2018, to grow at a CAGR of 11.23% by the year 2028.

A recent study by Triton Market Research titled 'Global Cloud Identity and Access Management Market,' covers the Global Analysis and Forecast for 2019-2028 by Services (Compliance, & Governance; Audit, Privileged Access Management; Single Sign-on & Federated Provisioning; Directory Service; Other Services), by End-users (BFSI; IT & Telecommunication; Media; Healthcare; Education; Retail; Other End-users), Deployment Model (Private; Public; Hybrid), by Application (Large Enterprises, Small & Medium Enterprises), and by Geographical Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa).

It becomes crucial for companies to protect their confidential and sensitive data while granting access to their employees, customers, and partners when they need it. Having an identity and access management (IAM) system in place helps enterprises to control who gains access to their critical information. A cloud-based IAM enables companies to have one central location from where they can manage the identities of the users and control how much access they receive.

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The report on the global cloud identity and access management market estimates that the industry would generate $7425.73 million by 2027, registering a CAGR of 11.23% over the forecast period from 2019 to 2028. The growing need for IAM techniques as a result of identity thefts and the rising trend of BYOD in companies, along with the rising importance of authentication and cost benefit, are driving the growth of the market for cloud identity and access management. However, the risks due to cyber threats and the latency & interruptions encountered while trying to gain access to the information act as restraining factors to market growth.

The market for cloud identity and access management is primarily categorized into services, end-users, deployment model, and organization size. Based on services, it is segmented into compliance, & governance, audit, privileged access management, single sign-on & federated provisioning, directory service, and other services. Whereas, based on end-users, it is classified into BFSI, IT & telecommunication, media, healthcare, education, retail, and other end-users. On the basis of deployment model, it is classified into private, public, and hybrid. And by application, it is bifurcated into large enterprises and small & medium enterprises.

North America is expected to be the largest region in the global cloud IAM market during the forecasting period, accounting for the largest share by 2028. The region is home to most 'cloud-advanced' companies in the world. It also boasts of having the highest number of start-ups, who are the primary deployers of cloud computing systems. The International Telecommunication Union (ITU) reports that, the highest rate of cloud software adoption by North America shows that the region is serious about and committed towards cybersecurity. This indicates a strong growth for the cloud identity and access management market in the region over the coming years.

Auth0 Inc, Centrify Corporation, Oracle, International Business Machines Corporation, Broadcom, Dell Technologies, Microsoft, Sailpoint Technologies Inc, Okta Inc, and Cyberark Software Limited are some of the well-established names in the cloud IAM market.

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Question & Answer: Cloud Identity and Access Management Market

Question 1: What factors are driving the growth of the market for cloud identity and access management market?
Answer: The growing need for IAM techniques as a result of identity thefts and the rising trend of BYOD in companies, along with the rising importance of authentication and cost benefit, are driving the growth of the market for cloud identity and access management.

Question 2: What are the restraining factors to the cloud identity and access management market growth?
Answer: The risks due to cyber threats and the latency & interruptions encountered while trying to gain access to the information act as restraining factors to market growth.

Question 3: How is North America influencing the cloud identity and access management market growth?
Answer: North America is expected to be the largest region in the global cloud IAM market during the forecasting period, accounting for the largest share by 2028. The region is home to most 'cloud-advanced' companies in the world. It also boasts of having the highest number of start-ups, who are the primary deployers of cloud computing systems.

The International Telecommunication Union (ITU) reports that, the highest rate of cloud software adoption by North America shows that the region is serious about and committed towards cybersecurity. This indicates a strong growth for the cloud identity and access management market in the region over the coming years.

Question 4: Which are the well-established names in the cloud IAM market?
Answer: Auth0 Inc, Centrify Corporation, Oracle, International Business Machines Corporation, Broadcom, Dell Technologies, Microsoft, Sailpoint Technologies Inc, Okta Inc, and Cyberark Software Limited are some of the well-established names in the cloud IAM market.

Related Report:
Global Biometrics Market

The global biometrics market is set to accumulate a revenue of $73.446 billion by 2027, exhibiting a CAGR of 19.87% during the forecast years from 2019 to 2027.

Favorable government initiatives promoting the adoption of biometric technology and the rapid adoption of this technology by the BFSI sector are primarily driving the growth of this market. The increased safety & security concerns, along with the rise in identity threats & related costs and immense proliferation of smartphones & tablets with biometric capabilities, are aiding in further market growth.

The existing biometric systems offer basic functionalities, which can be compromised using techniques such as fingerprint readers, face detection, iris scanners, etc. hackers and other miscreants use these techniques to unethically obtain credit card numbers. This calls for the implementation of a stronger authentication system.

In this case, multimodal biometric systems prove to be of great help, as these authentication systems provide additional levels of security, thereby making the network more secure and accountable. Thus, the introduction of multimodal biometric technology is contributing immensely to the biometrics market growth. Apart from these factors, the thriving e-commerce industry and the emergence of e-passports are creating immense opportunities for the growth of the biometrics market.

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