Cloud Identity and Access Management Market Is Likely To Display Phenomenal Growth Rate | Forecast To 2031

Cloud Identity and Access Management Market - Overview

The cloud identity and access management market has been anticipated to expand at a noteworthy pace throughout the forecast period. The growth avenues in the global market are attributed to increased use of the cloud identity and access management solutions in order to provide a consistent and clean access control interface for all the cloud platform services. Further, the same interface technology is useful to initiate, capture, manage, and record the identities of users and to provide access permissions. Thus, based on these factors, the global market is likely to grow at a noticeable speed in the foreseeable years.

The users provided through the global market are evaluated, authorized, and authenticated as per the roles and policies. Further, it is also helpful to maintain compliance with procedures and processes. Further, increasing implementation of the cloud identity and access management services in the government regulations related to identity and access management are likely to fuel the demand avenues in the global market.

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Cloud Identity and Access Management Market - Key Drivers

In recent years, there has been a noteworthy increase in the incidences of cyber-attacks due to burgeoning digitalization. Further, these rising cyber-attacks result in the increased requirement for IAM services. Retail, IT & telecom, BFSI, and finance are some prominent industries that are adopting the cloud identity and access management services at an increased rate and thus bolstering demand opportunities in the global market.

Rising concerns related to security in the cloud-based environment along with a lack of trust & awareness in cloud identity and access management providers are certain factors that are predicted to curtail the growth avenues in the global market in the following years. In addition to this, lesser awareness about the importance of authorized access by the appropriate individual is predicted to put a negative impact on the market growth during the forecast period.

But rapid industrial developments that occur within the developing economies have also been estimated to increase the adoption of these services. Thus, based on these factors, the cloud identity and access management market has been predicted to experience noteworthy growth prospects in the coming years.

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Cloud Identity and Access Management Market - Recent Developments and Key Players

The cloud identity and access management market is fragmented in nature. The market is further characterized by the presence of certain regional and international players. In addition to this, the market players are focusing on various strategies for the achievement of their desired profits, the development of brand awareness, and penetration in the developing markets. Furthermore, these market players concentrate on the enhancement of their services in order to gain a large consumer base. Novel product launches, agreements or partnerships, expansion of company networks, and mergers and acquisitions are certain factors that are estimated to drive the growth opportunities in the global market during the forecast period.

Some of the key players in the cloud identity and access management market are:

Intel Corporation
IBM
Ping Identity
Microsoft
Sailpoint Technologies Holdings, Inc.
CA, Inc.
OneLogin, Inc.
Secureworks, Inc.
Oracle Corporation

Cloud Identity and Access Management Market - Regional Assessment

The cloud identity and access management market has been divided into four major regions that include North America, Europe, Asia Pacific, and LAMEA. Out of these geographical areas, Asia Pacific has been proposed to hold a noteworthy share in the global market in the following years. These growth avenues in the regional market are attributed to the rapid advancement and constant product innovation that is taking place in the industry. So, based on these factors, the global market is likely to grow at a significant speed in the following years.

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