Cloud IAM Market Future Growth and Competitive Scenario through 2030 | Value USD 20.72 Billion

According to a recent report published by Allied Market Research, the global cloud identity and access management market was valued at $3.10 billion in 2020, and is projected to reach $20.72 billion by 2030, growing at a CAGR of 21.1% from 2021 to 2030.

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Factors such as an increase in cyber-attacks, multi-factor authentication, centralized access management, and regulatory & compliance requirements drive the growth of the market. Security in a cloud-based environment, lack of trust in cloud IAM providers, and inadequate awareness are some of the restraints associated with the cloud IAM market. Several cloud IAM vendors aim at developing more secure IAM solutions at less prices that are customized according to the specifications of the end consumers.

Renowned market players have adopted product launch and partnership as their key strategies to strengthen their technical expertise and enhance their market foothold. For instance, Ping Identity, one of the leader in Identity Defined Security, announced the release of PingCloud Private Tenant, a private cloud identity solution for the enterprise.

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PingCloud Private Tenant provides cloud identity and access management (IAM) by combining highly configurable capabilities within a dedicated environment. Enterprises can provide authentication for all users with a highly configurable global authentication authority that includes versatile single sign-on (SSO) and highly-scalable directory services, maintaining data and resource isolation. This allows global organizations the ability to automate IAM operations, simplify management, and achieve their cloud-first objectives.

On the basis of service, the single sign-on segment is expected to grow at the fastest rate during the forecast period. This is attributed to benefits, such as low IT cost and easy-to-manage identity life cycle, which are driving the market for this segment. In addition, governments of various countries are investing considerably in single sign-on projects.

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Region-wise, the global cloud identity access management market was dominated by North America in 2021, and is expected to maintain this trend during the forecast period. The market is expected to grow in North America, owing to implemented governance regulations and needs for organizations to adhere to these regulations. Around 380 new cyber security regulatory policies are being issued by the U.S. Government every year.

The increase in cyber security concerns in North America is one of the major threats to domains such as BFSI, IT & Telecom, and retail. However, Asia-Pacific is expected to grow at the fastest CAGR during the forecast period owing to increase in adoption of cloud IAM services by small & medium-sized businesses (SMBs) and burgeoning number of cyber-attacks in the region.

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The cloud identity access management market has been positively impacted by the COVID-19 outbreak. This is attributed to the fact that consumer trends toward cloud IAM are changing and key players in the market are adopting technologies such as artificial intelligence-based solutions for authentication and security of employees.

The key players profiled in the cloud identity access management market analysis are IBM, Microsoft, CA, Inc., Secureworks, Inc., Oracle Corporation, Intel Corporation, OneLogin, Inc., Hewlett Packard Enterprise Development LP, Sailpoint Technologies Holdings, Inc., and Ping Identity. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

Key findings of the study
• By service, the user provisioning segment led the cloud identity access management market in terms of revenue in 2020.
• Depending on deployment mode, the public segment accounted for the highest revenue in 2020.
• As per industry vertical, the BFSI segment accounted for the highest cloud identity access management market share in 2020.
• Region wise, North America generated the highest revenue in 2020.

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