Cloud Identity Access Management (IAM) Market Future Looks Bright for Market Size with Soaring Projections | SailPoint Technologies, Inc., EMC Corporation

New research study titled "Cloud Identity Access Management (IAM) Market " for the year 2023, encompassing various aspects such as industry size, market share, growth analysis, segmentation, leading manufacturers and innovations, key trends, market drivers, restraints, regulatory framework, distribution methods, opportunities, strategies, potential roadmap, and annual forecasts until 2031. The primary objective of this market research study is to thoroughly examine the industry, enabling businesses to gain comprehensive insights into the sector and its economic potential. By leveraging accurate statistical research data provided by Report Ocean 2023 to 2032, your business can experience accelerated growth. This report also delves into PESTLE & SWOT analysis, Porter's Five Forces Analysis, and provides crucial information including expenditure, costs, revenue, and end-users. With over 150+ pages, the document offers a comprehensive table of contents, 180+ figures, tables, charts, and insightful analysis.

Cloud Identity and access management (IAM) is a security framework which ensures secure access to end users across multiple applications. At present, integration of IAM with cloud is gaining pace owing to its low cost and enhanced security. Cloud identity and access management (IAM) is an approach to revamp the traditional IT security environment by offering IAM solutions over the cloud. Cloud IAM helps large as well as small organizations to secure their IT infrastructure and patents & intellectual properties (IP) in a cost-effective manner.

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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.

KEY PLAYERS, , IBM Corporation, Microsoft Corporation, SailPoint Technologies, Inc., EMC Corporation, CA Technologies, Intel Corporation, Dell, Inc., Oracle Corporation, Hewlett-Packard Company

Cloud IAM offers various services such as user provisioning, access management, multi-factor authentication, directory services, single sign-on (SSO), governance & compliance management and password management. Several organizations have adopted cloud IAM to improve customer engagement, acquisition and retention. A well-designed cloud IAM system reduces the cost incurred due to cyber-attacks by enabling better information sharing and enhanced data privacy. In addition, cloud IAM services reduce cyber-attacks and data breaches by implementing various IAM services, such as single sign-on (SSO) and user provisioning and others.

Renowned market players have adopted acquisition as their key strategy to strengthen their technical expertise and to enhance their market foothold. For instance, in 2015, EMC Corporation acquired Virtustream, a cloud computing management software provider, to manage its cloud service business and to enhance its hybrid cloud product portfolio. In 2014, IBM acquired two IAM firms, Lighthouse Security Group and CrossIdeas, to expand and enhance its identity and access management (IAM) offerings.

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The cost effectiveness of the cloud IAM service compared to the traditional IAM services is one of the major factors driving the adoption of cloud IAM. Enterprises are adopting cloud applications at a large scale owing to the fast dropping rates of bandwidth and storage. It has been estimated that an organization can save more than 35% of the annual cost by adopting cloud IAM services.

The accruing costs on organizations due to increasing complexities of cyber-attacks and the costs involved in detection and recovery of losses have fostered the adoption of cloud IAM across various organizations. In addition, the increasing popularity of Bring Your Own Device (BYOD) and various mobility trends in organizations have augmented the end user device authentication security. Therefore, increasing number and complexity of cyber-attacks, BYOD policies adopted by various organizations, increasing adoption of cloud services, centralized security and management and government compliances, are the key factors driving the growth of cloud IAM market.

The cloud IAM market is segmented based on deployment type, services, industry verticals and geography. The services segment is categorized into user provisioning, access management, multi factor authentication, single sign-on, directory services, password management, and governance & compliance management. User provisioning was the most widely adopted cloud IAM service, which accounted for a share of around 40% in 2014.

The cloud IAM is segmented based on different industry verticals such as BFSI, IT and telecommunication, healthcare, media & entertainment, retail, education and others. BFSI, IT & telecom and retail witnessed highest adoption of cloud IAM services over the forecast period (2015 - 2020). Based on the deployment type, the market is further categorized into private cloud, public cloud and hybrid cloud. Of the three, private cloud dominated the overall cloud IAM market owing to the enhanced security risks compared to public cloud and hybrid cloud. The market has been analyzed on the basis of regions, which include North America, Europe, Asia-Pacific and LAMEA.

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POTENTIAL BENEFITS FOR STAKEHOLDERS:

Comprehensive analysis of current and future market trends in the global cloud IAM market is outlined in the report
The report provides an in-depth analysis of cloud IAM market to identify lucrative investment pockets in the market
The report identifies key drivers, opportunities and restraints that shape the market and provide an impact analysis of these factors over the forecast period
Porter's Five Forces analysis highlights the potency of buyers and suppliers participating in this market. This would offer a competitive advantage to stakeholders to make profit-oriented business decisions and help strengthen their supplier and buyer network.
SWOT analysis of key market players highlight the essential strengths and potential opportunities in the market

CLOUD IDENTITY AND ACCESS MANAGEMENT (IAM) MARKET SEGMENTATION

The market is segmented on the basis of deployment type, services, industry vertical, and geography.

MARKET BY SERVICES

User Provisioning
Access Management
Multi Factor Authentication
Single Sign-on
Directory Services
Password Management
Governance & Compliance Management

?MARKET BY INDUSTRY VERTICALS

BFSI
IT & Telecommunication
Healthcare
Media & Entertainment
Education
Retail
Others (Energy, Oil and Gas, Public Sector and Utilities)

MARKET BY DEPLOYMENT TYPE

Private Cloud
Public Cloud
Hybrid Cloud

MARKET BY GEOGRAPHY

North America
Europe
Asia-Pacific
LAMEA

Why Purchase Market Research Report?

Informed Decision-Making:
- Market research reports provide valuable insights and data that help businesses make informed decisions.
- They offer comprehensive analysis of market trends, customer behavior, competitive landscape, and emerging opportunities, enabling businesses to identify potential risks and make strategic choices.

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Market Understanding:
- Market research reports provide a deep understanding of the target market.
- They provide detailed information about market size, growth rate, market segmentation, and customer preferences.
- This knowledge helps businesses align their products, services, and marketing strategies with market demands.

Competitive Analysis:
- Market research reports include competitive intelligence, profiling key players in the market, their strategies, and market share.
- This information helps businesses benchmark themselves against competitors and identify opportunities for differentiation and growth.

Risk Mitigation:
- By analyzing market research reports, businesses can identify potential risks and challenges in the market.
- This allows them to develop risk mitigation strategies, adapt their business approach, and make informed decisions to minimize potential setbacks.

Market Opportunities:
- Market research reports highlight emerging market opportunities and trends.
- They provide insights into untapped segments, changing consumer preferences, and technological advancements.
- By leveraging this information, businesses can capitalize on market opportunities and gain a competitive edge.

Investment Evaluation:
- Market research reports assist businesses in evaluating investment opportunities.
- They provide data on market size, growth potential, and competitive landscape, helping businesses assess the feasibility and potential returns of investment projects.

Customer Insights:
- Market research reports offer valuable insights into customer behavior, preferences, and purchasing patterns.
- This knowledge helps businesses understand their target audience better and tailor their products, services, and marketing efforts to meet customer needs.

Strategic Planning:
- Market research reports provide a foundation for strategic planning.
- They offer a comprehensive view of the market, helping businesses set realistic goals, define their target audience, and develop effective strategies to achieve their objectives.

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