Cloud Identity and Access Management Market Growing at a CAGR of 18.8% Reach USD 34.1 Billion by 2032

According to the report, the cloud identity and access management industry generated $6.2 billion in 2022, and is anticipated to generate $34.1 billion by 2032, witnessing a CAGR of 18.8% from 2023 to 2032.

Cloud Identity and Access Management (IAM) is a framework of processes, policies, and technologies for managing digital identities. It enables IT managers to control user access to critical data within organizations. IAM systems include single sign-on, two-factor authentication, multifactor authentication, and privileged access management. These technologies also ensure secure identity storage and data governance, allowing only necessary and relevant data to be shared.

Download Sample Report (Get Full Insights in PDF - 280 Pages) at: https://www.alliedmarketresearch.com/request-sample/721

The notable factors positively affecting the cloud identity and access management market include growing number of cybersecurity breaches and identity-related fraud and increasing adoption of cloud computing and other connected technologies. However, lack of awareness regarding IAM solutions and complexity of advanced threats and fluctuating regulatory landscape can hinder market growth. However, the growing popularity of cloud based IAM solutions and services and rising adoption of emerging technologies such as AI, biometrics, and others offer lucrative market opportunities for market players.

The North America segment held the highest market share in terms of revenue in 2022, accounting for more than one-third of the cloud identity and access management market revenue. The increase in the usage of cloud identity and access management solutions in businesses to improve businesses and the customer experience is anticipated to propel the growth of the market in this region. However, the Asia-Pacific segment is projected to manifest the highest CAGR of 20.1% from 2023 to 2032. Countries such as China, India, and South Korea are at the forefront, embracing digital technologies to enhance their effectiveness and competitiveness, further expected to contribute to the growth of the market in this region.

If you have any special requirements, Request customization: https://www.alliedmarketresearch.com/request-for-customization/721

Based on components, the solution segment held the highest market share in 2022, accounting for less than two-thirds of the cloud identity and access management market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the growing need for a high level of personalization as one of the primary reasons enterprises are increasing their investment in the cloud identity and access management market.

Based on industry vertical, the healthcare segment accounted for the largest share in 2022, contributing to more than two-fifths of the cloud identity and access management market revenue, owing to the development of digital technologies in the BFSI sector.

Based on offering, the single sign-on segment accounted for the largest share in 2022, contributing for more than one-fourths of the cloud identity and access management market revenue, owing to the growing demand for cloud identity and access management solutions in large enterprises which is fueling the market growth for global market in these enterprises. However, the multi-factor authentication segment is expected to portray the largest CAGR of 22.8% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. It provides various benefits to the several organizations.

Buy Now & Get Exclusive Report at: https://www.alliedmarketresearch.com/cloud-identity-access-management-market/purchase-options

Based on deployment mode, the public segment accounted for the largest share in 2022, contributing for more than two-fifths of the cloud identity and access management market revenue. An increase in the need for secure and reliable data within the organization is fueling the market growth for on-premises-based cloud identity and access management solutions. However, the hybrid segment is expected to portray the largest CAGR of 21.0% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. It provides several advantages such as reducing costs, supporting business, and effectively controlling the business environment in the organization.

Recent Product Launches in the Cloud Identity and Access Management Market

In April 2023, Google Cloud launched a series of new security alliances to bring more choice, capability, and simplicity to enterprise and public sector IT teams tasked with managing hybrid work at scale.

In March 2023, Ping Identity launched PingOne Neo, a multi-standards decentralized identity management solution. Neo improves data security, privacy, and control for individuals while reducing resource and compliance burdens for enterprises.

In June 2022, Microsoft Corporation launched a new product family, Microsoft Entra, which encompasses all of Microsoft's identity and access capabilities. Microsoft Entra includes Azure Active Directory (Azure AD) as well as two new product categories.

Access the full Report Summary at: https://www.alliedmarketresearch.com/cloud-identity-access-management-market

Recent Partnerships in the Cloud Identity and Access Management Market

In September 2023, Semperis partnered with NTT DATA to offer security-centric managed services that combine NTT DATA's business and technology services with Semperis' comprehensive identity threat detection and response (ITDR) solutions.

Leading Market Players: -

Amazon Web Services Inc.
Cognizant Technology Solutions Corporation
Google Inc.
IBM Corporation
Microsoft Corporation
NTT Data Corporation
Okta Inc.
Oracle Corporation
Ping Identity

The report provides a detailed analysis of these key players in the cloud identity and access management market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

For Purchase Enquiry: https://www.alliedmarketresearch.com/purchase-enquiry/721

Contact:
David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: + 1-800-792-5285
UK: +44-845-528-1300
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
help@alliedmarketresearch.com

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies. This helps us dig out market data that helps us generate accurate research data tables and confirm the utmost data procurement methodology includes deep presented in the reports published by us is extracted through primary interviews with top officials from leading online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.