PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1372051
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1372051
According to Stratistics MRC, the Global Cloud Infrastructure Entitlement Management Market is accounted for $1.98 billion in 2023 and is expected to reach $13.82 billion by 2030 growing at a CAGR of 32 % during the forecast period. In cloud computing systems, managing and supervising user entitlements and permissions is referred to as CIEM. It entails managing the privileges, access rights, and permissions given to people, applications, and services that interact with cloud-based resources and services. With an emphasis on implementing security standards, compliance rules, and best practices, CIEM strives to make sure users have the right amount of access and authority to carry out their duties within the cloud infrastructure.
Bring-your-own-device (BYOD) policies are being adopted by businesses more frequently. Employees can work from home and remain connected to the office network when their employers accept the BYOD concept and use cloud-based solutions. Businesses are accelerating their transition to a multi-cloud deployment strategy as a result of the increased adoption of BYOD policies and a variety of cloud solutions. Employing remote workers promotes public health and helps businesses prevent productivity loss. This fuels the market's growth.
The technology is also sufficiently advanced for the still-emerging CIEM sector in cloud security. To deploy, process, analyse, and protect cloud solutions, experts or staff must have the necessary technical knowledge and skills. However, organisations that hire security specialists occasionally are unable to research and identify advanced security flaws when setting up and maintaining operations. The market's progress is being hampered by a dearth of qualified personnel.
Organisations are utilising CIEM solutions more frequently because they enable them to use cutting-edge methods like machine learning to suggest the least privileges for a given task. Using a risk-based view of both human and nonhuman identities, businesses can quickly identify excessively high-risk permissions and investigate cloud identity setups. The optimum least privilege implementation is offered by CIEM. Therefore, using cutting-edge methods like ML to suggest the least privileges is an opportunity for the CIEM market to expand.
Many businesses manage cloud permissions and access credentials manually, which is a risky administrative practice. The organisation is vulnerable to security breaches and data leaks as a result of the frequent or infrequent rotation of passwords and other credentials. However, sharing credentials across different users might lead to additional security flaws and forensic difficulties that restrict market expansion.
During the pandemic, organisations encountered difficulties working with vendors, carrying out on-site installs, and aligning IT resources. As a result, the adoption and deployment of CIEM solutions were delayed. Organisations now confront new issues with managing user access and entitlements in a distributed environment as a result of the growing adoption of remote work. The sudden shift to remote work arrangements taxed the capacity of current entitlement management procedures and created concerns regarding data security.
The solution segment is estimated to hold the largest share, CIEM solutions allow IT and security companies control over cloud rights and visibility into entitlements. To apply universal security policies across all cloud platforms, CIEM systems enforce the least privileged access concept. In a cloud context, it also provides transparency into the rights and activities of all identities. Additionally, with the use of CIEM, managers may quickly ascertain which cloud resources are being used at any given time. CIEM solutions help businesses safeguard themselves against data loss, destructive attacks, and the risks associated with having too many cloud permissions. Furthermore, a variety of CIEM solutions give organizations the choice to choose the one that best meets their particular demands, which encourages wider product adoption.
The banking, financial services, and insurance segment is anticipated to have lucrative growth during the forecast period. Modern methods for executing financial transactions have been implemented by banks and other financial institutions. One such method involves shifting BFSI operations to the cloud. BFSI firms can benefit from a highly available and reliable network thanks to cloud services, which also significantly reduce the capital expenses associated with maintaining and operating sophisticated on-site IT infrastructure. The high upfront expenditures of acquiring hardware are also removed as a result of cloud adoption. To establish and enforce access policies across their cloud infrastructure, banks can utilize CIEM providers.
Asia Pacific commanded the largest market share during the extrapolated period Asia Pacific, comprising developed nations like Singapore, Japan, China, and India, is accountable for the rise in the CIEM market because of its anticipated rapid growth. China is the world's manufacturing capital and has experienced enormous industrial growth. The region's use of cloud computing is additionally supported by government programs to guarantee cloud security. The region's countries are utilizing CIEM solutions across verticals like healthcare, retail and consumer goods, BFSI, and telecoms. This has been due to the increasing adoption of cloud and mobile technologies as well as changing work dynamics.
North America is expected to witness profitable growth over the projection period, due to the concentration of significant corporations in North America, this region has the most developed market and most advanced electronic infrastructure. The largest portion of the CIEM market is contributed by the US. Furthermore, as more businesses and sectors use cloud services and solutions at different levels as part of their business strategy to remain competitive and boost productivity, the CIEM market has been continuously exhibiting favourable trends in the area. Therefore, CIEM helps businesses that must guard against dangers like hacker assaults and data breaches brought on by overly permissive users on this kind of infrastructure which drives the market growth.
Some of the key players in the Cloud Infrastructure Entitlement Management Market include: Cyber Ark Software Ltd., IBM Corporation, Check Point, Forge Rock Inc., Microsoft Corporation, Centrify Corporation, Beyond Trust Corporation, Key cloak, One Identity LLC, Sail Point Technologies Holdings, Inc., Palo Alto Networks, Omada A/S, Saviynt Inc., Okta, Inc. and Thycotic.
In April 2023, Beyond Trust partnered with Jamf, a software development company based in the US. The partnership aims at providing customers with an enhanced portfolio of solutions that would allow them to simultaneously boost productivity and corporate security.
In August 2022, CyberArk (US) acquired C3M, a cloud security posture management (CSPM) Software Company that supports Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform.
In February 2022, Check Point (Israel) acquired Spectral. With this acquisition, Check Point will increase the developer-first security capabilities of its cloud solution, Check Point Cloud Guard, and offer the broadest spectrum of cloud application security use cases.