PUBLISHER: Allied Market Research | PRODUCT CODE: 1414889
PUBLISHER: Allied Market Research | PRODUCT CODE: 1414889
According to a new report published by Allied Market Research, titled, "Cloud Identity and Access Management Market," The cloud identity and access management market was valued at $6.2 billion in 2022, and is estimated to reach $34.1 billion by 2032, growing at a CAGR of 18.8% from 2023 to 2032.
Growing emphasis on remote work environments across regions is one of the major driving factors for the cloud identity and access management market. With a substantial portion of the global workforce operating in non-traditional office environments, organizations are faced with heightened cybersecurity risks. The presence of remote employees who gain access to corporate networks and sensitive information from different locations and devices leads to vulnerabilities that malicious individuals exploit. Thus, there is a growing demand for real-time identification, monitoring, and response capabilities provided by cloud identity and access management solutions. These solutions enable organizations to safeguard remote access points, detect and mitigate threats aimed at remote workers, and ensure secure connectivity, making them essential in the current landscape of remote work.
Furthermore, the market is profoundly influenced by considerable expenses related to cloud identity and access management solutions and services. Primarily, these expenses can serve as a deterrent for smaller and medium-sized enterprises (SMEs) with constrained budgets. SMEs may perceive cloud identity and access management as a financial burden, leading to insufficient investment in cybersecurity measures and rendering them vulnerable to cyber threats. In addition, even larger organizations may exhibit hesitation in allocating substantial resources to cloud identity and access management, particularly when faced with competing budgetary demands.
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 cloud identity and access management market are segmented on the basis of component, offering, deployment mode, industry vertical, and region. On the basis of component, the market is segmented into solution and service. As per offering, the market is segmented into user provisioning, single sign-on, access management, multi-factor authentication, password management and others. According to deployment mode, the market is segmented into public, hybrid and private. Depending on industry vertical, the market is segmented into BFSI, healthcare, IT and telecom, retail and e-commerce, government and defense, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The market players operating in the global cloud identity and access management market. This report further outlines the current trends and key areas of investment. In addition, it includes Porter's five forces analysis to understand the competitive scenario of the industry and role of each stakeholder. The report features the strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of key market players to increase their market share and sustain intense competition in the industry. The key players operating in the market include Accenture plc, Amazon Web Services Inc., Cognizant Technology Solutions Corporation, Google Inc., IBM Corporation, Microsoft Corporation, NTT Data Corporation, Okta Inc., Oracle Corporation, and Ping Identity.
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