Cloud Identity Access Management Market: Current Analysis and Forecast (2023-2030)

Cloud Identity Access Management (Cloud IAM) refers to solutions offered by cloud service providers that enable organizations to manage access to their cloud-based resources such as applications, APIs, data storage, servers, etc. These solutions provide identity management capabilities for users, groups, and services within an organization to ensure secure access to these resources.

The Cloud Identity Access Management Market was valued at 6.2 billion in 2022 and is expected to grow at a steady rate of around 18.5% in the forecasted period (2023-2030) due to product expansions and various strategies employed by key vendors. Moreover, as more organizations move their operations to the cloud, they need robust identity management solutions that can secure access to these resources. Therefore, increasing adoption of cloud computing is adding value to the market.

Based on component, the market is bifurcated into solution, and service. Among these, the solution segment is leading the Cloud Identity and Access Management market. 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. The increase in the usage of cloud identity and access management solutions in businesses to improve cybersecurity and identity-related fraud is driving the growth of the solution segment. The solution segment includes audit, compliance, and governance; single sign-on (SSO) and federated provisioning; privileged access management; and directory service.

Based on the cloud type, the market is bifurcated into public cloud, private cloud, and hybrid cloud. Among these, the public cloud segment is dominating the Cloud Identity and Access Management market at present. The reasons behind this include increased adoption of public cloud services by enterprises owing to their flexibility, cost-effectiveness, and scalability. However, the private cloud segment is expected to grow rapidly over the next few years due to factors such as improved data security measures and compliance requirements.

Based on the end-user industry, the market is segmented into public sector, retail & consumer goods, telecommunications, media & entertainment, and others. Among these, the public sector segment currently leads the Cloud Identity and Access Management market due to an increasing need for secure access management solutions in government agencies and public organizations. This is attributed to factors such as stringent regulatory requirements related to data privacy and security, and growing awareness about cyber threats among public entities. Additionally, the retail & consumer goods segment is anticipated to experience noteworthy growth during the forecast period due to rising e-commerce activities and customer expectations regarding seamless shopping experiences.

For a better understanding of the market adoption of Cloud Identity Access Management, the market is analyzed based on its worldwide presence in countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. The Cloud Identity and Access Management (IAM) market is growing in the North America region due to several factors. North America contributed the maximum revenue in 2022 and is expected to continue significant growth. This growth is attributed to the presence of prominent technology companies, industry consortiums, and the increasing popularity of managed cloud IAM services in the region. Furthermore, continuous developments in cloud based IAM platforms and the competitive advantage of companies with extensive technical and financial resources are fueling the market growth in North America. The market is also witnessing intense competition and product expansions, further contributing to its growth in the region.

Some of the major players operating in the market include Microsoft Corporation; Okta; Ping Identity; Salesforce, Inc.; IBM; Google; Oracle; OneLogin; ForgeRock; Delinea.