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Cloud Identity and Access Management (IAM) Market Analysis by Component (Solution, Services);by Deployment Model (Cloud, On-premises andHybrid); by Enterprise Size {Large Enterprises, Small-to-Medium Enterprise (SMEs)}; by Industry {Information Technology (IT), Banking, Financial Services and Insurance (BFSI), Travel and Hospitality, Healthcare, Retail and e-Commerce, Energy and Utilities, Telecommunication}– Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • September, 2021: Quest Software Inc. (One Login Inc.), - launched its OneLogin Workflows and Universal Connector solutions, allowing IT teams to automate workflows and reduce the complexity of integration projects. It will allow tech leaders to streamline complex identity lifecycle management processes and enable robust integrations across the cloud and on-premises systems.
  • April, 2021: Centrify Corporation (Delinea Inc.) - and Thycotic announced that they have merged together to form a leading cloud identity security vendor. The combined company has now begun integrations and will operate under the temporary name ThycoticCentrify.

Global Cloud Identity and Access Management Market Highlights Over 2023 – 2033

Base Year

2022

Forecast Year

2023-2033

CAGR

~21%

Base Year Market Size (2022)

~ USD 3Billion

Forecast Year Market Size (2033)

~ USD 21 Billion

The global cloud identity and access management market is estimated to garner a revenue of ~USD 21 billion by the end of 2033 by growing at a CAGR of ~21% over the forecast period, i.e., 2023–2033. Furthermore, the market generated USD 3 billion in revenue in 2022.The growth of the market can primarily be attributed to the growing concern for identity loss worldwide. For instance, identity fraud scams were found to be ~USD 43 million in total fraud losses in 2021.

Cloud-Identity-and-Access-Management-(IAM)-Market

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Identity and access management (IAM or IdAM for short) is a way of designating digital identities to a set of users, and their privileges along with specified access controls. In other word, it tells who a user is and what they are allowed to do. Public cloud providers offer a rich portfolio of services, and the only way to govern and secure many of them is through identity and access management (IAM). The demand for cloud identity and access management is on the rise owing to the surge in cyberattacks, which in turn, is expected to create massive revenue generation opportunities for the key players operating in the global cloud identity and access management market during the forecast period.It was found that, as compared to 2020, 2021 experienced~30% more cyberattacks worldwide.

Global Cloud Identity and Access Management (IAM) Market: Growth Drivers and Challenges

Growth Drivers

  • Growing Use of Software as a Service (SaaS) –This is driving the market for cloud identity and access management. IAM is a cloud service that controls the permissions and access for users and cloud resources such as SaaS and other cloud models in use. It was found that, in 2021, more than 90% of organizations used one or more SaaS solutions.

  • Increasing Number of Security AttacksIt was observed that, there were ~5 million distributed denial-of-service (DDoS) attacks in 2021.

  • Increasing Amount of Data According to estimates, around 2.5 quintillion bytes of data were produced every day in 2021.
  • Rising Penetration of Internet – It was found that,~ 63% of the global population used the internet by the first quarter of 2022.
  • Growing Size Information Technology (IT) Industry - It was found that, in the year 2020, the global IT industry accounted for more than USD 5 trillion.

Challenges

  • Increasing Complexity with the Increasing Number of Applications being Accessed

  • Possibility of User Password Fatigue

  • Concern about Siloed User Directories for Each Application

The globalcloud identity and access management market is segmented and analyzed for demand and supply by deployment model into cloud and on-premises and hybrid. Amongst these segments, the cloud segment is anticipated to garner the largest revenue by the end of 2033, backed by the growing use of cloud computing by enterprises worldwide. For instance, in the year 2021, more than 65% of enterprise infrastructure was cloud-based.

Major Macro-Economic Indicators Impacting the Market Growth

Global-Research-and-Development-Expenditure

The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.

GlobalCloud Identity and Access Management (IAM) Market Regional Synopsis

Regionally, the global cloud identity and access management market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these, the market in North America is projected to hold the largest market share by the end of 2033, backed by the growing dependence on online systems and data management as well as increasing cloud-based data storage in the region, along with rising use of the cloud by the federal governments. For instance, it was found that approximately 50% of all U.S. state, local, and federal governments had some or most of their systems and solutions in the cloud in 2020.

Cloud-Identity-and-Access-Management-(IAM)-Market-Share-size

The global cloud identity and access management market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the globalcloud identity and access management market includes the following segments:

By Component

  • Solution
  • Services

By Deployment Model

  • Cloud
  • On-premises
  • Hybrid

By Enterprise Size

  • Large Enterprise
  • SMEs

 

 

By Industry

  • Information Technology (IT)
  • Banking, Financial Services and Insurance (BFSI)
  • Travel and Hospitality
  • Healthcare
  • Retail and e-Commerce
  • Energy and Utilities
  • Telecommunication
 

Top Featured Companies Dominating the Global Cloud Identity and Access Management (IAM) Market

  • Quest Software Inc. (OneLogin, Inc.)

    • Company Overview

    • Business Strategy

    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Delinea Inc.
  • Ping Identity Corporation
  • Broadcom Inc. (CA Technologies)
  • Sailpoint Technologies Holdings, Inc.
  • IBM Corporation
  • Microsoft Corporation
  • Oracle Corporation
  • Hewlett Packard Enterprise Company
  • Secureworks, Inc.

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