Global Cloud Identity and Access Management Market Definition
With the rising digitization and digitalization, various IT security paradigms must be revamped when approaching cloud security. One of the critical components of strong security is depicted through identity. In the cloud, identity refers to the users who use cloud resources. Various advanced threat prevention tools have been employed to traverse the cloud network and detect a potential threat to confidential data. Cloud identity and access management is one such cloud service that is being used to verify the users, control the users along with controlling the permissions and access for cloud resource users.
Cloud identity and access management is an advanced security tool that lets the admin authorize who can act on cloud resources by giving control. A set of permission is attached to either users or cloud resources to authorize what they access and what they can do with it. In another 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).
To enhance the security level, cloud identity, and access management is integrated with single sign-on systems, two-factor authentication, multifactor authentication, and privileged access management. It also includes biometrics, behavior analysis, and AI. These advanced features provide the ability to securely store identity and profile data, capture and record user login information, and manage the enterprise database of user identities.
Global Cloud Identity and Access Management Market: Key Insights
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~21% |
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Base Year Market Size (2022) |
~USD 3 Billion |
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Forecast Year Market Size (2033) |
~USD 21 Billion |
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Regional Scope |
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Global Cloud Identity and Access Management Market Size, Forecast, and Trend Highlights Over 2023 - 2033
The global cloud identity and access management market is estimated to garner a revenue of ~USD 21 Billion by the end of 2033 by rising at a CAGR of ~21% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 3 Billion in the year 2022. The growth of the market can primarily be attributed to the increasing number of identity fraud scams along with the growing concern for identity loss worldwide. For instance, approximately 40 million Americans were victims of identity fraud scams, which cost the population almost USD 50 million in 2021. Also, the increased security concerns in a cloud-based environment and penetration of blockchain technology in identity management are other factors anticipated to drive market growth.
The demand for cloud identity and access management is on the rise owing to the surge in cyberattacks and fraudulent activities, 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. Cloud identity and access management leverage identity analytics and intelligence to track unusual activities from user accounts. It also has the advantage of identifying policy violations, deleting idle accounts, and removal of inappropriate access privileges. Thus, to eliminate the cases of cyberattacks while ensuring cyber security and data security, the demand for cloud identity and access management is expected to soar in organizations.
Global Cloud Identity and Access Management Market: Growth Drivers and Challenges
Growth Drivers
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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 of the world used one or more SaaS solutions.
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Increasing Number of Security Attacks – With rapid industrialization and urbanization, fraudulent activities and cyberattacks have also increased which is considered a threat to confidential data. To protect important data and ensure data privacy, organizations are adopting cloud identity and access management to mitigate data breaches. This trend is projected to create a positive outlook for the revenue generation of the market. It was observed that there were ~5 million distributed denial-of-service (DDoS) attacks in the first of 2021 across the globe.
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Increasing Amount of Data – The emergence of a large amount of data generated every day, is generating the need for new terms of the variety of data that can be stored and managed in the core network that is secured tightly. This aspect is expected to drive the market for cloud identity and access management in the forecasted period. According to estimates, around 2.5 quintillion bytes of data were produced every day in 2021 worldwide.
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Rising Penetration of the Internet – It was found that ~ 63% of the global population used the internet by the first quarter of 2022.
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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
- Possibility of User Password Fatigue – which is the feeling expressed by users required owing to the challenge of remembering an excessive number of passwords. A password manager is a part of a comprehensive IAM approach that is layered with other IAM and security software.
- Increasing Complexity with the Increasing Number of Applications Being Accessed
- Concern about Siloed User Directories for Each Application
Global Cloud Identity and Access Management Market Segmentation
The global cloud 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 as well as the rising amount of data stored in the cloud worldwide. For instance, in the year 2021, more than 65% of global enterprise infrastructure was cloud-based. Furthermore, the various advantages of using cloud services are propelling large enterprises as well as small and medium enterprises to opt for cloud solutions for enterprise data management. Advanced cloud solutions are very much effective in ensuring advanced identity protection and reducing the chances of cyberattacks and cyber-crimes in the long run which in turn, is anticipated to bring lucrative growth opportunities in revenue generation of the segment.
The global cloud identity and access management market is also segmented and analyzed for demand and supply by industry into information technology (IT), banking, financial services & insurance (BFSI), travel & hospitality, healthcare, retail & e-commerce, energy & utilities, and telecommunication. Out of these, the healthcare segment is attributed to holding the largest share by the end of the forecast period. The major factor that is projected for segment growth is the rapid expansion of the healthcare industry along with the rising digitization trends in the healthcare sector. Owing to the penetration of internet healthcare settings has led to the rise of telemedicine, EMR, e-health applications, and others which creates the need for cloud identity and access management to ensure data privacy. Moreover, the large number of inpatients and outpatients visiting hospitals which has created millions of patient identities is also anticipated to create a demand for cloud identity and access management to protect patients’ identities and their sensitive data. On the other hand, the financial services & insurance (BFSI) segment is also expected to hold a significant share in the next few years. The recent trend of online payments, e-wallets, and digital/net banking is expected to boost the need for cloud identity and access management in the assessment period. The BFSI sector is opting for cloud identity and access management solutions to ensure that the right access is given to the right people, data risks are reduced, and all the online data comply with security norms.
Our in-depth analysis of the global cloud identity and access management market includes the following segments:
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By Component |
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By Deployment Model |
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By Enterprise Size |
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By Industry |
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Global Cloud Identity and Access Management Market Regional Synopsis
The North America cloud identity and access management market, amongst the market in all the other regions, 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, coupled with massive penetration of distributed cloud in the region, along with rising use of the cloud by the federal governments. For instance, it was found that approximately 50% of all the U.S. state, local, and federal governments had some or most of their systems and solutions in the cloud in 2020. Other factors that are anticipated to contribute positively to the market growth are the rising adoption of remote work, the proliferation of IoT devices, and the penetration of internet services in every spectrum. Further, the expansion of the information technology and communications (ICT) industry, along with the presence of major key players in the region are other growth factors that are estimated to generate a significant amount of revenue in the region. The implementation of the General Data Protection Regulation (GDPR) along with the massive investments made to develop advanced solutions to prevent cyberattacks and identity fraud is also expected to drive the growth of this market in the region.
Top Featured Companies Dominating the Global Cloud Identity and Access Management 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.
