The global cloud identity and access management market was valued at $3109.15 million in 2020, and is projected to reach $20728.92 million by 2030, growing at a CAGR of 21.1% from 2021 to 2030.
Identity and access management (IAM) is a security framework which ensures secure access to end users across multiple applications. At present, integration of IAM with cloud is gaining pace owing to its low cost and enhanced security. Cloud identity and access management (IAM) is an approach to revamp the traditional IT security environment by offering IAM solutions over the cloud. Cloud IAM helps large as well as small organizations to secure their IT infrastructure and patents & intellectual properties (IP) in a cost-effective manner. Cloud IAM offers various services such as user provisioning, access management, multi-factor authentication, directory services, single sign-on (SSO), governance & compliance management and password management. Several organizations have adopted cloud IAM to improve customer engagement, acquisition and retention. A well-designed cloud IAM system reduces the cost incurred due to cyber-attacks by enabling better information sharing and enhanced data privacy. In addition, cloud IAM services reduce cyber-attacks and data breaches by implementing various IAM services, such as single sign-on (SSO) and user provisioning and others.
Renowned market players have adopted acquisition as their key strategy to strengthen their technical expertise and to enhance their market foothold. For instance, in 2015, EMC Corporation acquired Virtustream, a cloud computing management software provider, to manage its cloud service business and to enhance its hybrid cloud product portfolio. In 2014, IBM acquired two IAM firms, Lighthouse Security Group and CrossIdeas, to expand and enhance its identity and access management (IAM) offerings.
The cost-effectiveness of the cloud IAM service compared to the traditional IAM services is one of the major factors driving the adoption of cloud IAM. Enterprises are adopting cloud applications at a large scale owing to the fast dropping rates of bandwidth and storage. It has been estimated that an organization can save more than 35% of the annual cost by adopting cloud IAM services.
CLOUD IDENTITY AND ACCESS MANAGEMENT (IAM) MARKET SEGMENTATION
The market is segmented on the basis of deployment type, services, industry vertical, and geography.
The accruing costs on organizations due to increasing complexities of cyber-attacks and the costs involved in detection and recovery of losses have fostered the adoption of cloud IAM across various organizations. In addition, the increasing popularity of Bring Your Own Device (BYOD) and various mobility trends in organizations have augmented the end user device authentication security. Therefore, increasing number and complexity of cyber-attacks, BYOD policies adopted by various organizations, increasing adoption of cloud services, centralized security and management and government compliances, are the key factors driving the growth of cloud IAM market.
The cloud IAM market is segmented based on deployment type, services, industry verticals and geography. The services segment is categorized into user provisioning, access management, multi factor authentication, single sign-on, directory services, password management, and governance & compliance management. User provisioning was the most widely adopted cloud IAM service, which accounted for a share of around 40% in 2014.
The cloud IAM is segmented based on different industry verticals such as BFSI, IT and telecommunication, healthcare, media & entertainment, retail, education and others. BFSI, IT & telecom and retail witnessed highest adoption of cloud IAM services over the forecast period (2015 - 2020). Based on the deployment type, the market is further categorized into private cloud, public cloud and hybrid cloud. Of the three, private cloud dominated the overall cloud IAM market owing to the enhanced security risks compared to public cloud and hybrid cloud. The market has been analyzed on the basis of regions, which include North America, Europe, Asia-Pacific and LAMEA.
Some of the key players operating in the market include IBM Corporation, Microsoft Corporation, SailPoint Technologies, Inc., EMC Corporation, CA Technologies, Oracle Corporation, Hewlett-Packard Company, Dell, Inc., and Intel Corporation.
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Report Metric |
Details |
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Report Name |
Cloud Identity Access Management (IAM) Market |
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Market size value in 2020 |
USD 3109.15 Million |
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Revenue forecast in 2030 |
USD 20728.92 Million |
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Growth Rate |
21.1% |
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Base year considered |
2020 |
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Forecast Period |
2021-2030 |
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By Service |
User Provisioning, Access Management, Multi-Factor Authentication, Single Sign-on, Directory Services and Password Management |
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By Deployment Type |
Private Cloud, Public Cloud and Hybrid Cloud |
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Report Coverage |
Revenue & volume forecast, company share, competitive landscape, growth factors, and trends |
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Segments Covered |
By Service, Deployment Type, and Region |
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Geographic Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
Ans. Due to the COVID-19 pandemic, The Global Cloud identity and access management market was valued at $3109.15 million in 2020 and is projected to reach $20728.92 million by 2030, growing at a CAGR of 21.1% from 2021 to 2030.
Ans. Some of the Major companies are IBM Corporation, Microsoft Corporation, SailPoint Technologies, Inc., EMC Corporation, CA Technologies, Oracle Corporation, Hewlett-Packard Company, Dell, Inc., and Intel Corporation.
Ans. Yes, the report includes a COVID-19 impact analysis. Also, it is further extended into every individual segment of the report.
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