Factors such as increase in cyber-attacks, multi-factor authentication, centralized access management, and regulatory & compliance requirements drive the growth of the global cloud identity and access management market. The outbreak of the Covid-19 pandemic positively impacted the growth of the global cloud identity and access management market.
According to the report published by Allied Market Research, the global cloud identity and access management market generated $3.1 billion in 2020, and is projected to reach $20.7 billion by 2030, witnessing a CAGR of 21.1% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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Kanhaiya Kathoke, a Research Analyst, ICT at Allied Market Research, stated, “the cloud identity and access management demand surged during the COVID-19 owing to adoption of cloud services by enterprises for remote working purpose. Furthermore, cloud IAM system has helped enterprises to enhance the security.”
COVID-19 scenario:
- The outbreak of the Covid-19 pandemic positively impacted the growth of the global cloud identity and access management market. This is owing to surge in demand for cloud services as people started adopting cloud access control management systems for managing the authentication of employees and staff through cloud services and storing records.
- Furthermore, as people started working remotely, cloud access management system helped to define roles and grant permissions to users to access resources at different granularity levels.
- In addition, the ability to spend less on enterprise security by relying on the centralized trust model to deal with identity management across third party and own applications surged the demand for cloud IAM market during the COVID-19 pandemic.
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The report offers detailed segmentation of the global cloud identity and access management market based on service, deployment mode, industry verticals, and region.
On the basis of service, the single sign-on segment is expected to grow at a fastest rate during the forecast period. Region wise, the global cloud identity access management market was dominated by North America in 2021, and is expected to maintain this trend during the forecast period. The report also includes Asia-Pacific, LAMEA, and Europe.
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The report analyzes the profiles of key players operating in the cloud identity access management market such as IBM, Microsoft, CA, Inc., Secureworks, Inc., Oracle Corporation, Intel Corporation, OneLogin, Inc., Hewlett Packard Enterprise Development LP, Sailpoint Technologies Holdings, Inc., and Ping Identity.
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