Cloud Identity and Access Management (IAM) Market

Cloud IAM Market Size (2024 to 2029)

The global Cloud IAM market is predicted to reach 16.23 billion in 2024 and USD 50.93 billion by 2029, growing at a CAGR of 25.70% during the forecast period.

Cloud Identity and Access Management (IAM) as a Service is an approach to managing digital identities on the cloud by a Cloud Service Provider (CSP) or Managed Service Provider (MSP). In the service delivery system, IAM is displayed in the form of software as a service for companies or individuals who depend on the service provider to use a particular functionality for administration identification to complete electronic transactions. Cloud IAM solutions can also purchased as a subscription-managed service. For example, suppose an association only wants its users to access the password management feature authorized by a Cloud IAM provider. In that case, it might only pay for that particular service and only for the users who will use it. Cloud IAM solutions have little to no on-premises foundation. In the IAM cloud, a CSP or MSP hosts an application to accommodate subscribers with role-based access to any organization-specific application, system, and proprietary data.

Identity and Access Management (IAM) is the business framework that encompasses organizational methods and technologies for leading electronic or digital identities. The products depend on role-based access control and allow individual users to perform specific tasks according to the described role in the company. The IAM framework is gaining importance as an automated means to initiate, capture, record, and manage user identities.

Global Cloud IAM Market Drivers:

The growing recognition of Bring Your Own Device (BYOD) and a variety of mobility movements in associations have increased security measures to authenticate the end-user machine, driving demand for the cloud IAM market. Some limitations related to the cloud IAM market are security measures in cloud environments, lack of belief in cloud IAM providers, and insufficient knowledge. Many cloud IAM resellers aim to augment lower-value, more secure IAM solutions, which have been modified in accordance with end-consumer regulations.

As a result, the increasing number and complexity of cyberattacks, BYOD guidelines accepted by various organizations, growing acceptance of cloud services, national security measures, and administration and management compliance are the other main features driving the development of the global cloud IAM market. Several of the main characteristics that hamper the market are due to a lack of confidence and incompetence in declaring the individuality of cloud services and applications. Furthermore, the increasing adoption of solutions among companies and maturing IoT trends are poised to bring new opportunities to the market in the near future.

Blockchain technology gradually entered the IAM area to create a platform that would protect individual identities from theft or the victim of various fraudulent activities. Companies have integrated blockchain technology into IAM to solve authentication and authorization issues. Blockchain technology offers a decentralized and reasonably secure way to store and verify proof of identity credentials. Blockchain technology in IAM systems helps users create, test, and register their own identity and associated credentials to use digital services. Blockchain-enabled IAM systems in organizations would help reduce operational risk and costs by eliminating the need for siled or replicated repositories and identity data. However, the widespread acceptance of blockchain technology in IAM requires the availability of open source, simple financial models, respect for privacy by design, and an acceptable user experience.

Identity and Access Management continually evolves various critical functions, such as authentication and data security, to meet privacy compliance requirements. Artificial intelligence and machine learning in IAM are expected to be a growing trend. Artificial intelligence in identity management is expected to revolutionize security beyond people, places, and things, as the increasing number of devices and systems will communicate and learn from each other without the intervention of humans. It provides contextual information to technical and non-technical employees, enabling them to work more efficiently. IAM providers have begun adding behavioral data analytics through machine learning to improve security tactics. For example, machine learning can analyze user login attempts and detect suspicious behavior, such as guessing a password. Similarly, Ping Identity, a US software company, uses AI-based analytics to monitor an organization's application programming interface (API) activity.

REPORT COVERAGE:

This research report on the global cloud IAM market has been segmented and sub-segmented based on the components, end-user, verticals, and region.

Global Cloud IAM Market - By Components

• Password Management and Auditing

• User Provisioning

• Access Management

• Directory Services

• Single Sign-On

• Authority Management

• Compliance

Global Cloud IAM Market - End User

• Small and Medium-Sized Enterprises (SMEs)

• Large Companies

Global Cloud IAM Market - By Verticals

• Telecommunications and IT

• BFSI

• Energy

• Public Sector and Utilities

• Oil and Gas

• Healthcare

• Construction

• Manufacturing

• Retail

Global Cloud IAM Market – By Region:

• North America

  • The United States

  • Canada

  • Rest of North America

• Europe

  • The United Kingdom

  • Spain

  • Germany

  • Italy

  • France

  • Rest of Europe

• The Asia Pacific

  • India

  • Japan

  • China

  • Australia

  • Singapore

  • Malaysia

  • South Korea

  • New Zealand

  • Southeast Asia

• Latin America

  • Brazil

  • Argentina

  • Mexico

  • Rest of LATAM

• The Middle East and Africa

  • Saudi Arabia

  • UAE

  • Lebanon

  • Jordan

  • Cyprus

The North American region dominates the market during the forecast period. Asia Pacific is significantly growing due to the advancement in the small and medium industries in countries like South Korea, China, Japan, the United Kingdom, and India, which are other aspects that contribute to the development of the worldwide cloud IAM market.

KEY MARKET PARTICIPANTS:

The major players operating in the global cloud IAM market include Ping Identity Corporation, Onelogin Inc., Okta, Intel, IBM Corporation, Sailpoint Technologies Inc., EMC Corporation, Dell, CA Technologies, Microsoft, Centrify Corporation, HP, and Oracle.

RECENT HAPPENINGS IN THE MARKET:

• In August 2019, IBM Corporation partnered with Imprivata, an IT security company, to launch a cloud-based identity and access management tool to help customers of both companies manage procurement, tracking, and deprivation. Of its users in its hybrid environment, both local and cloud.