Cloud Identity and Access Management Market to Reach $34.1 Billion, by 2032 at 18.8% CAGR: Allied Market Research

The growing number of cybersecurity breaches and identity-related fraud and increasing adoption of cloud computing and other connected technologies are expected to drive the global cloud identity and access management market growth.

NEW CASTLE, Del., Dec. 15, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Cloud Identity and Access Management Market by Component (Solution and Services), Offering (User Provisioning, Single Sign-on, Access Management, Multi-factor Authentication, Password Management, and Others), Deployment Mode (Public, Hybrid, and Private), and Industry Vertical (BFSI, Healthcare, IT and Telecom, Retail and E-commerce, Government and Defense, and Others): Global Opportunity Analysis and Industry Forecast, 2022–2032". According to the report, the cloud identity and access management industry generated $6.2 billion in 2022, and is anticipated to generate $34.1 billion by 2032, witnessing a CAGR of 18.8% from 2023 to 2032.

Prime determinants of growth

The notable factors positively affecting the cloud identity and access management market include growing number of cybersecurity breaches and identity-related fraud and increasing adoption of cloud computing and other connected technologies. However, lack of awareness regarding IAM solutions and complexity of advanced threats and fluctuating regulatory landscape can hinder market growth. However, the growing popularity of cloud based IAM solutions and services and rising adoption of emerging technologies such as AI, biometrics, and others offer lucrative market opportunities for market players. 

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The solution segment to maintain its leadership status throughout the forecast period

Based on component, the solution segment held the highest market share in 2022, accounting for less than two-thirds of the cloud identity and access management market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the growing need for a high level of personalization as one of the primary reasons enterprises are increasing their investment in the cloud identity and access management market.

The single sign-on segment is anticipated to witness a significant growth rate over the forecast period

Based on offering, the single sign-on segment accounted for the largest share in 2022, contributing for more than one-fourths of the cloud identity and access management market revenue, owing to the growing demand for cloud identity and access management solutions in large enterprises which is fueling the market growth for global market in these enterprises. However, the multi-factor authentication segment is expected to portray the largest CAGR of 22.8% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. It provides various benefits to the several organizations.

The public segment held leading position in 2022 and is anticipated to grow significantly over the forecast period

Based on deployment mode, the public segment accounted for the largest share in 2022, contributing for more than two-fifths of the cloud identity and access management market revenue. An increase in the need for secure and reliable data within the organization is fueling the market growth for on-premises-based cloud identity and access management solutions. However, the hybrid segment is expected to portray the largest CAGR of 21.0% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. It provides several advantages such as reducing costs, supporting business, and effectively controlling the business environment in the organization.

The healthcare segment to maintain its lead position during the forecast period

Based on industry vertical, the healthcare segment accounted for the largest share in 2022, contributing to more than two-fifths of the cloud identity and access management market revenue, owing to the development of digital technologies in the BFSI sector.

North America region to maintain its dominance by 2032

Based on region, the North America segment held the highest market share in terms of revenue in 2022, accounting for more than one-third of the cloud identity and access management market revenue. The increase in the usage of cloud identity and access management solutions in businesses to improve businesses and the customer experience is anticipated to propel the growth of the market in this region. However, the Asia-Pacific segment is projected to manifest the highest CAGR of 20.1% from 2023 to 2032. Countries such as China, India, and South Korea are at the forefront, embracing digital technologies to enhance their effectiveness and competitiveness, further expected to contribute to the growth of the market in this region.

Competition Analysis:

Recent Product launches in the Cloud Identity and Access Management Market

• In April 2023, Google Cloud launched a series of new security alliances to bring more choice, capability, and simplicity to enterprise and public sector IT teams tasked with managing hybrid work at scale.
• In March 2023, Ping Identity launched PingOne Neo, a multi-standards decentralized identity management solution. Neo improves data security, privacy, and control for individuals while reducing resource and compliance burdens for enterprises.
• In June 2022, Microsoft Corporation launched a new product family, Microsoft Entra, which encompasses all of Microsoft's identity and access capabilities. Microsoft Entra includes Azure Active Directory (Azure AD) as well as two new product categories

Recent Partnerships in the Cloud Identity and Access Management Market

• In September 2023, Semperis partnered with NTT DATA to offer security-centric managed services that combine NTT DATA's business and technology services with Semperis' comprehensive identity threat detection and response (ITDR) solutions.

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Leading Market Players: -

• Accenture plc 
• Amazon Web Services Inc. 
• Cognizant Technology Solutions Corporation 
• Google Inc. 
• IBM Corporation 
• Microsoft Corporation 
• NTT Data Corporation 
• Okta Inc. 
• Oracle Corporation 
• Ping Identity  

The report provides a detailed analysis of these key players in the cloud identity and access management market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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