Cloud IAM Market Growing at a Robust CAGR of 20.9%, Set to Reach USD 46,035.6 Million by 2034 | Future Market Insights, Inc.

The global market for Cloud (identity and access management) IAM continues to expand, innovations in identity management technologies are expected to drive further growth.

/EIN News/ -- NEWARK, Del, Sept. 17, 2024 (GLOBE NEWSWIRE) -- The global Cloud IAM Market is forecast to grow exponentially from USD 6,880.7 million in 2024 to an impressive USD 46,035.6 million by 2034, marking a robust CAGR of 20.9% over the forecast period. As businesses transition towards cloud-based solutions for enhanced security and data governance, the demand for IAM solutions has been rising steadily.

Understanding the Cloud IAM Market:

Organizations, particularly in sectors like finance, healthcare, and government, are increasingly adopting Cloud IAM solutions to safeguard sensitive data and comply with evolving regulatory standards. These solutions provide seamless management of user identities, ensuring secure access across various platforms and applications.

Additionally, the growing trend of remote work and increased cloud adoption by small and medium-sized enterprises (SMEs) have further fueled market growth. With cybersecurity threats continuing to evolve, Cloud IAM solutions are becoming essential for businesses to secure their data and IT infrastructure.

As the industry progresses, vendors are focusing on integrating AI and machine learning to enhance IAM functionalities, offering more intuitive solutions that reduce the complexity of managing access controls and authentication systems.

Cloud IAM Market: Report Scope

Countries	CAGR 2024 to 2034
USA	17.4%
Germany	18.4%
China	21.3%
UK	16.1%
India	23.5%

Key Takeaways from the Market Study:

• The Cloud IAM market is projected to grow from USD 6,880.7 million in 2024 to USD 46,035.6 million by 2034 at a CAGR of 20.9%.
• Increased demand for security in a multi-cloud environment is driving significant market growth.
• The rise in regulatory compliance and identity management needs in banking, financial services, and insurance (BFSI) sectors are key contributors.
• Technological advancements such as AI, ML, and blockchain are reshaping IAM solutions, providing competitive advantages to vendors.

“The rapid growth of the Cloud IAM industry is closely tied to the increasing adoption of remote work and collaborative digital environments. As businesses continue to embrace cloud infrastructures, Cloud IAM tools are becoming essential for enabling secure and efficient access for remote employees, partners, and customers”, says Sudip Saha is the managing director and co-founder at Future Market Insights

Browse the Complete Report! https://www.futuremarketinsights.com/reports/cloud-iam-market

Drivers and Opportunities

Key drivers propelling the Cloud IAM market include increasing instances of data breaches, stringent regulatory requirements such as GDPR, and the rising need for businesses to ensure secure remote access due to the growing remote workforce. Moreover, the proliferation of cloud computing across industries and regions, particularly in emerging economies, is creating lucrative opportunities for IAM solution providers.

Innovations in biometric authentication, passwordless security systems, and blockchain technologies are anticipated to provide further market opportunities. These advancements help address the weaknesses of traditional IAM systems, making cloud-based IAM a more attractive option for enterprises.

Component Insights

Cloud IAM solutions are comprised of various components such as identity governance, authentication services, single sign-on (SSO), and multi-factor authentication (MFA). Among these, authentication services dominate the market, driven by the need for secure access to cloud resources. However, identity governance is expected to grow at the fastest rate due to increasing regulatory mandates, particularly in industries such as healthcare and financial services.

Market's Prime Determinants of Growth, Trends, and Opportunities

• Growth Drivers: The increasing number of cyber-attacks, the rise in remote work, and the need for secure identity management across cloud environments are key factors driving market growth. Furthermore, growing regulatory pressure across sectors and regions is making IAM an indispensable tool for businesses.
• Trends: The trend towards zero trust architecture is one of the most significant changes in the security landscape. In this context, cloud IAM solutions are crucial in ensuring that every access request is authenticated and authorized. Additionally, innovations in AI-powered IAM are enhancing the accuracy of threat detection and response.
• Opportunities: Expanding into emerging markets and SMEs that are in the early stages of cloud adoption presents significant opportunities for IAM providers. With the rising number of cloud-native businesses, the demand for IAM solutions is expected to see an upsurge, particularly in sectors like healthcare, education, and retail.
  

Growth Drivers

The key growth drivers in the Cloud IAM market include:

• The exponential rise in cybersecurity threats requires advanced identity management solutions.
• Stringent regulatory compliance across industries necessitates the adoption of IAM solutions.
• Growing remote workforce and multi-cloud environments are increasing the need for secure access management.
• Advances in biometric authentication and AI-powered security systems are driving innovation in IAM offerings.

Competitive Landscape:

The Cloud IAM market is currently led by major players such as Microsoft, IBM, and Oracle, which dominate with comprehensive, enterprise-level solutions tailored to the needs of large organizations. These industry giants provide robust and secure IAM tools that cater to businesses' complex security requirements. Okta and SailPoint, however, are gaining traction by offering more specialized, flexible IAM services that appeal to organizations looking for adaptable solutions.

Meanwhile, emerging companies like OneLogin and Ping Identity are carving out a niche by targeting smaller businesses with user-friendly, affordable platforms. As the market evolves, companies are forming strategic partnerships and continuing to innovate, vying for a larger share of the rapidly growing IAM sector.

Recent Industry Developments in the Cloud IAM Market:

• In April 2024, Cyderes, a global cybersecurity provider, acquired Ipseity Security, a Canadian firm specializing in identity and access management (IAM). This acquisition will enhance Cyderes' expertise in cloud identity and privileged access management, adding more than 250 IAM professionals to its team and expanding its offerings across the entire IAM ecosystem.
• In January 2023, Saviynt, an identity management company based in Los Angeles, secured USD 205 million in growth funding from AB Private Credit Investors (Alliance Bernstein). This capital injection is intended to meet the rising demand for Saviynt's cloud IAM solutions, emphasizing the growing importance of seamless cloud integration in identity management.
• In October 2022, Quest Software's One Identity acquired OneLogin, a cloud IAM provider. This acquisition enabled One Identity to offer a comprehensive IAM suite, including privileged access management (PAM), identity governance and administration (IGA), and cloud-native IAM solutions, providing managed service providers (MSPs) and their clients with a holistic IAM package for securing identities in hybrid environments.
  

Key Players of Cloud IAM Market:

1. IBM
2. Microsoft
3. Broadcom
4. Secureworks, Inc.
5. Oracle Corporation
6. Intel Corporation
7. OneLogin, Inc.
8. Hewlett Packard Enterprise
9. Sailpoint Technologies Holdings, Inc.
10. Ping Identity
11. Okta
12. Dell
13. DigitalOcean
    

Key Segments of Cloud IAM Market:

By Solution:

In terms of Solutions, the industry is segregated into Cloud IAM Platform and Standalone Software.

By Enterprise Size:

In terms of Enterprise Size, the End User is distributed into Small and Medium-sized Enterprises (SMEs) and Large Enterprises.

By Industry:

In terms of Industry, the End User is distributed BFSI, Telecom & IT, Energy and Utilities, Healthcare, Manufacturing, Education, Retail and Others

By Region:

German Translation-

Key countries of North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, Middle East and Africa (MEA) have been covered in the report.

Der globale Cloud-IAM-Markt wird voraussichtlich exponentiell von 6.880,7 Millionen USD im Jahr 2024 auf beeindruckende 46.035,6 Millionen USD im Jahr 2034 wachsen, was einer robusten durchschnittlichen jährlichen Wachstumsrate von 20,9 % im Prognosezeitraum entspricht. Da Unternehmen auf Cloud-basierte Lösungen für verbesserte Sicherheit und Datenverwaltung umsteigen, steigt die Nachfrage nach IAM-Lösungen stetig.

Den Cloud-IAM-Markt verstehen:

Unternehmen, insbesondere in Sektoren wie Finanzen, Gesundheitswesen und Regierung, setzen zunehmend Cloud-IAM-Lösungen ein, um vertrauliche Daten zu schützen und sich entwickelnde regulatorische Standards einzuhalten. Diese Lösungen bieten eine nahtlose Verwaltung von Benutzeridentitäten und gewährleisten einen sicheren Zugriff über verschiedene Plattformen und Anwendungen hinweg.

Darüber hinaus haben der wachsende Trend zur Fernarbeit und die zunehmende Cloud-Nutzung durch kleine und mittlere Unternehmen (KMU) das Marktwachstum weiter angekurbelt. Da sich die Bedrohungen für die Cybersicherheit ständig weiterentwickeln, werden Cloud-IAM-Lösungen für Unternehmen unverzichtbar, um ihre Daten und ihre IT-Infrastruktur zu sichern.

Mit dem Fortschritt der Branche konzentrieren sich die Anbieter auf die Integration von KI und maschinellem Lernen, um die IAM-Funktionalitäten zu verbessern und intuitivere Lösungen anzubieten, die die Komplexität der Verwaltung von Zugriffskontrollen und Authentifizierungssystemen reduzieren.

Treiber und Chancen

Zu den wichtigsten Treibern, die den Cloud-IAM-Markt antreiben, gehören zunehmende Fälle von Datenschutzverletzungen, strenge gesetzliche Anforderungen wie die DSGVO und der steigende Bedarf von Unternehmen, aufgrund der wachsenden Zahl von Remote-Mitarbeitern einen sicheren Fernzugriff zu gewährleisten. Darüber hinaus schafft die Verbreitung von Cloud Computing in allen Branchen und Regionen, insbesondere in Schwellenländern, lukrative Möglichkeiten für IAM-Lösungsanbieter.

Innovationen in den Bereichen biometrische Authentifizierung, passwortlose Sicherheitssysteme und Blockchain-Technologien werden voraussichtlich weitere Marktchancen bieten. Diese Fortschritte helfen, die Schwächen traditioneller IAM-Systeme zu beheben, und machen Cloud-basiertes IAM zu einer attraktiveren Option für Unternehmen.

Author by:

Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients. 

He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.

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