Cloud Identity and Access Management (IAM) Market to be Propelled by Increasing Identity Scams & Rising Number of Cyberattacks by CAGR of ~21% During 2023 – 2033

Research Nester published a report titled Cloud Identity and Access Management Market: Global Demand Analysis & Opportunity Outlook 2033” which delivers detailed overview of the global cloud identity and access management market in terms of market segmentation by component, deployment model, enterprise size, industry and by region.

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.

The global cloud identity and access management market is anticipated to grow with a CAGR of ~21% during the forecast period, i.e., 2023-2033. The market is segmented by deployment model into on premises, cloud and hybrid. Out of these segments, the cloud segment is anticipated to garner the largest market share over the forecast period, owing to the rising expansion of cloud industry. In addition, increasing adoption of cloud-based enterprise infrastructure among business companies is also expected to boost the growth of the segment in the coming years.

The global cloud identity and access management market is estimated to garner a moderate revenue by the end of 2033, backed by the increasing number cyberattacks worldwide. Various features provided by cloud identity and access management, such as controlling the permissions and access for users and cloud resources are also projected to boost sales of these tools in the coming years. Moreover, growing volume of data as well as increasing penetration of internet is also projected to propel the growth of the market during the forecast period.

Geographically, the global cloud identity and access management market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in North America is estimated to garner the largest market share over the forecast period, owing to the rising penetration of cloud-based storage. Apart from this, the market in Asia Pacific is anticipated to register significant growth in the coming years.

The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.

Increasing Identity Fraud Scams to Drive the Market Growth

According to the data, the estimated cost of identity fraud scams was ~USD 43 million in 2021.

The adoption of cloud IAM owing to the rising identity scams is expected to accelerate the market growth in the coming years, as IAM security improves efficiency of access management throughout the business identifying, & authorizing valid user and by prohibiting unauthorized users which improves the performance and effectiveness of diverse industries. Moreover, the increasing technological advancements as well as the increasing growth of the IT & Telecom industry are also expected to drive the growth of the global cloud identity and access management market during the forecast period.

However, the rising complexity with the increasing number of applications being accessed as well as possibility of user password fatigue are expected to operate as key restraints to the growth of global cloud identity and access management market over the forecast period.

This report also provides the existing competitive scenario of some of the key players of the of global cloud identity and access management market which includes company profiling of Quest Software Inc. (OneLogin, Inc.), Delinea Inc., Ping Identity Corporation, Broadcom Inc. (CA Technologies), Sailpoint Technologies Holdings, Inc., IBM Corporation, Microsoft Corporation, Oracle Corporation, Hewlett Packard Enterprise Company, Secureworks, Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the of global cloud identity and access management market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.     

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