Cloud Identity and Access Management Software Market - Growth, Trends, and Forecasts (2020 - 2025)
The Cloud Identity and Access Management Software Market is segmented by Size of Organization (SMEs and Large Organizations), Solution (Audit, Compliance, and Governance, Single Sign-On (SSO) and Federated Provisioning, Privileged Access Management, Directory Service), Deployment (Public, Private, and Hybrid), End-user Vertical (BFSI, Healthcare, Retail, Entertainment and Media, IT and Telecommunication, Education), and Geography.
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Scope of the Report
Key Market Trends
TABLE OF CONTENTS
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The Cloud Identity and Access Management Software Market was valued at USD 2925.55 million in 2019 and is expected to reach a value of USD 8127.70 million by 2025, at a CAGR of 18.77% over the forecast period (2020-2025).
Cloud identity and access management (IAM) technology is used to initiate, capture, record, and manage multiple user identities and access permissions. According to the company policies and their respective roles, all users are authenticated, authorized, and evaluated.
Cloud technology is changing the way businesses work, driven by the cost efficiencies and economies of scale. However, the lack of proper security measures can undermine the benefits of cloud computing. This calls for a fundamental need for security solutions, including security for identity-related crimes, and hence, drives the market for cloud identity and access management.
Among the types of cloud deployment used in the market, the public cloud accounted for the largest market share, owing to their increased adoption across different verticals. However, hybrid cloud deployment is expected to witness the highest CAGR over the forecast period because of growing adoption among small- and medium-sized enterprises.
Increasing penetration of mobiles and tablets has enabled employees to connect to the enterprise network through their mobiles and laptops. Instead of using their old office desktops, employees like to use their own devices in enterprises, which increases the need for cloud identity and access management software, and hence drives the market studied.
During the Covid-19 impact, the cloud Identity and Access Management (IAM) software will have a positive impact on the market and contribute to its growth significantly over the forecast period. IAM vendors are coming forward to assist the enterprises. For instance, during the pandemic, IBM announced to make critical technologies such as IBM Security MaaS360 with Watson and IBM Cloud Identity available at no charge for new clients for 90 days.
Scope of the Report
The Cloud Identity and Access Management Market include cloud-based identity and access management solutions, which include the software that is deployed on the cloud and used for preventing identity threats in an enterprise. The end-user verticals include IT and telecommunication, healthcare, BFSI, media and entertainment, retail, and education.
By Size of Organization
By Type of Solution
Audit, Compliance, and Governance
Single Sign-on (SSO) and Federated Provisioning
Privileged Access Management
Other Types of Solution
By Type of Deployment
By End-user Vertical
IT and Telecommunication
Entertainment and Media
Other End-user Verticals
Middle East and Africa
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Key Market Trends
Single Sign-on (SSO) and Federated Provisioning is Expected to Witness the Highest Growth
Single sign-on (SSO) is the most recent innovation in identity access management. The compact and highly flexible nature of this solution is attracting a wide range of end-users, ranging from IT companies to the manufacturing sector.
In the case of federated provisioning, the solution is a mix of two separate systems called federated identity and provisioning. Federated identity refers to the standards by which identity management responsibilities can be shared between various policy domains, while provisioning is the automation of all the lifecycle steps required to manage user or system access entitlements.
The capability of retaining in-house control of user accounts, while leveraging cloud applications and data is the significant advantage that the federated provisioning solutions offer and are driving the immense growth of these solutions in the market.
Furthermore, the increasing number of social engineering attacks and identity thefts is driving the growth of both single sign-on and federated provisioning in common, especially in the developed countries of North America and Europe.
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North America Occupies the Largest Market Share
Most of the cloud advanced organizations in the world are from the North American region, along with the high number of startups, whose most preferred mode of deployment of a solution in the cloud.
Along with the highest adoption of cloud-based software services, it is also reported by the ITU (International Telecommunication Union) that the North American region is very pro-active and committed toward cybersecurity.
Moreover, benefits, like reduced CAPEX and faster rollouts of updates, are some of the major reasons for the adoption of cloud-based identity management solutions in the North American region.
Major adoption of cloud-based IAM in the region is seen in the BFSI sector, and it may continue to rise, as the credit card frauds and breaches accounted for a major share in the total number of identity thefts, as reported by the US consumer sentinel network.
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The Cloud Identity and Access Management Market comprise of several global and regional players, a moderately-contested market space. However, the market is shifting toward the consolidation of various smaller players. Several market players are gaining a sustainable competitive advantage in the market through innovations. Some of the major players in the market are IBM Corporation, Microsoft Corporation, and Oracle Corporation, among others.
May 2020 - LoginRadius announced its service implementation fo the US-based video broadcasting company, BroadcastMed. The identity provider successfully created a frictionless customer onboarding process and increased the streaming efficiencies for its customers. With identity management and streamlined access overpowering the market, it chose to work with LoginRadius to accelerate the adoption of data protection protocol and simplify their login experience.
May 2020 - CyberArk acquired Idaptive, where together, CyberArk and Idaptive will deliver the industry’s only modern identity platform with a security-first approach and delivering a comprehensive Artificial Intelligence (AI)-based, security-first approach for managing identities. CyberArk extends its ability to manage and protect identities with various levels of privileges across hybrid and multi-cloud environments, enabling customers to improve their overall security posture with a more efficient and seamless user experience and address ever-increasing and complex regulatory requirements.