(I-BusinessNews.Com, May 22, 2021 ) The global Cloud IAM Market is estimated to surpass $10.7 billion mark by 2026 growing at an estimated CAGR of more than 23.9% during the forecast period 2021 to 2026. The market will be driven by BYOD (Bring Your Own Device) which is adopted by different organisations and growing adoption of cloud services. The growth is mainly attributed to the increasing adoption of cloud IAM solutions in various industries such as BFSI, Healthcare, Travel and hospitality and other industries push the market growth. Cloud IAM solutions enable enterprises to securely manage and capture consumer profile and identity data. It also helps in controlling the consumer login experience, registration and this set to propel the market growth during forecast period.
Cloud IAM Market Segment Analysis - By Type
Public Cloud Deployment mode held the major market share in 2020. The major market share of public cloud deployment is due to the low cost. Private Cloud based is set to grow at highest rate during the forecast period 2020-2025 owing to the high adoption in many firms. Rendering the private cloud provides virtually infinite computing power and enables the user to create realistic and high resolution images. Private Cloud deployment provides greater flexibility, scalability, and improved performance over the traditional deployment model. Many major players such as IBM, Google, and others provide IAM solutions through public cloud based models owing to the reduced security risk through improved controls. This drives the cloud based deployment of consumer IAM solutions.
Cloud IAM Market Segment Analysis - By End Use Industry
BFSI, IT & Telecom, and retail will have the largest share in the Cloud IAM market in the forecast period. Banking, financial services, and insurance sector organisations are using cyber security solutions for detecting, monitoring, and countering cyber threats. In Healthcare sector, the adoption of cloud IAM solutions has been increasing and they are mainly used for securing sensitive data of patients and providing easy access to the services of medical institutes. In healthcare industry, IAM solutions helps in reducing human error and improve the security by protecting patient information. Additionally, evolution of global pandemic disease is poised to provide opportunities for cloud IAM solutions in this industry.
Cloud IAM Market Segment Analysis - By Geography
North America will dominate the Cloud IAM Market during the forecast period. This is followed by Europe and Asia Pacific. Asia Pacific is expected to show the highest growth due to the factors such as adoption of cloud by SMEs in the region and development in enterprise IT infrastructure. In addition to these, early adoption of advanced technologies in this region boosts the market growth. In the U.S., identity threats highly target businesses. Hence, the necessity to meet compliance requirements for securing consumer identity protection drives the market growth. As stated by Forgerock, 2.8 billion consumer data records were exposed in US at an estimated cost of more than $654 billion in 2019. Adding to this, the growing investments in the IT security is further contributing to the market growth rate. A huge sum of $114 Billion is invested by enterprises in information security products and services in 2019.
Increasing data security has become concern in the small, medium and large scale enterprises. Taking measures for the prevention of data breach has become a priority in IT security teams. Cloud Identity and Access management solutions offer end to end data security features, specifically for consumer identities, owing to which they serve as good prospects for decreasing the risks of data thefts. Therefore, the demand of cloud identity and access management solutions is increasing and this drives the market growth. Security of data & other applications systems are involved primarily in any organization that it make sure the right entity gets the access to the authorized data in an accredited format. IAM gives the authorization to the administrates who can take decision or action specifying full control & visibility to manage the cloud resources and the users get access only to what they need to get the job done.
Increasing usage of IoT and Smart Devices
Increasing adoption of IoT and smart devices in industries have created demand for consumer identity and access management solutions. Increase in number of mobile devices among enterprises has posed issues for data management in various systems which increased the threat of cybercrimes. Thus, organizations have been adopting advanced authentication security solutions in order to protect sensitive information of consumers.
Cloud IAM Market Challenges
Poor Identity Standards across Organizations
The increasing number of cyber threats owing to the poor regulatory is impacting the market growth rate. Advanced versions of IAM solutions handle more complex services. This creates a cost hurdle to the organizations. The lack of identity standards and insufficient resources in terms of budget, coupled with the high installation costs of these solutions, are significantly hindering the growth of the Cloud IAM solutions market.
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Cloud IAM Market. IBM, Microsoft, Salesforce, SAP, Okta, CA Technologies, Acuant Inc, Janrain, LoginRadius, Ping Identity, Imprivata and Akamai are considered to be the key players of the Cloud IAM Market.
In April 2019, Imprivata had launched IAM cloud platform for healthcare in collaboration with Microsoft. Introduction new platforms for healthcare industry increase the Company’s consumer IAM market share.
In January 2019, Akamai Technologies had acquired Janrain. This acquisition has enabled Akamai Company in strengthening its Company position. This drives the market growth.
Increasing number of cyber-attacks and centralized security and management will enhance the cloud identity management.
Growing popularity of BYOD (bring your own devices) in developing countries will catalyse the demand for IAM cloud.
Government regulations will propel the growth of cloud management in the forecast period.
Increasing demand for distributed software applications across industries will accelerate the growth of cloud IAM.
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