Cloud Identity And Access Management Software Market - Growth, Trends, Covid-19 Impact, And Forecast

By Author: Statzy Market Research
Total Articles: 979
Comment this article

- 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.

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.

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.

Competitive Landscape

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.

Reasons to Purchase this report:

- The market estimate (ME) sheet in Excel format
- 3 months of analyst support

For sample report please visit : https://www.statzyreports.com/report/sr498104/cloud-identity-and-access-management-software-market

Contact Us:
Poojan Dogra
Public Relations Manager
Email : sales@statzyreports.com
Email : info@statzyreports.com
(IN) - +918484035727
(US) - +1415-871-0483
Website : www.statzyreports.com

StatzyReports is the premier global market research and business reports company based in India. StatzyReports.com functions under Statzy Market Research. We offer our expertise globally in services related to market research, business strategy consulting, surveys or questionnaire, forecast and statistical data analysis. Our experience working with major business and customer driven companies enabled us to develop some of the best winning strategies for succeeding in various global markets. Our globally renowned experts mastered the art of perfection with their unique skillset and vast experience in research and data analytics.