The global cloud identity and access management market is estimated to grow and record a CAGR of 17.97% during the projected period of 2020-2028. The increasing importance of authentication is a crucial factor in propelling market growth in the region.
In the enterprise IT, the identity and access management is about defining and managing the roles, and access privileges of individual network users and the circumstances in which those privileges are granted to the users. The users might be customers or employees. The main objective of IAM systems is one digital identity per individual. The increasing trend of BYOD (Bring Your Own Device) in companies is driving market growth. Employees like to use their own devices in enterprises, which increases productivity. A successful BYOD strategy can make huge improvements for business, with regard to increasing overall workplace productivity and tracking individual productivity.
One of the market challenges is the distance between users and cloud infrastructure, which can be a big issue, especially when the public cloud is used while storing data for keeping compute workloads in-house. The audit, compliance & governance category in the services segment garnered the largest market share in 2019. Single sign-on & federated provisioning is expected to be the fastest-growing category in the services segment. The market is characterized by growing levels of product penetration, moderate or high product differentiation, and high levels of competition.
The global cloud identity and access management market is geographically analyzed on the basis of markets situated in North America, Europe, Asia Pacific, and the Rest of the World. As of 2019, the market region of North America holds the largest market share in terms of revenue, and continues the trend by the end of the forecast period. This is attributed to the benefits like reduced CAPEX and faster rollouts of updates, which increases the adoption of cloud-based identity management.
International Business Machines Corporation, Oracle Corporation, Microsoft Corporation, CyberArk Software Ltd, Dell Technologies, etc. are some of the renowned players leading the market.
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