New York, Aug. 24, 2023 (GLOBE NEWSWIRE) -- The global Cloud Identity and Access Management Market size is predicted to expand at ~ 21% CAGR between 2023 and 2033. The market is projected to garner a revenue of USD 21 billion by the end of 2033, up from a revenue of ~USD 3 billion in the year 2022. The radically expanding size of the information technology (IT) industry as well as the rapidly increasing penetration of Software as a Service (SaaS) post-COVID-19 pandemic are expected to drive the cloud identity and access management market over the forecasted year as IAM controls the permissions and access for users and cloud resources such as SaaS together with other cloud models in use. The global IT industry was valued at ~USD 5 trillion in 2020. Moreover, more than 90% of organizations used one or more SaaS solutions worldwide in the year 2021.
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Global Cloud Identity and Access Management (IAM) Market: Key Takeaways
- Market in North America to elevate the highest growth
- Cloud segment to garner the highest growth
- Market in Asia Pacific to grow at the highest rate
Increased Cybercrime Rates to Drive Market Growth
The massively rising penetration of the internet as well as the tremendously expanding volume of data, along with the increasing BYOD culture besides rising mobility trends and the growing use of cloud storage globally, have multiplied the rate of data theft, security breaches, and cybercrimes that include crimes such as distributed denial-of-service (DDoS), stealing identities, and violating privacy, which in turn is projected to fuel the global cloud IAM market in the upcoming years. It is estimated that every day the world produces ~ 2.5 quintillion bytes worth of data. Moreover, it was found that worldwide, around 5 million distributed denial-of-service (DDoS) attacks were reported in 2021. Additionally, threats targeting mobile devices and the IoT (Internet of Things) are also being reported at an increasing rate, which is further expected to boost market growth.
Global Cloud Identity and Access Management (IAM) Market: Regional Overview
The global cloud identity and access management market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Dependency on Cloud Storage to Drive Growth in the North American Region
The cloud identity and access management market in the North American region is estimated to garner the largest revenue by the end of 2033. The market in the region is anticipated to grow owing to the rapidly growing spending on cloud services as well as the rising use of the cloud for storage by the majority of businesses as well as by the federal government, together with the rising cost of data breaches in the region. For instance, it was found that U.S. cloud spending reached ~USD 90 billion in 2022, and it is estimated that there will be ~175 zettabytes of data stored on the cloud by 2025. Moreover, nearly 94% of enterprises in the U.S. use cloud services, with ~67% of enterprise infrastructure now cloud-based, whereas around 92% of businesses have a multi-cloud strategy.
Rising Digitization to Drive Growth in the Asia Pacific Region
The cloud identity and access management market in the Asia-Pacific region is estimated to garner the highest CAGR by the end of 2033. The rapidly flourishing IT sector as well as the burgeoning digital economy, together with the leading digital innovations and the increasing investment in big data, data analytics, artificial intelligence, machine learning, and other recently emerging technologies, along with the rising cyber security risks and rising security spending as a percent of IT spending in Asia Pacific, are anticipated to elevate market growth in the projected time frame. According to a report, the revenue of the Indian IT industry amounted to around USD 227 billion in the financial year 2022, almost 15.5% YoY growth. Moreover, it was found that some 1 billion people in China faced the crisis of personal data leaks in 2022.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity 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).
Global Cloud Identity and Access Management (IAM) Market, Segmentation by Deployment Model
- Cloud
- On-premises
- Hybrid
The cloud segment is anticipated to hold the largest revenue by the end of 2033. The increasing use of the cloud by enterprises, the rapid digitization of enterprise records, the growing efforts to secure enterprise data, and the rising frequency of malware attacks such as phishing worldwide are expected to propel segment growth over the forecasted period. As per an estimation, over 65% of enterprise infrastructure was stored in the cloud in 2021. Moreover, the cost of data breaches worldwide was estimated to be more than USD 2 trillion in 2019.
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Global Cloud Identity and Access Management (IAM), Segmentation by Industry
- Information Technology (IT)
- Banking, Financial Services, and Insurance (BFSI)
- Travel and Hospitality
- Healthcare
- Retail and e-Commerce
- Energy and Utilities
- Telecommunication
The retail and e-commerce segment is anticipated to hold the largest revenue by the end of 2033. The factors applicable to the growth of the segment include end-user spending on public cloud services as well as the flourishing e-commerce industry and the rapidly changing consumer behavior globally with the increasing disposable income of the middle-class population that has forced the retail industry to use the latest technologies to create a more seamless omnichannel experience for exponential e-commerce customers together with the use of data and analytics, IoT, and AR/VR to manage the vast pool of available consumer data besides personalizing the shopping experience, improving inventory management, and tracking customer behavior. It was observed that end-user spending on public cloud services reached ~23% globally in 2021, totaling ~USD 332 billion, up from ~USD 270 billion in 2020.
Global Cloud Identity and Access Management (IAM), Segmentation by Enterprise Size
- Large Enterprise
- SMEs
Global Cloud Identity and Access Management (IAM), Segmentation by Component
- Solution
- Services
A few of the well-known market leaders in the global cloud identity and access management market that are profiled by Research Nester are Quest Software Inc. (OneLogin, Inc.), Delinea Inc., Ping Identity Corporation, Broadcom Inc., Sailpoint Technologies Holdings, Inc., IBM Corporation, Microsoft Corporation, Oracle Corporation, Hewlett Packard Enterprise Company, Secureworks, Inc., and other key market players.
Recent Development in the Global Cloud Identity and Access Management (IAM) Market
- Quest Software Inc., a provider of cloud management, software as a service, security, workforce mobility, and backup & recovery launched its OneLogin Workflows and Universal Connector solutions. The solution will allow tech leaders to streamline complex identity lifecycle management processes whilst enabling robust integrations across the cloud and on-premises systems.
- Delinea Inc., formerly Centrify Corporation along with Thycotic announced their merger to form a leading cloud identity security vendor. The company will operate under the temporary name ThycoticCentrify.
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