Global Cloud Identity and Access Management Software Market - Segmented by Size of Organization (SMEs and Large Organizations), Modules (Password Management, Audit, Compliance and Governance, Advanced Authentication, Directory Services, and Access Management), End-User (IT and Telecommunication, BFSI, Healthcare, Entertainment and Media, Retail, Education), and Region - Growth, Trends, and Forecast (2018 - 2023)
The global cloud identity and access management software market is expected to register a CAGR of 34.55% over the forecast period of 2018–2023.
The increased cloud adoption has changed how organizations perceive the Identity and Access Management (IAM) and the enterprises must understand that the evolution to cloud computing affects their IAM strategies in two distinct ways as for how it is used and how it is deployed. Firstly, the cloud has created new management challenges because enterprises must now extend the scope of their IAM to manage users and their access to cloud applications in addition to their on-premise applications.
Secondly, the growing acceptance of cloud-based management tools has opened up a world of possibilities for implementing IAM-as-a-service, a new approach that can increase business agility, speed time to value, and reduce operating costs. Such a broad range of advantages and benefits are expected to drive the growth of cloud identity and access management software market in the near future.
North America Holds the Largest Share
North America is expected to retain its position as the most significant market for cloud IAM solutions, over the forecast period. The strong presence of several market incumbents, coupled with recent security threats in the region, is expected to drive the adoption of these solutions further. According to the current annual budget plans of the Trump administration, the United States government has earmarked more than USD 19 billion for cybersecurity-related initiatives. This was majorly due to the increasing number of cyber-attacks in the nation.
The total number of cybersecurity incidents reported by federal agencies in the United States has drastically increased from 5,503 in 2006, to 77,183 in 2015. In 2016, the United States businesses sector was estimated to have recorded the highest number of data breaches ever, constituting about 45% of total data breach incidents reported in the country, followed by the medical/healthcare sector at 35%, and education sector at 10%. Such high levels of data breach activities are forcing the North American countries to strengthen their security systems, allowing huge opportunities to the cloud identity and access management software market.
Key Developments in the Market
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