Global Cloud Identity and Access Management Software Market - Segmented by Size of Organization (SMEs, Large Organizations), Solution, Deployment, Industry Vertical, and Region - Growth, Trends, and Forecast (2018 - 2023)
The Cloud Identity and Access Management Software Market was valued at USD 2,093.8 million in 2017 and is expected to reach a value of USD 5,761.5 million by 2023, at a CAGR of 18.6% over the forecast period (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
- February 2018 - Cisco collaborated with Rackspace to help deliver advanced security for multi-cloud environments. Both the companies are well known for being involved in a strategic partnership for the past 20 years aimed at providing high levels of security for Cisco clients. However, with this turn, Cisco is expected to be delivering Rackspace customers advanced protection against evolving sophisticated threats in their multi-cloud environment.
Major Players - Cyberark Software Ltd., CA Technologies, IBM Corporation, Microsoft Corporation, Oracle Corporation, Okta Inc., Centrify Corporation, Sailpoint Technologies Holdings, Inc., Auth0 Inc., and Dell Technologies, among others.
Reasons to Purchase the Report
- Current and future cloud identity and access management software market outlook in the developed and emerging markets.
- Analyzing various perspectives of the market with the help of Porter’s Five Forces Analysis.
- The segment that is expected to dominate the market.
- Regions that are expected to witness the fastest growth during the forecast period.
- Identify the latest developments, market shares, and strategies employed by the major market players.
- 3 months analyst support along with the Market Estimate sheet (in Excel).
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