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Octomber 04, 2021, New York, USA - Cloud Identity Access Management (IAM): Introduction
Generally the Cloud Identity and Access Management (IAM) technology is used for the creating, recording, and tracking data as well as managing multiple identities of users and permitting the access. Based on the policies of the company and their roles, the users are all authenticated and authorized. They are also evaluated.
Cloud technology is changing business models driven by cost efficiencies as well as economies of scale. But, the absence of security measures that are adequate could hinder the benefits of cloud computing. This creates a crucial requirement for security measures that protect against identity-related crime, which drives the market for cloud identity and access management.
The Global Cloud Identity and Access Management (IAM) Market Forecast:
The Global Cloud Identity and Access Management (IAM) market was worth US$ 9.53 Billion in the year 2018. It is predicted to rise to USD 24.76 billion by 2026, with a CAGR of 13.2% over the forecast period.
There is a demand for compliance management and increasing need for mobility solutions, therefore the Global Cloud Identity and Access Management (IAM) Market has been growing rapidly. In addition, increasing digitization can be one of the main factors that are responsible for the rapid growth of this market. In addition, the incorporation of cutting-edge technologies such as the cloud in access management and identity solutions is anticipated to further boost the growth of this market over the next several years. For example, In August 2019, IBM had done collaboration with Imprivata (an IT security firm) and released Identity and access management tool for the user’s assistance to control the provisioning, tracking and de-provisioning of their customers in their hybrid cloud and on-premises environment.
The cloud identity management and access (IAM) technologies are utilized to establish, collect data, track, and manage various user identities and access rights. In accordance with the policies of the company and the roles, they play the users are all authenticated and authorized.
Cloud computing is changing the way companies work and is driven by cost efficiency and the benefits of economies of scale. But, the absence of security measures that are adequate could make cloud computing less effective. This creates a crucial necessity for security solutions which include security for identity-related crimes. This, in turn, is the reason for the demand for cloud-based identity management and access control.
In terms of the different types of cloud deployments available by businesses, the public cloud was the most popular with the highest market share due to its increasing use across various sectors. However, the hybrid cloud is predicted to have the fastest CAGR during the forecast timeframe due to the growing popularity of small and medium-sized businesses.
The growing use of smartphones and tablets has allowed users to access the company network via their mobiles as well as laptops. Instead of using their traditional desks at work, employees prefer to work from their personal devices at work which has increased the need for cloud-based security and identity management programs which is what increases the demand for the market that is being studied.
Key Market Trends, Drivers, and Restraints of Global Cloud Identity Access Management (IAM) Market:
Adoption of Blockchain Technology:
Blockchain technology has slowly made its way into the IAM space to provide a platform that can protect the identities of individuals to prevent them from becoming the victim of various frauds. Companies have integrated Blockchain technology in IAM to resolve issues with authorization and authentication.
Machine Learning and Artificial Intelligence (AI) in Global Cloud Identity Access Management (IAM) Market: Access management and identity management are continually evolving across a variety of critical functions such as authentication and data security in order to satisfy privacy requirements. Machine learning and AI in IAM are predicted to become a trend that is growing. Artificial intelligence in the field of identity management is expected to change security that extends beyond people, objects, places, and even things due to the fact that more systems and devices will be able to communicate and gain knowledge from one other without the intervention of humans. It offers contextual information to employees, both technical and non-technical, which allows them to perform their jobs more efficiently.
The increasing number of internal and external threats has forced organizations to establish a strong security and identity management base. It is now an integral element of businesses. IAM solutions allow enterprises to increase employee productivity and improve the overall security of their organization. It assists organizations in identifying the violations of policies and to remove unneeded access privileges without impacting various distributed systems.
Access management and identity management solutions are used by businesses to control and reduce cybercrime. They ensure that those who are authorized have access to the correct information. Identity and access management tools can be utilized to meet many legal requirements. For example, if the firm is audited and has a dependable IAM system, the company could easily prove it is taking measures to reduce the possibility of information being stolen or used for fraudulent purposes.
Implementation of access and identity management platforms or tools require all credentials and authorizations to be kept in one central place. If the data is not secure, there is very risky since attackers can be able to gain entry to the computer, thus taking over all digital identities.
In addition, converting the resources of an old system to IAM is costly, difficult, and long-winded. Additionally, while the cloud-based system offers many advantages, it also has problems with the security of the data stored.
The Key Market Segmentation of the Global Cloud Identity Access Management (IAM) Market:
Global Cloud Identity Access Management (IAM) Market can be divided into Size of Organization, Types of Solutions, Types of Deployment, End-User Vertical, and Geographical landscapes, etc.
Cloud Identity Access Management (IAM) Market Segmentation By Size of Organization:
Cloud Identity Access Management (IAM) Market Segmentation By Types of Deployment:
Cloud Identity Access Management (IAM) Market Segmentation By Types of Solutions:
Audit, Compliance, and Governance
Single Sign-on (SSO) and Federated Provisioning
Privileged Access Management
Other Types of Solution
Cloud Identity Access Management (IAM) Market Segmentation By End-User Vertical:
IT and Telecommunication
Entertainment and Media
Other End-user Verticals
Cloud Identity Access Management (IAM) Market Segmentation By Geographical Landscape:
The Middle East and Africa
Major Key Players in the Global Cloud Identity Access Management (IAM) Market Are:
Amazon Web Services Inc.
HP Development Company L.P.
Highlights of Global Cloud Identity and Access Management (IAM) Market Report:
Identity systems haven't changed much over the past decade; however, the way that businesses manage their operations and how they utilize technology have certainly changed a lot. Access management and identity management are at the heart of the digital transformation, and it will form the heart of the safe IT infrastructure which every business, as well as government agency or institutions of higher education, try to reach. The majority of organizations are planning to implement an extensive IAM development in the coming five years. Many organizations have begun implementing identity federation in order to facilitate access across different identity domains.
Global Cloud Identity Access and Management (IAM) Market to Hit USD 24.76 Billion by 2026.
The U.S. Market is estimated to be US$1.6 Billion in 2021. and China is predicted to hit US$1.7 Billion by 2026.
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