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Global Cloud Identity and Access Management (IAM) Market to Reach $13.5 Billion by 2026
SAN FRANCISCO, June 1, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Cloud Identity and Access Management (IAM) - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 6; Released: May 2021
Executive Engagements: 93282
Companies: 109– Players covered include Amazon Web Services; Broadcom, Inc.; Centrify Corporation; Dell Technologies; Google Cloud; HP Enterprise; IBM Corporation; Intel Corporation; Micro Focus; Microsoft Corporation; Okta, Inc.; OneLogin, Inc.; Oracle Corporation; Ping Identity Corporation; Sailpoint Technologies Inc; Salesforce.com, Inc.; Ubisecure, Inc. and Others.
Coverage: All major geographies and key segments
Segments: Component (User Provisioning, Single Sign-on, Governance & Compliance Management, Multi-Factor Authentication, Access Management, Other Components); End-Use (Large Enterprises, SMBs); Vertical (IT & Telecom, BFSI, Retail, Healthcare, Media & Entertainment, Education, Other Verticals)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.
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ABSTRACT-
Global Cloud Identity and Access Management (IAM) Market to Reach $13.5 Billion by 2026
Identity and access management (IAM) in enterprise IT networks refers to the management of access privileges for individuals operating on a network. IAM also deals with specifying and managing the scenarios in which privileges need to be granted or denied to a user. The users can be customers or employees. IAM systems primarily operate by creating a single digital identity for each individual, which is subsequently maintained, monitored and modified throughout the access lifecycle of the user. Amid the COVID-19 crisis, the global market for Cloud Identity and Access Management (IAM) estimated at US$3.1 Billion in the year 2020, is projected to reach a revised size of US$13.5 Billion by 2026, growing at a CAGR of 26.7% over the analysis period. User Provisioning, one of the segments analyzed in the report, is projected to record a 27.% CAGR and reach US$7 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Single Sign-on segment is readjusted to a revised 28.6% CAGR for the next 7-year period.
The U.S. Market is Estimated at $1.6 Billion in 2021, While China is Forecast to Reach $1.7 Billion by 2026
The Cloud Identity and Access Management (IAM) market in the U.S. is estimated at US$1.6 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.7 Billion by the year 2026 trailing a CAGR of 30.8% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 22.3% and 23.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 23.8% CAGR. Going forward, demand is expected to increase for systems that are more flexible and deliver results in the real-time. IAM tools capable of providing continuous and seamless authentication will be in high demand. IAM tools of the future will also integrate MFA or multi-factor authentication which can protect programs and systems from phishing. MFA requires users to provide two/more confirmations or verifications for proving their identity. Another revolutionary trend in the market is identity API (application programming interface) management which connects people and cloud applications to provide programmer-level audit trails to those trying to access the API gateways.
Governance & Compliance Management Segment to Reach $1.5 Billion by 2026
Increased focus on data governance in the North American and European markets bodes well for IAM solution providers. In the EU, the recent GDPR (General Data Protection Regulation) was mainly created to strength data security across EU while in the US, companies are being expected to increase focus on data security and governance, especially with regard to sensitive data. Organizations in countries across the world are also realizing the importance of enhanced security solutions requiring decision based identity assurance. Such systems look out for threat warnings allowing organizations track suspicious activities. The systems allow organizations to add extra security layers. In the global Governance & Compliance Management segment, USA, Canada, Japan, China and Europe will drive the 24.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$298.9 Million in the year 2020 will reach a projected size of US$1.4 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$188.6 Million by the year 2026. More
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About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world's only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
CONTACTS:
Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]
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SOURCE Global Industry Analysts, Inc.
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