Cloud Identity and Access Management Market to Reach $34.1 Billion, by 2032 at 18.8% CAGR: Allied Market Research
NEW CASTLE, Del., Dec. 15, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Cloud Identity and Access Management Market by Component (Solution and Services), Offering (User Provisioning, Single Sign-on, Access Management, Multi-factor Authentication, Password Management, and Others), Deployment Mode (Public, Hybrid, and Private), and Industry Vertical (BFSI, Healthcare, IT and Telecom, Retail and E-commerce, Government and Defense, and Others): Global Opportunity Analysis and Industry Forecast, 2022–2032". According to the report, the cloud identity and access management industry generated $6.2 billion in 2022, and is anticipated to generate $34.1 billion by 2032, witnessing a CAGR of 18.8% from 2023 to 2032.
- This is attributed to the growing need for a high level of personalization as one of the primary reasons enterprises are increasing their investment in the cloud identity and access management market.
- Based on offering, the single sign-on segment accounted for the largest share in 2022, contributing for more than one-fourths of the cloud identity and access management market revenue, owing to the growing demand for cloud identity and access management solutions in large enterprises which is fueling the market growth for global market in these enterprises.
- Based on deployment mode, the public segment accounted for the largest share in 2022, contributing for more than two-fifths of the cloud identity and access management market revenue.
- An increase in the need for secure and reliable data within the organization is fueling the market growth for on-premises-based cloud identity and access management solutions.