Cloud Identity and Access Management Market Analysis

Deployment Model Segment Analysis

The global cloud identity and access management market is segmented and analyzed for demand and supply by deployment model into cloud and on-premises and hybrid. Amongst these segments, the cloud segment is anticipated to garner the largest revenue by the end of 2035, backed by the growing use of cloud computing by enterprises as well as the rising amount of data stored in the cloud worldwide. For instance, in the year 2021, more than 65% of global enterprise infrastructure was cloud-based. Furthermore, the various advantages of using cloud services are propelling large enterprises as well as small and medium enterprises to opt for cloud solutions for enterprise data management. Advanced cloud solutions are very much effective in ensuring advanced identity protection and reducing the chances of cyberattacks and cyber-crimes in the long run which in turn, is anticipated to bring lucrative growth opportunities in revenue generation of the segment.

By Industry - Segment Analysis

The global cloud identity and access management market is also segmented and analyzed for demand and supply by industry into information technology (IT), banking, financial services & insurance (BFSI), travel & hospitality, healthcare, retail & e-commerce, energy & utilities, and telecommunication. Out of these, the healthcare segment is attributed to holding the largest share by the end of the forecast period. The major factor that is projected for segment growth is the rapid expansion of the healthcare industry along with the rising digitization trends in the healthcare sector. Owing to the penetration of internet healthcare settings has led to the rise of telemedicine, EMR, e-health applications, and others which creates the need for cloud identity and access management to ensure data privacy. Moreover, the large number of inpatients and outpatients visiting hospitals which has created millions of patient identities is also anticipated to create a demand for cloud identity and access management to protect patients’ identities and their sensitive data. On the other hand, the financial services & insurance (BFSI) segment is also expected to hold a significant share in the next few years. The recent trend of online payments, e-wallets, and digital/net banking is expected to boost the need for cloud identity and access management in the assessment period. The BFSI sector is opting for cloud identity and access management solutions to ensure that the right access is given to the right people, data risks are reduced, and all the online data comply with security norms.

Our in-depth analysis of the global market includes the following segments: