Cloud Identity and Access Management Market Trends

Growth Drivers

• Growing Use of Software as a Service (SaaS) - This is driving the market for cloud identity and access management. IAM is a cloud service that controls the permissions and access for users and cloud resources such as SaaS and other cloud models in use. It was found that, in 2021, more than 90% of organizations of the world used one or more SaaS solutions.

• Increasing Number of Security Attacks - With rapid industrialization and urbanization, fraudulent activities and cyberattacks have also increased which is considered a threat to confidential data. To protect important data and ensure data privacy, organizations are adopting cloud identity and access management to mitigate data breaches. This trend is projected to create a positive outlook for the revenue generation of the market.  It was observed that there were 5 million distributed denial-of-service (DDoS) attacks in the first of 2021 across the globe.

• Increasing Amount of Data - The emergence of a large amount of data generated every day, is generating the need for new terms of the variety of data that can be stored and managed in the core network that is secured tightly. This aspect is expected to drive the market for cloud identity and access management in the forecasted period. According to estimates, around 2.5 quintillion bytes of data were produced every day in 2021 worldwide.

• Rising Penetration of the Internet - It was found that 63% of the global population used the internet by the first quarter of 2022.

• Growing Size Information Technology (IT) Industry - It was found that, in the year 2020, the global IT industry accounted for more than USD 5 trillion.

Challenges

• Possibility of User Password Fatigue - which is the feeling expressed by users required owing to the challenge of remembering an excessive number of passwords. A password manager is a part of a comprehensive IAM approach that is layered with other IAM and security software.
• Increasing Complexity with the Increasing Number of Applications Being Accessed
• Concern about Siloed User Directories for Each Application