Market Trends of Cloud Identity and Access Management Software Industry
Single Sign-on (SSO) and Federated Provisioning is Expected to Witness the Highest Growth
- Single sign-on (SSO) is the most recent innovation in identity access management. The compact and highly flexible nature of this solution is attracting a wide range of end-users, ranging from IT companies to the manufacturing sector.
- In the case of federated provisioning, the solution is a mix of two separate systems called federated identity and provisioning. Federated identity refers to the standards that allow different policy domains to share identity management responsibilities. Provisioning, on the other hand, is the automation of all the steps in the lifecycle that are needed to manage user or system access entitlements.
- The capability of retaining in-house control of user accounts while leveraging cloud applications and data is the significant advantage that federated provisioning solutions offer and is driving the immense growth of these solutions in the market.
- Furthermore, the increasing number of social engineering attacks and identity thefts is driving the growth of both single sign-on and federated provisioning, especially in the developed countries of North America and Europe.
- The Identity Theft Resource Center thinks that in the United States in 2022, there were 1802 times when data was stolen. In the same year, data intrusions such as data breaches, data leaks, and data exposure also had an impact on over 422 million people. Even though these are three distinct events, they all share a similar trait. All three instances result in an unauthorized threat actor accessing the sensitive data.
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North America Occupies the Largest Market Share
- Most of the cloud-advanced organizations in the world are from the North American region, along with a high number of startups whose most preferred mode of solution deployment is in the cloud.
- Along with the highest adoption of cloud-based software services, it is also reported by the ITU that the North American region is very proactive and committed to cybersecurity.
- Moreover, benefits like reduced CAPEX and faster rollouts of updates are some of the major reasons for the adoption of cloud-based identity management solutions in the North American region.
- Major adoption of cloud-based IAM in the region is seen in the BFSI sector, and it may continue to rise, as credit card frauds and breaches accounted for a major share of the total number of identity thefts, as reported by the US consumer sentinel network.
- The region is highly affected by cyberattacks and has one of the highest cybersecurity incidents in the world. Therefore, the region has also implemented its countermeasures and has become one of the most advanced regions with respect to cybersecurity, technology, and its adoption. Therefore, rising cybersecurity needs will also drive the cloud identity and access management software market in the region.
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