As cited by the research report titled ‘Global Cloud Identity And Access Management Market 2019-2028’, available with MarketStudyReport, global cloud identity and access management market accounted for USD 2402.92 million in 2018 and is projected to witness a CAGR of 11.23% over 2019-2028, generating revenues worth USD 7425.73 million by 2028..
 

Increasing demand for identity & access management techniques due to rising identity thefts is majorly driving global cloud identity and access management market growth. Rising BYOD trend in companies, increasing importance of personnel authentication, and cost benefit associated with the technology are augmenting the industry dynamics.
 

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In addition, increasing deployment of hybrid cloud solutions coupled with rising demand for content streaming are generating lucrative opportunities for the market development. On the downside, concerns over some cybersecurity risks along with latency & interruptions as well as high cost of cloud identity and access management are likely to act as bottleneck for the industry progress over the projected timespan.
 

The regional analysis of the industry is studied for Latin America, Europe, Asia Pacific, North America, and Middle East & Africa.
 

Asia Pacific market is anticipated to showcase strong growth over the assessment period owing to augmenting demand for cloud identity and access management across several sectors. Moreover, rapid industrialization, rising demand from various applications, and increased government spending are positively swaying the market dynamics in Asia-Pacific.
 

Increasing mobile transactions and use of weak passwords has augmented the need for sophisticated systems for access management, thereby propelling the regional market growth as well.
 

Prominent companies profiled in the global cloud identity and access management industry are Broadcom Corporation, CyberArk Software Inc., Dell Technologies Inc., Auth0 Inc., SailPoint Technologies Holdings Inc., Centrify Corporation, Okta Inc., Oracle Corporation, Microsoft Corporation, and International Business Machines Corporation.