As cited by the research report titled ‘Global Cloud Identity and Access Management Market 2019-2028’, available with Market Study Report, global cloud identity and access management market amassed USD 2402.92 million in 2018 and is projected to grow with a 11.23% CAGR over 2019-2027, subsequently accumulating a valuation of USD 7425.73 million by the forecast period end.  
 

Increasing cases of identity thefts is primarily driving global cloud identity and access management market growth. Moreover, rising trend of BYOD in companies and increasing importance of authentication as well as cost benefits are enhancing the market outlook. Evolving hybrid cloud mode of deployment, and rising demand for content streaming are further generating lucrative opportunities for the market development. 
 

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Speaking of the negatives, cybersecurity risks along with latency & interruptions and high cost of cloud IAM are posing a challenge for the market expansion over the estimated timeline.
 

Based on services, the industry is segmented into audit compliance & governance, privileged access management, single sign-on & federated provisioning, directory service, and other services. Considering deployment model, the industry space is divided into public, private, and hybrid.
 

Speaking of end user range, global cloud identity and access management marketplace is categorized into BFSI, IT & telecommunication, healthcare, retail, media, education, and other end-users. By organization size, the business space is classified into small & medium enterprise and large enterprise.
 

The geographical analysis of the industry extends to Latin America, Middle East & Africa, Asia Pacific, Europe, and North America. Expert analysts speculate that Asia Pacific market is likely showcase strong growth over the analysis period owing to growing demand for cloud identity and access management across multiple sectors.
 

Increasing industrialization, and augmented government spending towards security are the other major factors fostering the market growth in APAC. In addition, increasing mobile transactions, along with the use of weak passwords has increased the need for sophisticated systems for access management in the region.
 

Prominent players influencing the global cloud identity and access management industry trends are Broadcom Corporation, CyberArk Software Ltd., Dell Inc., Auth0 Inc., Sailpoint Technologies Holdings Inc., Centrify Corporation, Okta Inc., Oracle Corporation, Microsoft Corporation, and International Business Machines Corporation.