Allied Market Research has released a report on the Cloud Identity and Access Management (IAM) market, projecting substantial growth from $6.2 billion in 2022 to an estimated $34.1 billion by 2032, with a notable CAGR of 18.8%. Key drivers include the surge in cybersecurity breaches and identity-related fraud, coupled with the increasing adoption of cloud computing and related technologies. Despite potential hindrances such as a lack of awareness regarding IAM solutions and a fluctuating regulatory landscape, the report identifies the growing popularity of cloud-based IAM solutions and the adoption of emerging technologies like AI and biometrics as lucrative opportunities for market players.

The solution segment, particularly user provisioning, single sign-on, and multi-factor authentication, is anticipated to maintain its dominance. The report underscores the significance of the healthcare sector in IAM market revenue, attributing more than two-fifths of the market share to this industry vertical. Regionally, North America holds the largest market share, with the Asia-Pacific region expected to exhibit the highest CAGR of 20.1% from 2023 to 2032. The report concludes with a competition analysis, highlighting recent product launches by major players such as Google Cloud, Ping Identity, and Microsoft, as well as notable partnerships, exemplified by the collaboration between Semperis and NTT DATA.