A recent market analysis by Future Market Insights predicts that the cloud authentication market is worth US$ 11,279.2 million in 2022 and reach a valuation of US$ 12,753.4 million by 2032. Over the projection period, a CAGR of 14.4% is expected to be achieved in the market.
The BFSI industry is among those with the highest information sensitivity. Cloud authentication is being aggressively adopted by the sector to safeguard client data and guard against fraud and data breaches.
Most telecom and IT organizations are embracing the Bring Your Own Device (BYOD) trend, which is anticipated to accelerate the market for cloud authentication as a service. E-commerce is also among the most cost-conscious industries and one of the companies that hackers target the most owing to the possibility for payments and the vast amount of financial transactions made using credit and debit cards.
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Adopting cloud authentication is therefore seen as the most secure choice for companies. Over the years, both large enterprises and SMEs have primarily used cloud authentication. Features like automatic user account provisioning, workflow and self-service management, Single Sign-On (SSO), password management, and access governance are useful for large enterprises.
However, the more authentication elements there are, the longer it takes to complete a single task. Fraudsters can also quickly obtain a user’s physical sim card and access IDs by using methods like sim swapping or switching. These factors are anticipated to restrict the growth of the cloud authentication market.
Key Takeaways
- The cloud authentication market is likely to have a CAGR of 14.4% during the forecast period.
- Historically, the cloud authentication market had a CAGR of 12.6% between 2017-2021.
- The value of the cloud authentication market is expected to be US$ 12,753.4 million by 2032.
- Based on type, the multifactor authentication segment has a 68% share in the cloud authentication market.
- Based on the enterprise size, the very large enterprise (1000+ employees) dominated the market share by 26% in 2021.
- North America dominated the cloud authentication market with a share of 32.9% in 2021.
- During the forecast period, the cloud authentication market in South Asia & Pacific is likely to showcase the growth of 22.5%.
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Immense Prospects For Major Key Players
IBM, Microsoft, CA. Inc, Secureworks Inc, Oracle Corporation, Intel Corporation, Onelogin Inc, Hewlett Packard Enterprise Development LP, Sailpoints Technology Holdings Inc, and Ping Identity are some of the major players in the cloud authentication market.
Manufacturers must focus on creating linked production processes that allow them to pinpoint potential growth opportunities and create new revenue streams.
- IBM released the security IAM suite V1.0 in August 2020. Access manager, security identity governance and intelligence, security directory suite, and security identity manager are among the security tools included in the latest version.
- Oracle released an improved version of their IAM solutions in November 2020. (Oracle Identity Cloud Service). It enables typical IDaaS use cases, including social login, password-less login, strong and adaptive authentication, bidirectional synchronization to on-prim, and others.
- The creation and advancement of open standards for safe authentication are the main objectives of a worldwide business organization known as the FIDO Alliance.
Key segments
By Type:
- Single
- Multifactor
By Enterprise Size:
- Small Offices (1-9 employees)
- Small Enterprises (10-99 employees)
- Medium-sized enterprise (100-499 employees)
- Large Enterprises (500-999 employees)
- Very Large Enterprises (1000+ employees)
By Industry:
- Service
- Distribution Services
- Public Sector
- Finance
- Manufacturing Resources
- Infrastructure
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- Middle East & Africa
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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