Cloud Infrastructure Entitlement Management (CIEM) Market Size Booming at CAGR of 44.7%
cloud infrastructure entitlement management (CIEM) market is flourishing because of an increasing cloud adoption, rising security concerns, and growing complexity of cloud environments.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global cloud infrastructure entitlement management (CIEM) market size at USD 0.85 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global cloud infrastructure entitlement management (CIEM) market size to grow at a significant CAGR of 44.7% reaching a value of USD 11.22 billion by 2029. Major growth drivers for the global cloud infrastructure entitlement management (CIEM) market include the increasing cybersecurity threats underscore secure access management's importance, where entitlement management enforces stringent controls. Compliance with data protection rules requires controlling sensitive data access, facilitated by entitlement management. For multi-cloud setups, it simplifies access control, aligning with dynamic Identity and Access Management needs. Against insider threats, it acts as a robust deterrent. Thorough audit and reporting are ensured by comprehensive tracking features. Adapting to remote work trends, it securely enables remote cloud access. Optimizing cloud resource use and vendor competition fuel innovation, cementing its role in security, compliance, and cloud efficiency. However, adoption challenges and limited technical skills expertise are anticipated to restrain the overall market growth during the forecast period.
Global Cloud Infrastructure Entitlement Management (CIEM) Market – Overview
The global cloud infrastructure entitlement management (CIEM) market refers to the dynamic landscape of solutions and services focused on managing and regulating user access rights and permissions within cloud-based infrastructures. It encompasses tools and practices designed to ensure secure, controlled, and compliant access to various cloud resources, addressing the need for robust security measures in the face of rapid cloud adoption. This market caters to organizations seeking to prevent unauthorized access, data breaches, and ensure adherence to regulatory requirements by efficiently managing user privileges and permissions within complex multi-cloud and hybrid cloud environments.
Impact of COVID-19 on Global Cloud Infrastructure Entitlement Management (CIEM) Market
COVID-19 pandemic had a mixed impact on the global cloud infrastructure entitlement management (CIEM) market. The abrupt transition to remote work and increased reliance on cloud services elevated the importance of robust access controls. Organizations had to swiftly secure sensitive data and manage user privileges in dispersed work settings. Despite economic uncertainties affecting purchasing decisions, demand for entitlement management solutions surged. The pandemic underscored the critical role of secure cloud access, prompting the market to innovate and address evolving security concerns. With remote work becoming standard, the market experienced sustained growth as ensuring data security and compliance in dynamic cloud environments remained paramount.
Global Cloud Infrastructure Entitlement Management (CIEM) Market – By Application
Based on application, the global cloud infrastructure entitlement management (CIEM) market is divided into BFSI, Healthcare & Life Sciences, Retail & E-commerce, Manufacturing, Government & Public Sector, Energy & Utilities, and IT & Telecommunications segments. The BFSI segment held the highest share in the global cloud infrastructure entitlement management (CIEM) market by application. Cloud infrastructure entitlement management (CIEM) solutions play a pivotal role in assisting banks in effectively managing user identities, enforcing stringent access controls, and closely monitoring user activities to promptly identify and address potential security threats. Noteworthy players in the CIEM market arena encompass CyberArk, Zscaler, Check Point, CrowdStrike, SailPoint, Ermetic, Saviynt, SSH, Orca Security, Authomize, One Identity, StrongDM, and senhasegura. Given the criticality of safeguarding customer data and vital applications while adhering to regulatory standards, financial institutions are compelled to establish and execute a robust cybersecurity strategy. Consequently, the demand for CIEM solutions is anticipated to surge in the forthcoming years as these solutions substantiate their significance in fortifying cloud security.
Major players operating in the global cloud infrastructure entitlement management (CIEM) market include Microsoft, CyberArk, Palo Alto Networks, Check Point, Zscaler, BeyondTrust, Rapid7, CrowdStrike, SailPoint, Saviynt, Orca Security, EmpowerID, Senhasegura, Sysdig, NextLabs, Britive, StrongDM, Solvo, Ermetic, One Identity, Authomize, Sonrai Security, Radware, SecurEnds, and SSH Communications Security. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Cloud infrastructure entitlement management (CIEM) Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Cloud infrastructure entitlement management (CIEM) Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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