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With the growing adoption of cloud services, there is a heightened focus on cloud security. Organizations are becoming increasingly aware of the importance of effectively managing entitlements and permissions in their cloud environments to mitigate security risks. CIEM solutions are emerging as a critical component of cloud security strategies, providing granular access controls, privileged access management, and continuous monitoring capabilities. Organizations are shifting from traditional perimeter-based security approaches to a Zero Trust approach that focuses on verifying & validating every user, device, and application, regardless of their location or network. CIEM solutions play a crucial role in implementing the principles of Zero Trust by enforcing the least privilege access and continuously monitoring user activities.
The solution offering segment held more than 60% share of the market in 2022, attributed to the surging need for flexibility in organizations.
The market size of cloud infrastructure entitlement management was worth USD 1.5 billion in 2022 and is projected to exhibit over 34% CAGR from 2023 to 2032, driven by the rapid adoption of cloud services by organizations.
Okta, Inc., CyberArk Software Ltd., SailPoint Technologies Holdings, Inc., BeyondTrust Corporation, Thycotic, One Identity LLC, Centrify Corporation, IBM Corporation, Broadcom Inc., Saviynt Inc., Omada A/S, Micro Focus International plc, ForgeRock Inc., Keycloak (Red Hat), and Microsoft Corporation (Azure Active Directory) are some of the top companies in the market.
North America held more than 45% of the share market in 2022, owing to the presence of well-established technological firms across the region.