The North America Cloud Infrastructure Entitlement Management Market would witness market growth of 41.8% CAGR during the forecast period (2023-2030).
The growing uptake of cloud services by businesses of all kinds has made efficient cloud infrastructure entitlement management (CIEM) vital. The challenge of managing access and entitlements across diverse cloud environments becomes increasingly important as more enterprises shift their applications, workloads, and data to the cloud. The tools and capacities required to handle these difficulties are provided by CIEM solutions.
Public cloud services spending increased from $220 billion in 2016 to $411 billion in 2021, according to the Financial Services Sector's Adoption of Cloud Services report by the U.S. Department of the Treasury. Furthermore, it is predicted to increase to almost $600 billion in 2023. Organizations are emphasizing data compliance and safety more due to the rise in privacy laws and data breaches. Organizations can assure compliance with industry rules and data protection requirements by enforcing strict access restrictions, monitoring user entitlements, and using CIEM solutions. As businesses work to preserve sensitive data and uphold regulatory compliance, these factors fuel the demand for CIEM solutions.
According to the United States Cybersecurity and Infrastructure Security Agency, around 47 percent of persons living in the United States have had their private data made public by criminals operating online. According to the same source, every day in the country, Facebook accounts are compromised 600,000 times. The IC3 has received an average of 652,000 complaints yearly over the past five years, according to the Federal Bureau of Investigation's Internet Crime Report 2022. These grievances cover a broad range of online frauds that have victims all across the world. Between 2018 and 2022, there were 3.26 million complaints, resulting in nearly $27.6 billion in damages. Therefore, the region presents lucrative growth prospects for the market in the coming years.
The US market dominated the North America Cloud Infrastructure Entitlement Management Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $4,130.1 Million by 2030. The Canada market is anticipated to grow at a CAGR of 45% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 43.8% during (2023 - 2030).
Based on Offering, the market is segmented into Solution and Professional Services. Based on Vertical, the market is segmented into BFSI, IT & ITeS, Retail & eCommerce, Healthcare, Telecommunications and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide Cloud Infrastructure Entitlement Management Market is Projected to reach USD 15.7 Billion by 2030, at a CAGR of 42.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Microsoft Corporation, CyberArk Software Ltd., Palo Alto Networks, Inc., Check Point Software Technologies Ltd., BeyondTrust Corporation, Rapid7, Inc., NextLabs, Inc., Radware Ltd., EmpowerID, Inc., and One Identity LLC (Quest Software, Inc.)
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