At 39.2% CAGR, North America Cloud Infrastructure Entitlements Management (CIEM) Market is Projected to be Worth US$ 5,466.69 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the North America cloud infrastructure entitlements management (CIEM) market was valued at US$ 386.87 million in 2023 and is expected to reach US$ 5,466.69 million by 2031, registering a CAGR of 39.2% from 2023 to 2031. Rising cloud-based cyberattacks and adoption of hybrid and multi-cloud solutions are among the critical factors attributed to drive the North America cloud infrastructure entitlements management (CIEM) market growth.

The adoption of cloud computing has gained massive traction in recent years with key players such as Amazon, Google, and Microsoft. Cloud computing has altered how enterprises use, store, and share data and information. However, anything that operates digitally will inevitably become a target of cyber actors. The shift of organizations toward cloud computing has created new avenues for cybercriminals to exploit vulnerabilities, compromise data, and wreak havoc on organizations of all sizes. Data stored in the cloud environment is more vulnerable than data on on-site servers. Misconfiguration, compromised user accounts, API vulnerabilities, malicious insider activity, and others are among the major causes of cloud computing cyberattacks. In recent years, the number of attacks on cloud platforms has increased rapidly. Cloud-based cyberattacks accounted for 20% of all cyberattacks in 2020, making cloud-based platforms the third most-targeted cyber environment. In January 2020, Microsoft announced that one of its cloud databases was breached in December 2019, which resulted in the exposure of 250 million entries, including email addresses, IP addresses, and support case details. According to the Check Point report, in 2022, cloud-based cyberattacks witnessed an increase of 48% year-on-year. Thales Cloud Security survey of approximately 3,000 IT and security professionals across 18 countries in 2023 found that 39% of businesses experienced a data breach in their cloud environment in 2022. According to the 2022 State of Cloud Security Report by Snyk, 45% of breaches are cloud-based, 80% of the surveyed companies have experienced at least one cloud security incident in 2021, and 27% of enterprises have experienced a public cloud security incident in 2022, an increase of 10% from 2021. Such increased data breaches are expensive in terms of reputational damage, downtime, compliance fines, and legal fees. Public cloud breaches are more expensive than hybrid cloud breaches. As more people migrate to the cloud, the challenge of security will also increase. In such a scenario, it becomes necessary to protect enterprises from the sophisticated cyberattacks currently being targeted toward cloud data. Cloud infrastructure entitlement management (CIEM) is an automated cloud security solution that mitigates the risk of data breaches in public cloud environments by implementing cloud security. Thus, the rise in cloud-based cyberattacks propels the cloud infrastructure entitlements management market growth.

On the contrary, lack of consistency and standards across clouds hamper the growth of North America cloud infrastructure entitlements management (CIEM) market.

Based on component, the North America cloud infrastructure entitlements management (CIEM) market is bifurcated into solution and services. The solution segment held 69.6% market share in 2023, amassing US$ 269.43 million. It is projected to garner US$ 3,908.30 million by 2031 to register 39.7% CAGR during 2023-2031.

In terms of organization size, the North America cloud infrastructure entitlements management (CIEM) market is bifurcated into large enterprises and SMEs. The large enterprises segment held 67.4% share of North America cloud infrastructure entitlements management (CIEM) market in 2023, amassing US$ 260.87 million. It is anticipated to garner US$ 3,856.54 million by 2031 to expand at 40.0% CAGR during 2023-2031.

By vertical, the North America cloud infrastructure entitlements management (CIEM) market is segmented into IT and telecom, healthcare, manufacturing, BFSI, retail and ecommerce, and others. The IT and telecom segment held 23.9% market share in 2023, amassing US$ 92.55 million. It is projected to garner US$ 1,242.53 million by 2031 to register 38.4% CAGR during 2023-2031.

By country, the North America cloud infrastructure entitlements management (CIEM) market is segmented into US, Canada, and Mexico. Our regional analysis states that the US captured 87.3% share of North America cloud infrastructure entitlements management (CIEM) market in 2023. It was assessed at US$ 337.80 million in 2023 and is likely to hit US$ 4,844.69 million by 2031, registering a CAGR of 39.5% during 2023-2031.

Key players operating in the North America cloud infrastructure entitlements management (CIEM) market are Microsoft Corp, Palo Alto Networks Inc, CrowdStrike Holdings Inc, CyberArk Software Ltd., One Identity LLC., Radware Ltd, Zscaler Inc, Tenable Holdings Inc, Check Point Software Technologies Ltd, and BeyondTrust Corporation among others.