PORTLAND, Oregon, January 13, 2016 /PRNewswire/ --
A new report by Allied Market Research titled, "World Cloud Identity and Access Management (IAM) Market - Opportunities and Forecasts, 2014 - 2020" projects that the global cloud IAM market would garner revenue of $2.8 billion by 2020, registering a CAGR of 26.2% during the forecast period 2015 - 2020. Multi factor authentication service is expected to witness fastest growth, at a CAGR of 30.5% from 2015 to 2020. North America was the highest revenue generating region in 2014 for cloud IAM, followed by Europe and Asia-Pacific.
To know more about the report, visit the website at https://www.alliedmarketresearch.com/cloud-identity-access-management-market
Identity and access management is a business security framework that manages digital identities, both inside and outside an enterprise. Varied technological environments, increasing cyber-attacks, strict regulatory compliances, and increasing digital identities across organizations are propelling the need of IAM services for information security. Integration of IAM with cloud is gaining popularity owing to its low cost and enhanced security.
The user provisioning service is the largest revenue-generating service of the cloud IAM market, accounting for nearly 40% of the total market revenue in 2014. This segment is expected to maintain its dominance throughout the analysis period.
Among the key end use verticals, IT & telecom was the largest contributor, which accounted for around 25% share in 2014. Stringent government regulations and security standards along with the increasing use of BYOD are the key factors supplementing the adoption of IAM services in IT & telecom sector.
Private cloud dominated the overall cloud IAM market by deployment type, and constituted for around 50% share in 2014, owing to its enhanced data security compared to public cloud and hybrid cloud. However, hybrid cloud would witness highest CAGR of 30.4% during the forecast period owing to its ability to manage IAM services in house as well as on cloud.
North America is the highest revenue generating region in the global cloud IAM market, followed by Europe and Asia-Pacific. The Asia-Pacific would exhibit the fastest growth, registering a CAGR of 29.3% during the forecast period. The growth of Asia-Pacific is supplemented by factors such as development in enterprise IT infrastructure and wide adoption of cloud by SMEs in the region.
The leading players have adopted competitive strategies such as acquisition, product launch and agreement in order to strengthen their market presence. For instance, in 2015, Sailpoint Technologies, Inc. acquired Whitebox Security, which would help the company to manage unstructured data. In 2014, IBM acquired two IAM firms, Lighthouse Security Group and CrossIdeas to expand and enhance its identity and access management (IAM) offerings.
KEY FINDINGS OF THE STUDY
- User provisioning service would dominate the overall service segment over the analysis period
- Multi factor authentication is expected to grow at the highest CAGR of 30.5% from 2015-2020 due to burgeoning need for strong authentication
- Key sectors such as BFSI, IT & telecom and retail would witness highest adoption of cloud IAM services over the forecast period (2015 - 2020)
- Private cloud dominated the overall cloud IAM market owing to the enhanced security risks compared to public cloud and hybrid cloud
- North America was the highest revenue generating region, constituting nearly 41% of the total market revenue in 2014
SailPoint Technologies, Inc., EMC Corporation, CA Technologies, Oracle Corporation, Hewlett-Packard Company, Ping Identity Corporation, Dell, Inc., and Intel Corporation are some of the prominent players in this market. The leading market players have adopted acquisition as their key strategy to strengthen their technical expertise and to increase their market foothold.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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SOURCE Allied Market Research