The increasing cost owing to cyber-attacks and compliance burden is the crucial aspect of the rise in the market revenue of cloud IAM as well as the need for centralized management of user provisioning and authentication will foster market growth.
Identity 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 the cloud is gaining popularity owing to its low cost and enhanced security.
The cloud IAM global market is expected to garner $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 the fastest growth, at a CAGR of 30.5% from 2015 to 2020.
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 the IT & telecom sectors.
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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.
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.
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Profiling Key Players: SailPoint Technologies, Inc., EMC Corporation, CA Technologies, Oracle Corporation, Hewlett-Packard Company, Ping Identity Corporation, Dell, Inc., and Intel Corporation
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