[128 Pages Report] The global Cloud IAM Market size was USD 1,089.3 Million in 2015 and is projected to reach USD 3,424.5 Million in 2020, growing at a Compound Annual Growth Rate (CAGR) of 25.7% during the forecast period.
Cloud IAM Identity and Access Management as a service (IAMaaS) is an approach to manage the digital identities in the cloud by a cloud service provider (CSP) or a managed service provider (MSP). In the service delivery method, IAM is delivered in the form of Software as a Service to the organizations or an individual relying on the service provider to make use of specific functionality of identity management for performing electronic transaction. Cloud IAM solutions can be purchased as a subscription-based managed service. For example, if an organization only wants its users to be able to use the password management functionality offered by a Cloud IAM vendor, it might pay for only that particular service and only for the users who will actually be using it. Cloud IAM solutions have either no or minimal on-premises infrastructure. In cloud IAM a CSP or MSP hosts application to provide subscribers with role based access to specific application, systems and proprietary data of any organization.
With the ever changing compliance and regulatory environment and the pressure of financial budget cuts, the companies are more inclined towards adopting the outsourcing a huge portion of their IT and security management to third-party managed service providers to reduce their operational costs. The cloud IAM market has been witnessing extensive growth in recent years due to the advancements in the integration of various services and applications on cloud. Furthermore, the increasing adoption of integration of BYOD, CYOD, and mobility services is also encouraging the growth of cloud IAM. The research study also aims at elaborating on the aspects, issues, and trends governing the global cloud IAM market.
Some of the key vendors occupying the major market share are CA Technologies, Okta, IBM, Oracle, HP, Dell, Sail Point, and PingIdentity. The market research report discusses the strategies and insights of the key vendors in the industry and also provides an in-depth study of the driving forces and challenges for this market. The report also analyzes the global trends and future growth potentials across different regions.
The report consists of views on the key players and insights on various developments that are taking place in the cloud IAM market. The market research report has been projected from 2015 to 2020, with 2014 considered as the base year.
In recent years, regulatory requirements have added complexity, increased external scrutiny of access management processes. Due to the increasing severity of new security threats to the intellectual property (IP) of companies across various industry sectors, businesses have begun recognizing IAM to be a business problem. Cloud IAM is set to redefine the traditional IT security landscape by blending IAM solutions with cloud technology. Though the cloud IAM market is in introduction stage, but it’s expected to show tremendous growth and gain maximum market share of on-premise IAM solutions in IAM landscape.
The shift of organizations to move their businesses on cloud is further giving rise to the increasing number of user and device identities. This has increased the complexity for the organization to provision and manage large number of identities due to growing technological trends of BYOD, CYOD and mobility among organizations. Thus it is necessary for businesses to centralize the management of identities for accessing critical information technology (IT) infrastructure, application, systems, and intellectual data together to address the security and vulnerability issues cost effectively. Thus, Cloud IAM can help organizations by providing platform to organizations to manage identities centrally and cost effectively.
Furthermore, the demand of cloud-based SSO is other key factor encouraging the expansive adoption of the cloud IAM among enterprises. However, cloud IAM faces the challenge of lack of awareness among the end users about cloud computing solutions, storage services, and security concerns. They are unaware of how their intellectual data is stored and migrated from one cloud to other cloud environment. Thus, this is the major gap between the CSPs and a service consumer which is seems difficult to be catered by the cloud IAM vendors. The adoption of cloud IAM in SMBs is likely to grow owing to their budget constraints and their increasing numbers around the world.
The North America region is dominating the cloud IAM market during the forecasted period. The increase is being driven primarily by the increasing and changing compliance and governance regulations every year and the need of organizations to adhere to it. About 400 new regulatory policies are being issued by the U.S. government related to cyber security every year. Countries across the APAC and European regions are flooded with a large number of SMBs and their budget constraints is the major factor propelling the growth of the market.
Major players in this market are CA technologies, Okta, IBM, Oracle, HP, Dell, Sail Point, and PingIdentity. Companies offer high-performance Cloud IAM solutions to provide increased security and proper IAM project management at reduced costs to the businesses.