Cloud IAM solutions: Key market research findings
- Increase in data security and cyber security breaches
- Growing demand for IAM solutions in BFSI sector
Technavio has released a new market research report on the global cloud IAM market, which is expected to generate revenues of $3 billion between 2016 and 2020. The adoption rate of cloud IAM solutions is very high among enterprises, owing to the growing amount of critical and confidential data being transferred. North America is the largest market for cloud IAM solutions, accounting for 45% of the total market share. Much of this region’s growth can be attributed to factors like availability of adequate IT and business infrastructure and the wide prevalence of cyber-attacks and malware.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Cloud IAM providers have started offering identity security that involves advanced functionality, such as intelligent security applications, owing to increased data security breaches. Emergence of social networking sites have facilitated hackers to conveniently access user information, which is another alarming issue of identity theft. The increased dependency of enterprises on web applications have given rise to cyber-attacks. These advanced threats have necessitated the use of identity access solutions, boosting growth of cloud IAM market,” says Amrita Chaudury, Lead Analyst, ICT, Technavio Research.
BFSI is one of the major end-user of cloud IAM solutions, thanks to growing demand for security, access and password management, provisioning and de-provisioning, compliance, and governance coming from this sector. Cloud IAM solutions provide BFSI solutions to prevent fraud in online transactions, credit card-related functions, and insurance claims. The segment if increasingly adopting hybrid deployment models to improve risk management and fraud detection.
The key vendors in the global cloud IAM market include CAT Technologies, Dell, IBM, Ping Identity and SailPoint Technologies. The market is highly fragmented with the presence of various multinational and regional vendors. The leading players are increasingly acquiring smaller vendors to expand their product portfolio and market presence. The competition in this market is expected to intensify during the forecast period, thanks to increased product and service extensions by the market vendors.
A more detailed analysis is available in the Technavio report, Global Cloud IAM Solutions Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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