According to a new market report published by Stratistics “Cloud IAM (Identity and Access Management) market is poised to reach $5.32 billion by 2022 growing at a CAGR of 25.48% during the forecast period. Some of the major factors that are favoring the market growth are increasing rates owing to cyber-crime detection and recovering from consequent losses. Lack of trust in cloud IAM providers is the major restraints of the market. The key challenge lies in compatibility issues owing to heterogeneous it system environment.
Market Segmentation
On the basis of End User, the Cloud IAM market is segmented as SMB and Enterprises. The small business (SMB) sector is one that’s growing in size and value. With over 3 million businesses and 62 thousand employees, SMB segment presents a huge opportunity for technology and communications investment. The SMB sector continues to look for simplification opportunities when buying technology and telecom services and cloud-based services provide just that. It has been anticipated an organization can save more than 30% of the annual cost by adopting cloud IAM services. The increase in the number of SMBs in countries such as the U.K., China, Japan and India are other factors contributing to the growth of the cloud IAM market. Enterprises are adopting cloud end user at a large scale due to the speed dropping rates of bandwidth and storage.
On the basis of Application, the Cloud IAM market is segmented as Public Sector and Utilities, Telecom & IT, Retail, BFSI, Manufacturing, Healthcare, Energy, Oil and Gas, Education and Others. BFSI, IT & telecom and retail witnessed highest adoption of cloud IAM services over the forecast period. The BFSI sector is increasingly implementing cloud IAM solutions to recover risk management and fraud detection, as these solutions avoid fraud in online transactions, insurance claims and credit card-related functions.
On the basis of Type, the Cloud IAM market is segmented as User provisioning, Single Sign-On (SSO), Password Management, Directories, Audit governance and Compliance Management and Access Management. User provisioning and single sign-on (SSO) are anticipated for the largest market share over the forecast period, followed by audit, governance, and compliance management.
Browse the full market research report at “Cloud IAM (Identity and Access Management) - Global Market Outlook (2015-2022)”
This report also covers trends driving each segment and offers analysis by geography, with key regions such as North America, Europe, Asia Pacific and Rest of the World. North America is anticipated to hold the largest market share, whereas Asia Pacific is anticipated to grow at the highest Compound Annual Growth Rate during the forecast period. Europe is the second largest market for cloud IAM market. In 2015, organizations in Finland, Sweden, and Denmark were major adopters of cloud computing in Europe. Increased number of cyber-attacks and other critical infrastructure has also led to an increase in the demand for cloud IAM solutions in this region.
Key Players
The key players in the Global Stretch and Shrink Sleeves Packaging Market are Sailpoint Technologies Inc., Ping Identity Corporation, Onelogin Inc., Okta, Microsoft, Intel, IBM Corporation, EMC Corporation, Dell and CA Technologies.
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