The global cloud Identity and Access Management (IAM) market will be worth $2.8 billion (£1.9B) in annual worldwide revenue by 2020.
A new study from Allied Market Research entitled World Cloud Identity and Access Management (IAM) Market – Opportunities and Forecasts, 2014-2020 predicts that multi-factor authentication will witness the fastest growth from 2015 to 2020.
Europe and Asia-Pacific trailed North America as the region generating the highest revenue for cloud IAM in 2014.
IAM with cloud is gaining popularity among users due to its enhanced security and low cost. The cloud IAM market has seen the largest growth in revenue in 2014 and accounts for nearly 40 percent of all revenue earned in the sector.
IT & telecom was the biggest contributor to key end user verticals and generated about a 25 percent share in 2014. Around a 50 percent share in 2014 of the overall cloud IAM market was topped by private cloud due to its enhanced data security when compared to public cloud and hybrid cloud.
Additional important findings from the research:
- User provisioning will top overall service from 2015-2020.
- Multi factor authentication is predicted to grow at the highest CAGR, hitting 30.5 percent during the analysis period.
- BFSI, IT & telecom and retail will experience the highest adoption of cloud IAM services from 2015-2020.
Some major players in the market include HP, Dell, Intel, SailPoint Technologies and Oracle. They've adopted acquisition as their most important strategy to strengthen technical expertise and increase their foothold in the market.