Global Cloud Identity And Access Management Market To Expand At 24.73% CAGR From 2016 To 2020 Owing To Increased Demand From BFSI Sector

MarketResearchReports.biz has announced the addition of a recent report, titled ‘Global Cloud Identity And Access Management Market 2016-2020’, to its online repository. As per the report, the global cloud identity and access management market is predicted to progress at a 24.73% CAGR during the period between 2016 and 2020.

Cloud identity and access management (IAM) is a security system that ensures the accessibility of various resources to authorized people in a multiple-technology environment. Cloud identity and access management systems provide secure and safe identity-based access to cloud-based and on-premise systems, information, and applications from any given location. These authorized access solutions assist enterprises in securing their application systems simply by permitting employee access through a single sign-on password.

Cloud identity and access management solutions enable cloud service providers or even managed service providers to better manage the digital identities present in the cloud. Cloud identity and access management service providers charge a fee for monitoring, maintaining, and upgrading services, including support and training.

The income generated from the sales of cloud identity and access management solutions hosted on public, private, or hybrid cloud is expected to increase in the years to come. The global cloud identity and access management market, by region, is divided into Asia Pacific, the Middle East and Africa, North America, Latin America, and Europe.

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CA Technologies, Dell, IBM, Ping Identity, SailPoint Technologies, Bitium, Centrify, Covisint, Exostar, Fisher International, and Ilantus Technologies are some of the leading companies in the global cloud identity and access management market. Mergers and acquisitions by the leading companies will help them maintain their dominant position in the global cloud identity and access management market. However, entry of new players and their cloud identity and access management solutions is predicted to make the global market highly competitive.

Increased demand for cloud identity and access management services from the BFSI sector is predicted to propel the global cloud identity and access management market during the forecast period. However, rising concerns about online data security and access control are a major challenge expected to hamper the growth of the global cloud identity and access management market in the next few years. The emergence of on-demand cloud providers and IaaS is predicted to create new growth opportunities for the global cloud identity and access management market in the years to come.

Considering the many advantages of using cloud identity and access management services, the adoption of IAM is predicted to be higher in the next five years. The increasing number of new players and vendors is expected to expand the global cloud identity and access management market at a rapid pace. Funding support from the governments of various nations is expected to further contribute towards the expansion of the global cloud identity and access management market.

Considering the increasing occurrence of online data threat and illegal access to personal information, the leading players in the IAM systems market are concentrating on introducing highly advanced cloud solutions across the globe, which is expected to propel the global cloud identity and access management market in the years to come.

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