Cloud identity management is a more than a simple web application Single Sign-On (SSO) solution. Cloud identity management is the next generation solution of Identity and Access Management (IAM) that highlights a shift of identity provider to cloud technology.
Referred to as Directory-as-a-Service (DaaS), cloud identity management is modern adaptation of traditional, on-premise legacy deployments. This modern adaptation is optimized to be utilized across any network-enabled device with any Operating System (OS).
Cloud identity management solutions can be deployed in cloud, for cloud, on-premises or remotely operable resources. Cloud identity management and access management solutions are focused on multi-protocol operability that enables virtual IT resource to connect via native authentication.
Over the forecast period, Small- and Medium-sized Enterprises (SMEs) are projected to be the fastest adopters of cloud identity management solutions. Such solutions enable enterprises to improve business operations by enhancing productivity and suppressing operating costs. Investments in cloud identity management solutions among both, SMEs and large enterprises, are witnessing a significant rise.
Further, end-users operating in manufacturing, retail and wholesale, IT and ITES, and banking and financial sector, among other verticals, are likely to establish themselves as the key procurers of cloud identity management solutions, during the forecast period.
Large enterprises are expected to continue procuring cloud identity management solutions and services for efficient operations related issue resolving and performance monitoring. This adoption may be attributed to the nationwide lockdowns legislated by national governments that are forcing companies to ask their employees to work from their homes.
Small- and medium-sized enterprises dealing with low IT budgets are likely to accelerate their investments in procuring standalone cloud identity management tools to tackle IT infrastructural issues arising due to off-site operation of employees. Spending on software solutions by enterprises to benefit from upcoming as well as trending technologies is projected to increase at an approximate rate of 15% during the forecast period.
Digital transformation is helping reform business operations that demand storage capacities, monitoring, management and security of data. This is in turn enhancing process productivity for enterprises, while offering new revenue generation models pertaining to digital technologies. These models include data governance, master data management, Big Data, data quality management, social media, and cloud technologies, among others.
Global manufacturing industry is proving to be a key adopter of digitalization technologies, and data and information management solutions have been most commonly embraced for Internet marketing, collaboration, customer interaction and smart production.
Currently, end-users are focused on integrating their IT infrastructure into cloud to harness quick access and enhance storage and archival capabilities. End-users transfer their mission critical data to cloud storage in order to harness quick retrieval and archival of data.
However, these end-uses are dealing with security related concerns, while migrating their sensitive data to their cloud infrastructure. This challenge is estimated to have an adverse impact on the adoption of cloud identity management solutions during the forecast period.
North America was the dominant market in 2019 in terms of market value, in the cloud identity management market. Over the forecast period, cloud identity management market in the United States is projected to be the most lucrative market for sustainable generation of revenue from solution deployments. The demand for cloud identity management in the U.S. may be attributed to the constant upgrades integrated into enterprise data management and digital rights management platforms.
Accelerated procurement of efficient cloud identity management platforms is expected to enable the market in Southeast Asia Pacific region to record the fastest growth rate over the forecast period. The projected strong growth rate may be owed to the booming IT and telecom and media and entertainment industries in economies like India. Among all the regional markets, cloud identity management market in Europe is estimated to offer the highest incremental opportunity during the forecast period.
Some of the key competitors in the global cloud identity management market are
Following are some key tactics incorporated by the key players competing in the global cloud identity management market:
The Cloud Identity Management market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The market report also maps the qualitative impact of various market factors on market segments and geographies.
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