Mon, 06 Feb 2023

The size of the global identity as a service market is anticipated to grow consistently between 2022 and 2032 at a CAGR of 11.9%. From US$ 3.7 Bn in 2021, the market for identity as a service is projected to grow to US$ 13.7 Bn by 2032.

Over the years, with the growing number of data breaches, organization's preference for cloud infrastructure, OSs such as Windows OS, macOS gaining traction at the enterprise level has rendered the coupling of web application SSO and AD less effective and has evidently resulted in the advent of identity as service market size platforms that help the organisations to forgot about managing deployment, security, configuration, and maintenance in-house.

The growing need for cloud-based security services and solutions as a result of data security concerns is expected to drive the use of Identity as a Service (IDaaS) solutions. Organizations must give access to workers working remotely while ensuring security compliance, necessitating the use of identity and access solutions.

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Identity as a Service Solutions is in high demand due to stringent regulatory regulations and data protection legislation. To maintain strong security against the escalating threats associated with cloud service adoption, end-to-end identity, and access management features would be necessary.

"Regulatory regulations and data protection legislation, as well as increased demand for cloud-based security solutions and services are driving the market."

The growing popularity of the Bring Your Own Device (BYOD) trend in most telecommunications and information technology organisations is likely to help promote industry development. Businesses' IT departments are striving to secure their organisations' informational assets when external gadgets penetrate the company's network.

Furthermore, the penetration of multi-cloud computing systems in the current organisational environment, particularly in telecommunications and IT firms, is increasing considerably. The increasing popularity of such multi-cloud computing systems highlights the need for far more robust identity management services to secure their public cloud infrastructures.

Many governments and financial institutions are presently encouraging digital payments in order to reduce operational expenses and increase transaction visibility. As a result, the merging of digitalized payment systems into banking and government services is likely to

increase demand for identity-as-a-service in the near future. Furthermore, increased government and corporate business expenditure on security solutions to ensure regulatory compliance and prevent identity theft are likely to drive development. North America is the region's biggest identity as a service market. Due to the increasing number of security threats and data breaches, North America is the major consumer of cyber security solutions.

Key Takeaways:

  • The provisioning from identity as a service market is expected to grow at the fastest CAGR of 11.9% in the component sector.
  • Hybrid cloud is expected to grow at a high rate in the deployment type sector of identity as a service market, with a CAGR of 10.8% during the forecast period.
  • China's identity as a service market is expected to be worth US$ 995.1 Mn by 2032, with a CAGR of 11.7% over the forecast period.
  • The market size for identity as a service in the United States is expected to reach US$ 4.9 Billion by 2032, growing at a CAGR of 11.7% during the research period.
  • UK is expected to reach a market size of US$ 579 Mn in identity as a service market by 2032, with a CAGR of 10.9% during the research period.
  • Japan is expected to have a market size for identity as a service of US$ 786.2 Million by 2032, with a CAGR of 10.4% during the research period.
  • By 2032, South Korea is expected to reach a market size of US$ 479.1 Million in the identity as a service market, with a CAGR of 9.4% during the research period.

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Competitive Landscape:

The market for identity as a service is very competitive, with numerous significant companies. In terms of identity as a service market share, the industry is currently dominated by Okta, Ping Identity, Idaptive, Microsoft, and Oracle.

How Intense is the Competition in the Identity As A Service Market?

Budgetary constraints are predicted to stymie the expansion of the global IDaaS market by preventing the deployment of better cloud-based security solutions. To further increase their position in the global IDaaS market and broaden their client base, players have used a variety of growth methods, including partnerships, agreements, and collaborations, as well as new product releases and advancements.

Key Players

  • Okta
  • Ping Identity
  • Idaptive
  • Microsoft
  • Oracle

Key Segments

By Component:

  • Provisioning
  • Single Sign-on
  • Advanced Authentication
  • Audit, Compliance, and Governance
  • Directory Services
  • Password Management

By Deployment Type:

  • Public Cloud
  • Private Cloud
  • Hybrid Cloud

By Organization Size:

  • SMEs
  • Large Enterprises

By Vertical:

  • BFSI
  • Telecom and IT
  • Retail and Consumer Goods
  • Public Sector
  • Energy and Utilities
  • Manufacturing
  • Healthcare
  • Education
  • Others

By Region:

  • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • Latin America

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Table of Content

  • Executive Summary
  • 1.1. Global Market Outlook

    1.2. Summary of Statistics

    1.3. Key Market Characteristics & Attributes

    1.4. Fact.MR Analysis and Recommendations

  • Market Overview
  • 2.1. Market Coverage

    2.2. Market Definition

  • Market Risks and Trends Assessment
  • 3.1. Risk Assessment

    3.1.1. COVID-19 Crisis and Impact on Identity as a Service

    3.1.2. COVID-19 Impact Benchmark with Previous Crisis

    3.1.3. Impact on Market Value (US$ Mn)

    3.1.4. Assessment by Key Countries

    3.1.5. Assessment by Key Market Segments

    3.1.6. Action Points and Recommendation for Suppliers

    3.2. Key Trends Impacting the Market

    3.3. Formulation and Product Development Trends

    To Continue TOC...

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    The post Global Identity as a Service (IaaS) Market is poised to increase at a CAGR of 11.9% and the market is expected to reach US$ 13.7 Bn by 2032 from US$ 3.7 Bn it crossed in 2021 appeared first on Future Market Insights.

    Original Source of the original story >> Global Identity as a Service (IaaS) Market is poised to increase at a CAGR of 11.9% and the market is expected to reach US$ 13.7 Bn by 2032 from US$ 3.7 Bn it crossed in 2021

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    This press release may contain forward-looking statements. Forward-looking statements describe future expectations, plans, results, or strategies (including product offerings, regulatory plans and business plans) and may change without notice. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.

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