Pune, India, Aug. 29, 2023 (GLOBE NEWSWIRE) -- Global identity as a service market size was valued at USD 3.99 billion in 2021 and is projected to reach USD 23.88 billion by 2029, exhibiting a CAGR of 25.3% during the forecast period. Fortune Business Insights™ mentioned this in a report titled Identity as a Service Market Forecast, 2023-2029.
Identity-as-a-Service (IDaaS) offers cloud-powered access management and identity protection through a subscription model, safeguarding businesses from cyber risks. The surge in new enterprises and the growing digital trend are set to drive its popularity. Moreover, the escalating incidents of data breaches, cyberattacks, and fraud in various sectors have created a pressing need for robust data security solutions. These dynamics are expected to fuel the expansion of the IDaaS industry in the near future.
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Key Industry Development:
Equifax Inc. announced its first digital identity service platform by collaborating with Bonifii. The new solution utilizes cryptography to provide an excellent user experience and improved protection against hacking and fraud.
Key Takeaways
- Digital Shift Amid COVID-19 Pandemic to Boost Market Growth
- The widespread acceptance of cloud services and increasing digital transformation worldwide
- Blockchain-based Identity Management to Expand Market Opportunities
- By Deployment Analysis: Higher Data Security Risk in Public Cloud to Fuel IDaaS Demand
- Identity as a Service Market Size in North America was USD 1.44 Billion in 2021
Discover the Leading Players Featured in the Report:
“Companies leading the Identity as a Service Market are Ping Identity Corporation, OneLogin Inc., Atos SE, Microsoft Corporation, Oracle Corporation, Salesforce Inc., Google LLC, CA Technologies, Inc., SailPoint Technologies Inc., IBM Corporation”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 25.3% |
| 2029 Value Projection | USD 23.88 Billion |
| Base Year | 2022 |
| Identity as a Service Market Size in 2021 | USD 3.99 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 150 |
| Segments covered | Solution, Deployment, Enterprise Size, End-User and Geography |
Browse Complete Report Details:
https://www.fortunebusinessinsights.com/identity-as-a-service-idaas-market-106076
Drivers and Restraints:
The emergence of Several Regulatory Compliances for User Data Protection to Drive Growth
Several countries globally implement stringent regulations for the utilization of consumers’ data. As per the Act on Protection of Personal Information, California Consumer Privacy Act, Personal Information Protection and Electronic Documents Act, and the General Data Protection Regulation (GDPR), the adoption of personal data is allowed if complied with the regulations. These regulations mandate the ethical adoption of data collection to ensure consumers’ privacy. Further, identity service adoption from several businesses for secure operations may drive the identity as a service (IDaaS) market growth.
However, technical errors and downtime issues may hinder the market’s progress.
Segmentation:
By Solution
- Single Sign-on (SSO)
- Multi-factor Authentication (MFA)
- Provisioning
- Privacy Management
- Password Management
- Advanced Authentication
- Others
By Deployment
- Public Cloud
- Private Cloud
- Hybrid Cloud
By Enterprise Size
- SMEs
- Large Enterprise
By End User
- IT & Telecom
- BFSI
- Retail
- Healthcare
- Government
- Education
- Others
By Region
- North America
- Europe
- Middle East & Africa
- Asia Pacific
Regional Insights:
Extensive Adoption of Cloud-Based Technology to Foster Industry Progress in North America
North America is expected to dominate the identity as a service (IDaaS) market share due to extensive adoption of cloud-based technology. The market in North America stood at USD 1.44 billion in 2021 and is expected to gain a huge portion of the market share in the coming years.
Further, rising demand for user identification solutions and increasing adoption of effective services are expected to fuel identity as a service sale. These factors may propel market development.
Asia Pacific is expected to witness a significant incline due of the shift toward digitalization. Further, the shift of employees, clients, and consumers toward digital platforms is expected to nurture market development. In addition, the growing adoption of digital payment systems and the United Payment Interface is expected to bolster market development.
In Europe, the shift of companies to digital platforms is expected to reinforce identity as a service industry development. According to Accenture Europe Cloud Continuum, in 2020, nearly 35% of the workload in Europe is carried out on cloud services. This factor may incite remunerative industry growth.
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Competitive Landscape:
Manufacturers Launch Novel Solutions to Improve Solutions
The prominent companies operating in the market announce novel solutions to improve their identity as a service offering and boost their brand image. For example, Auth0 announced its identity platform fused with private cloud-based deployment by partnering with Microsoft Azure in December 2021. This development may enable the company to offer effective and better solutions and simultaneously improve its brand image globally. Further, adopting research and development, acquisitions, expansions, and merger strategies may allow companies to improve their market position globally.
FAQ’s
How big is the Identity as a Service Market?
Identity as a Service Market size was USD 3.99 billion in 2021.
How fast is the Identity as a Service Market growing?
The Identity as a Service Market will exhibit a CAGR of 25.3% during the forecast period, 2022-2029
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Artificial Intelligence [AI] Market Size, Share, Trends, Forecast 2030
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