New York, United States, Dec. 18, 2023 (GLOBE NEWSWIRE) -- The Global Identity as a Service Market Size is to Grow from USD 6.8 Billion in 2022 to USD 47.8 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 21.5% during projected period. The advantages of cloud computing are combined with several services, including ID verification, user access management, multi-factor authentication, and compliance monitoring, to provide identity as a service. User ID management and authentication are done using identity as a service. Additionally, it aids in preventing hackers and unauthorized individuals from acquiring sensitive information.
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Identity as a Service (IDaaS) refers to identity and access management (IAM) services that are offered through the cloud and charged on a subscription basis. Identity as a service protects managers from security risks in addition to its capacity to automate a variety of user account-related duties. It reduces company risk and saves time and money by standardizing and automating crucial identity, authentication, and permission management components. Identity as a service's main goal is to provide appropriate access to data, software, or other resources at the right time for authorized personnel. Identity as a service is simpler to install because it is a centralized cloud-based identity management system developed by identity specialists. To cut costs and improve transaction visibility, many governments and financial institutions are presently promoting digital payments. As a result, the demand for identification as a service is soon projected to rise due to the integration of digitalized payment systems into banking and government services. There are many people using banking applications all across the world. It is a major issue when user privacy is violated or violated when there are breaches in the banking sector. Modern information and physical security systems have already found acceptance in the financial services industry.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the “Global Identity as a Service Market Size, Share, and COVID-19 Impact Analysis, By Component (Single Sign-on (SSO), Multi-factor Authentication (MFA), Provisioning, Privacy Management, Password Management, 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) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032.”
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The single sign-on (SSO) segment dominates the market with the largest revenue share over the forecast period.
On the basis of components, the worldwide identity as a service market is divided into single sign-on (SSO), multi-factor authentication (MFA), provisioning, privacy management, password management, and others. The sector with the biggest revenue share during the anticipated term, more than 38.6%, is single sign-on, which is now dominating the market. By boosting security and compliance, enhancing usability and productivity, and lowering IT costs, single sign-on addresses critical business concerns within an organization. Serious fragmentation issues have been caused by the proliferation of cloud apps and services in businesses, frequently alongside on-premises counterparts. Both IT and humans need help with it. IT must handle both shadow IT and the different programs the company uses.
The public cloud segment is witnessing significant CAGR growth over the forecast period.
On the basis of deployment, the global identity as a service market is segmented into public cloud, private cloud, and hybrid cloud. Among these, the public cloud segment is witnessing significant CAGR growth over the forecast period. Client businesses can access resources including software, storage, virtual servers, and hardware thanks to the public cloud deployment. You can use paid services to access the public cloud's services, or you can use free services. Utilizing a public cloud provides some benefits, such as simplicity of deployment and convenience of use. In addition, there are no responsibilities for infrastructure maintenance, and the deployment's initial cost is low.
The public segment is expected to hold the largest share of the global cloud security posture management market during the forecast period.
Public, private, and hybrid cloud deployment clouds are the three categories into which the global cloud security posture management industry is divided. During the forecast period, the public sector is anticipated to control the biggest portion of the cloud security posture management. Public clouds offer a low-cost, easily deployable infrastructure for cloud security posture management solutions, enabling companies to react quickly to shifting security requirements. Additionally, given the dispersed workforce and massive data storage, public cloud services are a perfect fit because they can be accessed from anywhere.
The large enterprise segment is expected to hold the largest share of the global identity as a service market during the forecast period.
Based on the enterprise size, the global Identity as a Service market is classified into SME and large enterprises. Among these, the large enterprise segment is expected to hold the largest share of the identity as a service market during the forecast period. It is projected that the adoption of BYOD, remote working, and data access from anywhere will boost the need for identity management in significant corporations. Concerns over data security have also significantly increased. It is projected that this factor will accelerate market expansion. A rise in cybersecurity threats is anticipated to result in significant growth for small and medium-sized organizations over the forecast period.
The BFSI segment accounted for the largest revenue share of more than 34.9% over the forecast period.
The global identity as a service market is divided into IT & telecom, BFSI, retail, healthcare, government, and others based on the end users. With the highest revenue share of more than 34.9% over the forecast period, the BFSI category leads the other categories due to rising use of IDaaS to increase productivity, ensure compliance, and reduce costs associated with IT infrastructure management. The industry makes significant expenditures in identity management systems to guarantee customer and employee confidence and secure transactions. Additionally, the BFSI sector maintains confidential data that requires high security, which is expected to increase the BFSI sector's adoption of IDaaS, boosting revenue growth in this segment.
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North America dominates the market with the largest market share over the forecast period.
North America is the industry leader. North America is the region that uses cybersecurity solutions the most due to the rise in security threats and data breaches. Because of the rise in BYOD trends, the usage of cloud applications, the frequency of cyberattacks aimed at obtaining access to private customer data, and the need to adapt workforce requirements to meet regulatory standards, businesses in North America are implementing identity as a service solution. A favorable regulatory framework is also encouraging the growth of the local market. The extensive observance of data compliance regulations and cloud installations are the region's main development drivers for IDaaS. As a result, companies in North America are utilizing identity as a service and other comprehensive security solutions. The Asia-Pacific market is anticipated to increase at a significant CAGR over the anticipated period. Businesses in the region are changing and utilizing new technologies including mobile, cloud, and new generation. It has become necessary to secure apps, authenticate users, and maintain control over information that is essential to a company's operations to reduce the risk of a data breach. Due to the region's expanding IT infrastructure, it is also projected that the Middle East and Africa region will grow over the coming years.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Identity as a Service Market include IBM Corporation, Oracle Corporation, Microsoft Corporation, Google LLC, Atos SE, Ping Identity Corporation, OneLogin Inc., Salesforce Inc., CA Technologies, Inc., SailPoint Technologies Inc. and others.
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Recent Developments
- In June 2022, IBM improved its product, IBM Security Verify Governance V10.0.1 Fix Pack 1, to provide businesses with a single platform to assess, categorize, and manage access risks. This solution makes use of business-centric rules, actions, and procedures to give line-of-business managers, auditors, and risk managers the ability to regulate access and evaluate regulatory compliance across company applications and services.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2022 to 2031. Spherical Insights has segmented the global identity as a service market based on the below-mentioned segments:
Identity as a Service Market, Component Analysis
- Single Sign-on (SSO)
- Multi-factor Authentication (MFA)
- Provisioning
- Privacy Management
- Password Management
- Others
Identity as a Service Market, Deployment Analysis
- Public Cloud
- Private Cloud
- Hybrid Cloud
Identity as a Service Market, Enterprise Size Analysis
- Small and medium enterprise
- Large Enterprise
Identity as a Service Market, End user Analysis
- IT & Telecom
- BFSI
- Retail
- Healthcare
- Government
- Others
Identity as a Service Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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