Identity as a Service Market Industry Key Trends, Demand, Growth, Size, Share 2029

Market Overview
The Identity as a Service Market is estimated to reach a high CAGR during the forecast period (2022-2029).

Identity as a service (IaaS) combines solutions that primarily provide cloud-based identity management solutions. It also allows for data collection and is used in private, public, and hybrid networks. It has extended across many businesses that require the monitoring and management of sensitive data, and user identities and aids in understanding or improving end-user behavior.

The fundamental goal of IDaaS is to provide the necessary software applications, file access, or other resources to authorized individuals at the correct moment. Provisioning, improved authentication, directory services, single sign-on, password management, and other factors drive the industry. One of the most important aspects of the Identity As A Service Market is multi-factor authentication, including biometrics. It is a crucial aspect of confirming a consumer's identity. It necessitates using many sources to authenticate the user. For instance, Google and Microsoft, have 2-step verification. IDaaS use is not limited to commercial companies; government bodies are now adopting it.

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Market Dynamics
Increasing government investment in security solutions and corporate governance to stand along by regulatory compliance and to restrain identity theft is expected to create immense opportunities for IDaaS to grow in the forecast period.
The expansion of the product market is being fueled by an increase in government agencies and business spending on security solutions to comply with regulatory compliance and prevent identity theft. Identity management, which enables precise and effective control over usage, and the expanding requirement for cloud-based authentication are driving demand for IDaaS. Its system is currently used by several government agencies as well as huge multinational, national corporations. Uncertain ROI, integration, and security with existing technology are hurdles to integrating IoT in the global Identity As A Service Market. Furthermore, many governments and financial institutions support digital payments to reduce operating expenses and increase transaction visibility. As a result, integrating digitalized payment systems into banking and government services will likely increase demand for identity-as-a-service in the future.

For instance, In July 2019, Google partnered with Atos to expand its strategic partnership. According to the agreement, both companies will deliver identity management, access control, governance, and administration services to clients across several.

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Market Segmentation:
By Deployment Type
• Public Cloud
• Private Cloud
• Hybrid Cloud
By Component Type
• Provisioning
• Single sign-on
• Advanced authentication
• Audit, compliance, and governance
By Organization Size
• Small and Medium-Sized Enterprises
• Large enterprises
By Service-types
• On-site
• In-house
By End-User
• Public sector
• Banking, Financial Services, and Insurance
• Telecom and IT
• Retail and consumer goods
• Healthcare
• Education

Competitive Landscape
The Identity as a Service market is highly competitive with the presence of local and global companies. Some prime companies contributing to the market's growth are Ping Identity, OneLogin, CA Technologies, SailPoint Technologies, Microsoft Corporation, Okta, Inc., IDaptive, LLC, Oracle Corporation, IBM Corporation, Google, Salesforce, HCL, Capgemini, Gemalto, Simeio Solutions, Jumio, Connectis, Auth0, One Identity, and others.

The major companies are adopting several growth strategies such as acquisitions, product launches, and collaborations, contributing to the market growth of Identity as a Service globally.

For instance, In July 2019, IBM acquired Red Hat, a global provider of open-source software products. With Red Hat's identity management solutions, such as Red Hat Identity Manager and Identity Management Active Directory, IBM will increase its identity management capabilities.

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