Identity As A Service Market is Projected to Grow from US$ 4.4 Bn by 2022 to US$ 13.7 Bn by 2032

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 from US$ 4.4 Bn by 2022 to US$ 13.7 Bn by 2032. The need to fulfill regulatory mandates and data protection legislation, as well as increased demand for cloud-based security solutions and services, are the primary reasons driving the identity as a service market.

The velocity at which the COVID 19 problem has escalated has taken the international economy by surprise. The COVID 19 epidemic has had an impact on public health, the economy, and people's social well-being all across the world. In such cases, a rising tendency of working remotely may be seen in nations where government officials have enforced a lockdown.

To secure essential organisational data, organisations would improve the identity and access management framework by adding a complete security layer in data protection and identity and data theft prevention. Organizations that encourage their workers to work remotely would implement Single Sign-On (SSO) to cloud apps.

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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. 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.

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.

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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.

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.

This identity as a service market leader is working on strengthening its product lines via integration and growing its consumer base into international regions. These firms are increasing their identity as a service market share and profitability through smart joint projects and acquisitions.

Ping Identity Corporation announced the launch of PingID multi-factor authentication on the AWS marketplace in March 2020, allowing AWS customers to effortlessly acquire and deploy PingID into their work network from home, adding an extra layer of security to their existing AWS infrastructure. The organisation has aspired for AWS security competence accreditation as an advanced technology partner in the AWS Partner Network (APN).
January 2020 - OneLogin Inc. announced the launch of its Trusted Experience Platform, which enables enterprises to deliver scalable, secure, and intelligent experiences. It is an end-to-end identity and access management solution that utilises the company's investment and AI experience to assist manage organisational digital identities for its workforce and customers.

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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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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.