Identity as a Service (IDaaS) Market is Estimated to Grow at a CAGR of 11.9% within the forecast period of 2023-2032: Adroit Market Research

A cloud-based platform called Identity as a Service (IDaaS) enables businesses to manage, store, authenticate, and control access to user identities across a variety of apps in a safe manner. Single sign-on (SSO) for a unified user experience, automated user provisioning, two-factor authentication for better security, and audit and compliance for greater control are just a few of the capabilities that IDaaS provides. Organizations wishing to streamline user identification and access management while boosting security are increasingly turning to IDaaS.

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According to estimates, the global market for identification as a service will reach $13.7 billion in value by 2032, growing at a CAGR of 11.9 percent. The complexity of managing user identities and access control, the need for organisations to become more flexible, and growing digitalization are all factors contributing to this growth. Additionally, IDaaS provides organisations with increased scalability and flexibility, enabling them to respond to shifting security requirements while spending less on managing the identities and access of their users. Businesses seeking to automate their user identification and access management procedures may find IDaaS solutions to be an appealing alternative due to their simplicity of use and lower costs.

Due to its cost effectiveness and enhanced user experience, the single sign-on category is anticipated to enjoy the quickest growth among the major components throughout the projection period. IDaaS helps organisations stay up with the constantly changing world of cybersecurity threats by adding an extra layer of security. This is particularly crucial in the current context because organisations need a mechanism to defend themselves against cyberattacks as fraudsters become more skilled at obtaining sensitive data.

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Due to its affordability and flexibility, the public cloud segment has the biggest market share among the several deployment methods. Organizations have relied on IDaaS (identification as a service) to safeguard their IT infrastructure and resources as they progressively shift to cloud-based solutions. Organizations may manage user access, track user activity, and authenticate users with IDaaS solutions, which are secure and dependable.

Territorially, North America has the greatest market share for IDaaS since there are many IT firms there, including Microsoft and Amazon, that provide cutting-edge cloud-based solutions. Demand for IDaaS is also being fueled by the rising emphasis on cloud-based solutions to lower IT costs and improve agility. Additionally, because more people are aware of the advantages of implementing modern technologies like IDaaS, organisations in North America are more likely to do so.

The market for identity as a service (IDaaS) saw significant growth in January 2022 as more North American businesses used cloud-based solutions to increase agility and save IT expenses. Microsoft introduced its Identity Platform in March 2022. This platform interfaces with the Microsoft Cloud and enables businesses to effortlessly manage user access and authentication across many systems. The Identity and Access Management (IAM) service from Amazon Web Services (AWS), which offers businesses capabilities to manage user access and authentication, was also made available in October 2022. Both Microsoft and AWS made significant investments in IDaaS technology during the following ten years, enabling businesses to easily and securely identify users and manage user access.

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