Identity As A Service Market Growth, Demand, Key Drivers, Size, Share Report 2024 To 2033

The identity as a service market size has grown exponentially in recent years. It will grow from $5.94 billion in 2023 to $7.2 billion in 2024 at a compound annual growth rate (CAGR) of 21.4%. The growth in the historic period can be attributed to mobile device proliferation, regulatory compliance requirements, digital transformation initiatives, user experience and convenience, remote workforce challenges, increased use of social media logins, business continuity planning, adoption of bring your own device.

The identity as a service market size is expected to see exponential growth in the next few years. It will grow to $16.25 billion in 2028 at a compound annual growth rate (CAGR) of 22.6%. The growth in the forecast period can be attributed to increasing frequency of cyberattacks, rising adoption of zero trust security models, emergence of decentralized identity, advanced threat detection and analytics, globalization and cross-border identity management, continuous authentication practices. Major trends in the forecast period include multi-factor authentication (mfa), consumer identity and access management , blockchain for identity verification, passwordless authentication, api security, adoption of machine learning and ai, quantum-safe authentication.

Market Overview -
Identity as a service refers to a subscription-based cloud model for identity and access management where identity and access services are delivered over the internet by a third-party provider rather than hosted on-premises. Identity as a service allows users to connect to and use identity management services from the cloud.

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Rising Cybersecurity Threats Fueling The Surge In Identity As A Service (IDAAS) Market
The increasing number of cyberattacks is expected to propel the identity as a service market. Cyberattacks are any attempt to obtain unauthorized access to a computer, computing system, or computer network to cause harm. Even though cyberattacks are getting increasingly sophisticated, security concerns significantly strain most enterprises. Cyberattacks are more likely to target companies that do not offer proper customer protection and corporate information protection. Organizations require a robust identity solution and are investing in identity verification systems. Identification must become the cornerstone of contemporary security because credentials continue to be a target for cybercriminals. Thereby driving the market. For instance, in June 2022, according to Forbes, a US-based business magazine, the average frequency of data breaches and cyberattacks rose by 15.1% in 2021 compared to the previous year. Therefore, the increasing number of cyberattacks is driving the growth of identity as a service market.

Competitive Landscape -
Major companies operating in the identity as a service market report are CA Technologies Inc., Centrify Corp., ILANTUS Technologies, iWelcome, JumpCloud Inc., Okta Inc., OneLogin Inc., Salesforce.com Inc., Exostar LLC, Microsoft Corporation, Oracle Corporation, International Business Machines Corporation (IBM), Ping Identity Corporation, Google LLC, SailPoint Technologies Inc., Idaptive LLC, Auth0 Inc., HCL Technologies Limited, Connectis LLC, Gemalto N.V., Fischer International Identity, NetIQ Corporation, Symantec Corporation, SecureAuth Corporation, Avatier Corporation, Bitium Inc., Bitglass Inc., Covisint Corporation, Dell Technologies Inc., EmpowerID Inc.

Elevating Security Measures The Integration Of Artificial Intelligence And Machine Learning In Identity As A Service (IDAAS)
Technological advancements are a key trend gaining popularity in the identity as a service market. Major players in the market are creating technologically advanced products using artificial intelligence and machine learning. Artificial intelligence enables machines to mimic and even outperform human mental powers and machine learning is a part of artificial intelligence. For instance, in September 2021, ForgeRock, a US-based multinational identity, and access management software company, launched ForgeRock Autonomous Identity. ForgeRock Autonomous Identity is the company's AI-driven identity governance and administration (IGA) strategy that offers additional capabilities to assist teams in enhancing security. It uses artificial intelligence (AI) and machine learning to lower enterprise risk by identifying patterns of role-based access across the entire organization and recommending optimized role structures. It is aimed at assisting businesses in lowering risk and effectively managing workforce access.

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Key Segments -

The identity as a service market covered in this report is segmented -

1) By Component Type: Solutions, Services
2) By Access: Single Sign-On, Multi-Factor Authentication, Compliance Management, Directory Services, Other Access
2) By Deployment Type: Public, Private, Hybrid
4) By Organization Size: Small And Medium-Sized Enterprises (SMEs), Large Enterprises
5) By End-User: Government, Retail And Consumer Electronics, Transportation And Logistics, Media And Entertainment, IT And Telecommunication, BFSI, Energy And Utility, Healthcare, Automotive, Other End Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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