Global Identity As A Service Market: Major Trends Reshaping the Future of the Industry

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What Will the Identity As A Service Industry Market Size Be by 2025?
The market for identity as a service has seen a swift expansion in recent times. It's projected that the market size will increase from $7.06 billion in 2024 to $8.45 billion in 2025, with a compound annual growth rate (CAGR) of 19.8%. Factors that have contributed to this growth in the historical timeline include the widespread use of mobile devices, regulatory compliance demands, initiatives for digital transformation, emphasis on user experience and convenience, challenges associated with remote workforces, higher engagement with social media logins, business continuity planning, and the trend of adopting a bring your own device policy.

What's the Long-Term Growth Forecast for the Identity As A Service Market Size Through 2029?
The market size of identity as a service is predicted to experience a surge in the coming years, increasing to $20.19 billion in 2029 with a compound annual growth rate (CAGR) of 24.3%. The upcoming growth can be credited to the rising cyberattack incidents, the growing implementation of zero trust security models, the emergence of decentralized identity, improved threat detection and analytics, globalization, and cross-border identity management, as well as ongoing authentication processes. Other significant trends in the forecast period encompass multi-factor authentication (MFA), consumer identity and access management, the use of blockchain for identity verification, password-less authentication, API safety measures, and the incorporation of machine learning and AI, along with quantum-safe authentication.

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What Are the Key Growth Drivers Fueling the Identity As A Service Market Expansion?
The rise in cybercrime is predicted to boost the market for identity as a service. Cybercrime includes any endeavors to gain unlawful access to a computing device, system, or network with intent to inflict damage. Despite the growing complexity of these attacks, security concerns place a significant burden on most businesses. Entities lacking adequate protection for customer and corporate information are more likely to be targeted. Thus, companies are seeking potent identity solutions, investing in identity verification systems. It's critical for identification to become a key component of modern security as credentials remain a viable target for cybercriminals, promoting market growth. For instance, in June 2022, as reported by Forbes, a U.S. business publication, there was a 15.1% increase in the average rate of data breaches and cyberattacks in 2021 compared to the year prior. Consequently, the escalating number of cyberattacks is spurring the growth of the identity as a service market.

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What Are the Key Trends Driving Identity As A Service Market Growth?
The surge of technological innovations is a prominent trend burgeoning in the identity as a service sector. Large market players are developing high-tech products to maintain their foothold in the industry. For instance, CloudIBN, a cloud infrastructure consultancy and implementation firm based in the US, introduced their Identity and Access Management (IAM) solution in December 2022. This all-inclusive IAM service is engineered to assist companies in effectively controlling user access across their entire corporation, ensuring data protection. CloudIBN tailors its IAM solutions in accordance with specific industry compliance norms, guaranteeing that companies comply with applicable laws. The firm aims to offer solutions that smoothly blend with current operations, reducing interference. By capitalizing on its expertise in extensive implementations in diverse sectors like healare and finance, CloudIBN assures that corporations can manage their digital resources securely from afar.

How Is the Identity As A Service Market Segmented?
The identity as a servicemarket 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, Healare, Automotive, Other End Users

Subsegments:
1) By Solutions: Identity Governance And Administration, Access Management, User Provisioning, Single Sign-On (SSO), Multi-Factor Authentication (MFA), Directory Services
2) By Services: Consulting Services, Implementation Services, Managed Services, Support And Maintenance Services

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Which Companies Are Leading the Charge in Identity As A Service Market Innovation?
Major companies operating in the identity as a service market are Centrify Corp., ILANTUS Technologies, iWelcome, JumpCloud Inc., Okta Inc., Salesforce.com Inc., Exostar LLC, Microsoft Corporation, Oracle Corporation, International Business Machines Corporation (IBM), Ping Identity Corporation, Google LLC, SailPoint Technologies Inc., Auth0 Inc., HCL Technologies Limited, Connectis LLC, SecureAuth Corporation, Avatier Corporation, Bitglass Inc., EmpowerID Inc.

Which Regions Are Leading the Global Identity As A Service Market in Revenue?
North America was the largest region in the identity as a service market in 2024. Asia-Pacific is expected to be the fastest-growing region in the global identity as a service market share during the forecast period. The regions covered in the identity as a service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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