Identity as a Service Market: Projected to Soar – Anticipated Growth to Reach USD 14.23 Billion by 2030

Richmond, United States, 2024-Apr-04 — /EPR Network/ —

 Identity as a Service (IDaaS) is a cloud-based service that provides identity and access management solutions to organizations. In a world where digital transformation is accelerating, and security concerns are paramount, IDaaS plays a crucial role in ensuring secure and seamless access to applications and data. The IDaaS market has seen substantial growth, driven by the increasing adoption of cloud technologies, rising cybersecurity threats, and the need for efficient and user-friendly identity management solutions. The Identity as a Service Market size is estimated to grow from USD 3.90 Billion in 2020 to USD 14.23 Billion by 2027, growing at a CAGR of 20.9% during the forecast year from 2021 to 2027

The crutial factors driving the IDaaS market include the responsibility to obey regulatory mandates and data protection laws, and growing demand for cloud-based security solutions and services, the rise in the cyber-attacks cases, social engineering, phishing activities and other cyber misconducts makes it supreme to have robust data management and identity management tools are guiding the demand for IDaaS. Moreover, BFSI sector is increasingly adopting IDaaS in order to certain and protect privileged customer data and information. These factors propel the demand for identity as a service (IDaaS) market.

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Key Points:

  • Market Growth: The IDaaS market has experienced significant growth, propelled by the widespread adoption of cloud computing and the increasing need for robust identity and access management. Organizations are transitioning from traditional on-premises solutions to cloud-based IDaaS to enhance scalability, flexibility, and security.
  • Cloud-Centric Approach: IDaaS operates on a cloud-centric model, offering a range of identity and access management services as a subscription-based service. This eliminates the need for organizations to invest heavily in on-premises infrastructure and allows for easy scalability based on business requirements.
  • Single Sign-On (SSO): One of the core features of IDaaS is Single Sign-On, which enables users to access multiple applications with a single set of credentials. This not only enhances user experience but also improves security by reducing the likelihood of weak password usage.
  • Multi-Factor Authentication (MFA): IDaaS solutions often incorporate multi-factor authentication, adding an extra layer of security by requiring users to verify their identity through multiple authentication methods. This is crucial in mitigating the risk of unauthorized access and data breaches.
  • Regulatory Compliance: With the increasing focus on data privacy and regulatory compliance, IDaaS providers offer features to help organizations adhere to industry-specific regulations such as GDPR, HIPAA, and others. This ensures that sensitive information is handled in accordance with legal requirements.

Key Trends:

  • Zero Trust Security Model: The adoption of the Zero Trust security model is a growing trend in the IDaaS market. This approach assumes that no user or system within or outside the corporate network should be trusted by default, requiring continuous verification of user identity and device security.
  • Biometric Authentication: IDaaS solutions are incorporating biometric authentication methods, such as fingerprint recognition and facial recognition, to enhance security and provide a more user-friendly authentication experience.
  • Integration with DevOps: As organizations embrace DevOps practices, IDaaS solutions are being integrated into the DevOps lifecycle to ensure that identity and access management are seamlessly incorporated into the development and deployment processes.
  • Adaptive Authentication: IDaaS providers are increasingly implementing adaptive authentication, which uses contextual information such as location, device type, and user behavior to dynamically adjust the level of authentication required. This helps in balancing security and user convenience.

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Major Classifications are as follows:

By Verticals

  • BFSI
  • Telecom and IT
  • Retail and CPG
  • Public Sector and Utilities
  • Energy
  • Oil and Gas
  • Education
  • Manufacturing
  • Healthcare and Life Sciences
  • Others (Travel and Hospitality, and Energy).

By Deployment

  • Cloud
  • On-premise

By Component

  • Provisioning,
  • Single Sign-On
  • Advanced

By Organizations

  • Small
  • Medium
  • Large scale enterprise

By Services

  • Provisioning
  • governance
  • directory technologies
  • access control

By Region

  • North America
  • Europe
  • Middle East and Africa (MEA)
  • Asia-Pacific (APAC)

Reason to purchase this Identity as a Service Market Report:

  • Determine prospective investment areas based on a detailed trend analysis of the global Identity as a Service Market over the next years.
  • Gain an in-depth understanding of the underlying factors driving demand for different and Identity as a Service Market segments in the top spending countries across the world and identify the opportunities offered by each of them.
  • Strengthen your understanding of the market in terms of demand drivers, industry trends, and the latest technological developments, among others.
  • Identify the major channels that are driving the global Identity as a Service Market, providing a clear picture of future opportunities that can be tapped, resulting in revenue expansion.
  • Channelize resources by focusing on the ongoing programs that are being undertaken by the different countries within the global Identity as a Service Market.
  • Make correct business decisions based on a thorough analysis of the total competitive landscape of the sector with detailed profiles of the top Identity as a Service Market providers around the world which include information about their products, alliances, recent contract wins and financial analysis wherever available.

Recent Industry News:

  • Acquisitions and Partnerships: Major players in the IDaaS market are actively engaging in acquisitions and partnerships to strengthen their product portfolios. These strategic moves aim to offer more comprehensive identity and access management solutions to clients.
  • Global Expansion: Many IDaaS providers are expanding their global presence to cater to the increasing demand for cloud-based identity solutions. This includes establishing data centers in different regions to comply with data sovereignty regulations and reduce latency.
  • Enhancements in User Experience: IDaaS providers are focusing on improving the user experience by offering intuitive interfaces, self-service options, and mobile-friendly authentication methods. This ensures that identity management solutions are not only secure but also user-friendly.
  • Rise of Identity APIs: Integration with identity APIs is gaining traction, allowing organizations to embed identity services directly into their applications. This trend enhances the flexibility and customization of identity and access management solutions.

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The Identity as a Service market is evolving rapidly in response to the dynamic landscape of digital business operations and the increasing sophistication of cyber threats. As organizations prioritize secure and efficient identity management, the adoption of cloud-based IDaaS solutions is expected to continue its upward trajectory. Key trends such as Zero Trust security, biometric authentication, and integration with DevOps highlight the market’s adaptability to emerging technological and security challenges. Stay tuned for further innovations and developments as the IDaaS market continues to play a pivotal role in shaping the future of identity and access management.

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