The identity as a service market is predicted to grow from USD 3.7 billion in 2021 to USD 6.49 billion by 2026, at a CAGR of 11.9% over the forecast period, according to FMI research. The key factors driving the identity as a service market are the requirement to comply with regulatory regulations and data protection legislation, as well as the rising demand for cloud-based security solutions and services.
The international economy was unprepared for the rate at which the COVID-19 issue has intensified. Global public health, the economy, and social welfare have all been impacted by the COVID-19 epidemic. In such circumstances, remote work may be becoming more common in countries where the government has imposed a lockdown. Organizations would enhance the identity and access management framework by adding a full security layer in data protection and identity and data theft prevention to secure crucial organizational data. Single Sign-On (SSO) for cloud apps is implemented by businesses that support remote work for their employees.
The adoption of Identity as a Service (IDaaS) solutions is anticipated to increase in response to the increased demand for cloud-based security services and solutions due to worries about data security. Employing identity and access management solutions is necessary for organizations to grant access to employees who operate remotely while maintaining security compliance. Due to strict regulatory guidelines and data protection laws, identity-as-a-service solutions are in high demand. End-to-end identity and access management features will be required to ensure strong security against the growing dangers related to the adoption of cloud services.
The Bring Your Device (BYOD) movement is becoming increasingly popular in most telecoms and information technology organizations, which is anticipated to support industry growth. When outside devices enter a firm’s network, IT teams work to protect the informational assets of the company.
Additionally, multi-cloud computing systems are becoming more and more prevalent in the contemporary organizational environment, notably in telecommunications and IT organizations. Such multi-cloud computing systems are becoming more and more popular, which emphasizes the need for stronger identity management services to protect their public cloud infrastructures.
To cut operating costs and improve transaction visibility, many governments and financial institutions are currently promoting digital payments. Due to this, it is anticipated that the integration of digital payment systems into banking and government services will
Future demand for identity-as-a-service will likely rise. Development is also projected to be fueled by rising government and corporate business spending on security solutions to guarantee regulatory compliance and stop identity theft. The largest service market in the area is North America. North America is the largest user of cyber security solutions because of the rise in security threats and data breaches.
- 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.
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, Adaptive, Microsoft, and Oracle.