The identity as a service market is expected to witness
notable growth owing to an increase in the number of identity
frauds, increase in the adoption of cloud computing, and other
connected technologies, and enhanced integration with IoT
devices.
NEW
CASTLE, Del., July 2, 2024
/PRNewswire/ -- Allied Market Research published a report, titled,
"Identity as a Service Market by Component (Provisioning,
Single-Sign-On (SSO), Multi-Factor Authentication (MFA), Audit,
Compliance and Governance, Directory Services, and Password
Management), Deployment Type (Public Cloud, Private Cloud, and
Hybrid Cloud), Enterprise Size (Large Enterprise, and Small
and Medium-sized Enterprise), and Industry Vertical (BFSI, IT
and Telecom, Manufacturing, Government and Public Sector, Energy
and Utilities, Healthcare, and Others): Global Opportunity Analysis
and Industry Forecast, 2024-2032". According to the report, the
identity as a service market was valued at $6.2 billion in 2023 and is estimated to
reach $54.1 billion by 2032, growing
at a CAGR of 27.5% from 2024 to 2032.
Prime determinants of growth
The identity as a service market is expected to witness notable
growth owing to an increase in the number of identity frauds,
increase in the adoption of cloud computing and other connected
technologies, and enhanced integration with IoT devices. Moreover,
the integration of evolving technologies is expected to provide a
lucrative opportunity for the growth of the market during the
forecast period. On the contrary, data privacy issues involving
consumer information and critical application outsourcing limit the
growth of the identity as a service market.
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Report coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2024–2032
|
Base Year
|
2023
|
Market Size In
2023
|
$6.2 Billion
|
Market Size In
2032
|
$54.1 Billion
|
CAGR
|
27.5 %
|
No. of Pages in
Report
|
337
|
Segments
Covered
|
Component, Deployment
Type, Enterprise Size, Industry Vertical and Region
|
Drivers
|
Increase in the Number
of Identity Frauds
Increase in the
Adoption of Cloud Computing and Other Connected
Technologies
Enhanced Integration
with IoT Devices
|
Opportunities
|
The Integration of
Evolving Technologies
|
Restraints
|
Data Privacy Issues
Involving Consumer Information
Critical Application
Outsourcing
|
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The provisioning segment to maintain its
leadership status throughout the forecast period
By component, the provisioning segment held the highest
market share in 2023, accounting for more than one-fourth of the
identity as a service market revenue, and is estimated to maintain
its leadership status throughout the forecast period. The growing
need for a high level of automation is one of the primary reasons
enterprises are increasing their investment in identity
provisioning solutions. However, the single-sign-on segment is
expected to witness the largest CAGR of 31.3% from 2024 to 2032 and
is projected to maintain its lead position during the forecast
period.
The public segment to maintain its lead
position during the forecast period
By deployment type, the public segment accounted for the
largest share in 2023, contributing to more than two-fifths of the
identity as a service market revenue, an increase in the need for
secure and reliable data within the organization is fueling the
market growth for public cloud-based identity as a service
solution. However, the private segment is expected to portray the
largest CAGR of 30.1% from 2024 to 2032 and is projected to
maintain its lead position during the forecast period. It provides
several advantages such as reducing costs, supporting business, and
effectively controlling the business environment in the
organization.
The large enterprises segment to maintain its
lead position during the forecast period
Based on enterprise size, the large enterprises segment
accounted for the largest share in 2023, contributing to more than
three-fifths of the identity as a service market revenue, owing to
increase in the adoption of IDaaS devices and cloud computing
by enterprises, which significantly aids in market growth. However,
the small and medium-sized enterprises segment is expected to
portray the largest CAGR of 30.4% from 2024 to 2032 and is
projected to maintain its lead position during the forecast period.
owing to the expansion of "bring your own device" (BYOD) policy
usage and the demand to uphold compliance standards.
The IT and telecom segment to maintain its
lead position during the forecast period
By industry vertical, the IT and telecom segment accounted
for the largest share in 2023, contributing to more than one-fifth
of the identity as a service market revenue, owing to the
increasing need to secure telecom procedures, which drives the
demand for effective identity management solutions. However, the
healthcare segment is expected to portray the largest CAGR of 32.6%
from 2024 to 2032 and is projected to maintain its lead position
during the forecast period. The extensive adoption of electronic
health records supplemented with constant monitoring reform has
encouraged healthcare organizations to implement effective
technological solutions.
North America
region to maintain its dominance by 2032
By region, North America
held the highest market share in terms of revenue in 2023,
accounting for more than one-third of the identity as a
service market revenue. The increase in the usage of
identity as a service solution in businesses to improve businesses
and the customer experience is anticipated to propel the growth of
the market in this region. However, Asia-Pacific is projected to manifest the
highest CAGR of 31.1% from 2024 to 2032. Countries such as
China, India, and South
Korea are at the forefront, embracing digital technologies
to enhance their effectiveness and competitiveness, which is
further expected to contribute to the growth of the market in this
region.
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Leading Market Players: -
- CyberArk
- Google LLC
- IBM Corporation
- Microsoft Corporation
- Okta
- OneLogin, Inc.
- Oracle Corporation
- JumpCloud, Inc.
- SailPoint Technologies
- Thales
The report provides a detailed analysis of these key players in
the identity as a service market. These players have adopted
different strategies such as new product launches, collaborations,
expansion, joint ventures, agreements, and others to increase their
market share and maintain dominant shares in different countries.
The report is valuable in highlighting business performance,
operating segments, product portfolio, and strategic moves of
market players to showcase the competitive scenario.
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