According to FMI reports, the identity as a service market is likely to expand from US$ 3.7 Billion in 2021 to USD 6.49 Billion by 2026, at a CAGR of 11.9% during the forecast period. The need to fulfill regulatory mandates and data protection legislation, as well as increased demand for cloud-based security solutions and services, are the primary reasons driving the identity as a service market.
The velocity at which the COVID 19 problem has escalated has taken the international economy by surprise. The COVID 19 epidemic has had an impact on public health, the economy, and people’s social well-being all across the world. In such cases, a rising tendency of working remotely may be seen in nations where government officials have enforced a lockdown. To secure essential organisational data, organisations would improve the identity and access management framework by adding a complete security layer in data protection and identity and data theft prevention. Organizations that encourage their workers to work remotely would implement Single Sign-On (SSO) to cloud apps.
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The growing need for cloud-based security services and solutions as a result of data security concerns is expected to drive the use of Identity as a Service (IDaaS) solutions. Organizations must give access to workers working remotely while ensuring security compliance, necessitating the use of identity and access solutions. Identity as a Service Solutions is in high demand due to stringent regulatory regulations and data protection legislation. To maintain strong security against the escalating threats associated with cloud service adoption, end-to-end identity, and access management features would be necessary.
The growing popularity of the Bring Your Own Device (BYOD) trend in most telecommunications and information technology organisations is likely to help promote industry development. Businesses’ IT departments are striving to secure their organisations’ informational assets when external gadgets penetrate the company’s network.
Furthermore, the penetration of multi-cloud computing systems in the current organisational environment, particularly in telecommunications and IT firms, is increasing considerably. The increasing popularity of such multi-cloud computing systems highlights the need for far more robust identity management services to secure their public cloud infrastructures.
Many governments and financial institutions are presently encouraging digital payments in order to reduce operational expenses and increase transaction visibility. As a result, the merging of digitalized payment systems into banking and government services is likely to
increase demand for identity-as-a-service in the near future. Furthermore, increased government and corporate business expenditure on security solutions to ensure regulatory compliance and prevent identity theft are likely to drive development. North America is the region’s biggest identity as a service market. Due to the increasing number of security threats and data breaches, North America is the major consumer of cyber security solutions.
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Key Takeaways:
- 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.
Competitive Landscape:
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, Idaptive, Microsoft, and Oracle.
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