Identity-as-a-Service (IDaaS) Market is expected to grow at a CAGR of 22.7, reaching a Valuation of US$ 41.9 Billion from 2022-31, Says Transparency Market Research, Inc.

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Nov 09, 2022, 09:30 ET

The global identification-as-a-service (IDaaS) market is expected to be stimulated by an increase in incidences of identity fraud and identity theft
Growing use of digital payment methods is predicted to bolster growth of global identity-as-a-Service (IDaaS) market during the forecast timeline

WILMINGTON, Del., Nov. 9, 2022 /PRNewswire/ -- The value of global identity-as-a-service (IDaaS) market was clocked at US$ 5.5 Bn in 2021. Sales analysis of identity-as-a-service (IDaaS) market is predicted to expand at 22.7% CAGR during the forecast period, from 2022 to 2031. It is anticipated that by 2031, the global size of identity-as-a-service (IDaaS)s market will touch value of US$ 41.9 Bn. The global market is being driven by an increase in the usage of identity-as-a-Service (IDaaS) solutions in major corporations and SMEs. Identity theft can be thwarted by using a variety of IDaaS solutions, including and access management and cloud identity.

The uptake of data as well as cybersecurity solutions has been accelerated by the complicated business architecture of different industrial verticals. Rising instances of fraud and identity theft, surge in Bring Your Own Device (BYOD) trend, and incorporation of digital payment technologies are anticipated to boost the global market. In an effort to diversify and expand their security offerings, a few of the top identity as a service providers 2022 are introducing innovative solutions with sophisticated identity governance and management features.

Europe is predicted to have the second-largest market share during the forecast timeframe. Increasing usage of cutting-edge technologies like the IoT identity access management, artificial intelligence (AI), consumer identity and access management, and cloud is likely to drive the regional market. The proliferation of SMEs in Latin America and Asia Pacific is what is expected to drive the market in these regions and immense growth prospects for the identity-as-a-service (IDaaS) manufacturers.

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Key Findings of Market Report

Instances of fraud and theft of identities comprise job identity theft, medical identity theft, tax identity theft, and credit card fraud. The use of advanced mobile communication technology makes them vulnerable to identity theft, fraud, and cyberattacks. In the following few years, it is anticipated that this will increase demand for physical identification and access control. Demand of identity-as-a-service (IDaaS)s market is being spurred by an increase in incidences of fraud and identity theft.
In order to lower the danger of insider attacks and identity theft, a number of countries are bringing strict user data protection regulations into place. In order to manage grievances and also data breach activities, organizations subject to LGPD are required to employ a Data Protection Officer (DPO). In order to protect sensitive information from unauthorized access, organizations must verify the effectiveness of the technological as well as administrative measures.
Since IDaaS automates many operations connected to user accounts, it provides administrators safety against cybersecurity threats. It streamlines and automates crucial identity, authorization management components, and authentication, reducing risk for the company whilst saving both money and time. The global identity-as-a-service (IDaaS) market is expected to gain from these advantages.
North America is anticipated to account for a significant identity-as-a-service (IDaaS)s market share during the forecast period. The regional market is likely to be driven by growing adoption of BYOD usage and massive rise in online transactions. In nations like Canada and the U.S., there is a huge demand for IDaaS.

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Global Identity-as-a-Service (IDaaS) Market: Key Players

Some of the key market players are

CyberArk Software Ltd.
Ping Identity Corporation
SailPoint Technologies Inc.
Microsoft Corporation
Oracle Corporation
ForgeRock, Inc.

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Global Identity-as-a-Service (IDaaS) Market: Segmentation

Function

Single Sign-on (SSO)
Multi-factor Authentication (MFA)
Provisioning
Directory Services
Compliance Management

Deployment

Public Cloud
Private Cloud
Hybrid Cloud

Enterprise Size

Small & Medium Enterprises (SMEs)
Large Enterprises

End User

BFSI
IT & Telecom
Retail & E-commerce
Healthcare
Manufacturing
Government
Energy & Utilities
Others

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About Transparency Market Research

Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research firm that offers market analysis reports and business consulting. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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