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NZ
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The global identity as a service market size was valued at $6.2 billion in 2023, and is projected to reach $54.1 billion by 2032, growing at a CAGR of 27.5% from 2024 to 2032.
Identity as a service (IDaaS) is the term used to describe identity and access management (IAM) services that are offered via the cloud and are paid for via subscription. IDaaS offers administrators protection from security problems due to its ability to automate a variety of user account-related operations. It reduces company risk and saves time and money by standardizing and automating crucial identity, authentication, and permission management components.
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Driving Factors Identity as a service Market
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.
Market Segmentation Identity as a service Market
The global identity as a service market size is segmented on the basis of component, enterprise size, deployment type, industry vertical, and region. On the basis of component, it is segregated into provisioning, single-sign-on, advanced authentication, audit, compliance and governance, directory services, and password management. On the basis of enterprise size, it is segregated into large enterprises and SMEs. On the basis of deployment type, it is segregated into public cloud, private cloud, and hybrid cloud. On the basis of industry vertical, it is segregated into BFSI, IT and telecom, energy and utilities, government, manufacturing, healthcare, retail and consumer goods, and others. On the basis of region, it is divided into North America, Europe, Asia-Pacific, and LAMEA.
Key Players Identity as a service Market
Competitive analysis and profiles of the major players in the CyberArk, Google LLC, IBM Corporation, Microsoft Corporation, Okta, OneLogin, Inc., Oracle Corporation, JumpCloud, Inc., SailPoint Technologies, and Thales. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the identity as a service market globally.
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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.
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.
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Recent Partnerships in the Identity as a Service Market:
For instance, in July 2022, Delinea partnered with Authomize, to provide the comprehensive security necessary to enforce least privilege across cloud environments. Thus, such strategies are further expected to propel numerous growth opportunities for the global identity as a service market.
Recent Product Launches in the Identity as a service Market:
For instance, in December 2022, CloudIBN launched its identity as a service offering. This suite of IAM products is expected to help businesses ensure that the data remains secure, while also providing an efficient way to manage user access control across the organization. Therefore, such strategies adopted by market players are increasing market competition and leading the growth of the Identity as a service market.
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