With 25.2% CAGR, Identity as a Service Market Growth to Surpass USD 53 Billion By 2031

WILMINGTON, DE, UNITED STATES, November 6, 2023 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, "Identity as a Service Market, by Component (Provisioning, Single-Sign-On (SSO), Multi-Factor Authentication (MFA), Audit, Compliance and Governance, Directory Services, Password Management), by Deployment Type (Public cloud, Private cloud, Hybrid cloud), by Enterprise Size (Large Enterprise, SME's), by Industry Vertical (BFSI, IT and Telecom, Manufacturing, Government and Public Sector, Energy and Utilities, Healthcare, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031".

The identity as a service market was valued at $5.8 billion in 2021, and is estimated to reach $53 billion by 2031, growing at a CAGR of 25.2% from 2022 to 2031.

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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. Numerous services, including ID verification, user access control, multi-factor authentication and compliance management, are included in IDaaS that combines the advantages of cloud computing identity as a service with enterprise-class identity and access management-as-a-service. User IDs are managed and authenticated using IDaaS. It also aids in preventing unauthorized users and cybercriminals from accessing private information.

Furthermore, increasing number of identity frauds and enhanced integration with IoT devices primarily drive the growth of the identity as a service market. However, data privacy issues involving consumer information and critical application outsourcing hamper the market growth to some extent. Moreover, integration of evolving technologies to improve digital identities is expected to provide lucrative opportunities for the identity as a service market analysis during the forecast period.

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Competitive Analysis:
The competitive environment of Identity as a Service Industry is further examined in the report. It includes details about the key players in the market's strengths, product portfolio, Identity as a Service Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.

Key Players:
Microsoft Corporation
Google LLC
Okta
Thales
CyberArk
OneLogin, Inc.
International Business Machines Corporation
Oracle Corporation
SailPoint Technologies
Ping Identity

Region-wise, North America dominated the identity as a service market share in 2021, owing to the adoption of BYOD and increase in the number of online transactions are driving the market in the region. Demand for IDaaS is high in countries such as the U.S. and Canada. However, Asia-Pacific is expected to contribute significant growth in 2021, owing to adoption mobile, cloud, and new generation technologies. It has become highly essential to secure applications and authenticate users and maintain control over business-critical information to minimize the risk associated with the data breach.

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CXOs of top companies claim that the emergence of new technologies and its widespread adoption across a range of industries, including the consumer sector, businesses, industrial, energy & utility, building & facilities, mobility, and infrastructure, are fundamentally altering how people, processes, and technologies are convergent and driving advancements. However, as smart technologies are adopted widely, security concerns are also growing. The scope of Identity as a Service is no longer limited to merely humans because of the rising usage of internet of things technology. Technology is now a well-liked innovation that is altering IDaaS services.

Key Questions Answered in the Intelligent Study

What is the market size and growth rate of the global and regional market by various segments?
What is the market size and growth rate of the market for selective countries?
Which region or sub-segment is expected to drive the market in the forecast period?
What Factors are estimated to drive and restrain the market growth?
What are the key technological and market trends shaping the market?
What are the key opportunities in the market?
What are the key companies operating in the market?
Which company accounted for the highest market share?

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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Allied Market Research
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