Identity as a Service Market Research Report – Global Forecast to 2024
Market Research Future (MRFR), in its latest “Identity as a Service (IDaaS) Market” report, reveals that the worldwide market of identity as a service market is expected to register a CAGR of 18.4% across the forecast period of 2019 to 2024. MRFR insights suggest that the global market of IDaaS is expected to touch a valuation of USD 10.8 billion by 2024.
Identity as a service (IDaaS) operates on virtualized hardware. Hence, the accessibility IDaaS without physical complexities is expected to encourage its adoption across enterprises. This is expected to boost the expansion of the worldwide IDaaS market. Advantages of the multi-tenant infrastructure of IDaaS is expected to benefit its market growth. IDaaS allows vendors to issue updates and aids in security fixtures. This is likely to contribute to the expansion of the market across the assessment years. IDaaS use cloud computing, which is considered to be another significant driver for the market. Cloud computing supports digital access cards, multi-factor authentication, and biometrics. These features of cloud computing simplify the process to retrieve information, maintaining high degree of security. IDaaS uses analytics and intelligence to report multifaceted relationships, such as association between users, their responsibilities, job function, and usage of data. This is anticipated to work in favor of the IDaaS market.
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The identity as a service market’s segmental analysis is done on the basis of deployment and vertical.
By deployment, the market is classified into public cloud, hybrid, and private cloud. The hybrid cloud deployment segment is expected to register the highest CAGR in the forecast span.
By vertical, the market is segmented into BFSI, retail, IT and telecommunication, CPG, manufacturing, energy and utilities, transportation, government and defense, healthcare and life sciences, and others. The BFSI vertical is expected to make massive profits in the years of evaluation and expand at a high CAGR across the forecast period. The growing practice of digital payment is surging the need for security of consumers and BFSI employees. Hence, the high rate of adoption of IDaaS is expected to propel its market.
Detailed Regional Analysis
The IDaaS market is studied across Europe, North America, Asia-Pacific, and the Rest of the World. The IDaaS market in North America is expected to expand at a high pace. After the lead, Europe is expected to make a high profit in the forecast period. In North America, the growth of the IDaaS market can be attributed to the availability of advanced and robust technologies. The high rate of adoption of IDaaS across different verticals and enterprises and the rise in number of enterprises are expected to surge the market. The US is the most developed and technically advanced region of the market. Hence, the US is expected to contribute significantly to the expansion of the North America market. In Asia Pacific, the IDaaS market is likely to thrive at a high CAGR in the years of forecast. The growing BYOD culture and rise in the adoption of technologies, such as Internet of Things are factors that are expected to boost the expansion of the IDaaS market in APAC.
Market Key Players
MRFR’s list of companies that are operating in the global market of identity as a service comprises, Okta, Inc. (US), Avatier (US), OneLogin, Inc (US), Microsoft Corporation, (US), Centrify Corporation (US), Fischer Identity (US), Microsoft Corporation (US), Oracle Corporation (US), Ping Identity (US), iWelcome (Netherlands), VMWare (US), LoginRadius (Canada), empowerID (US), IDaptive, LLC. (US), Ubisecure, Inc. (Finland), Sailpoint (US), Optimal IdM(US), Bitium, Inc. (US), and others.
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Global Identity as a Service Market Research Report: by Service (Identity Governance & Administration, Access, Intelligence), Organization Size (Large Enterprise, Small and Medium-Sized Enterprise), Deployment (Public Cloud, Private Cloud, Hybrid), Vertical (BFSI, IT and Telecommunication, Retail and CPG, Energy and Utilities, Manufacturing, Healthcare and Life Sciences, Transportation, Government and Defense, Others), Region (North America, Europe, Asia-Pacific, Rest of the World) – Forecast till 2024