The identity as a Service market is projected to grow at a CAGR of 12.48% during the forecast period, reaching a total market size of US$3.404 billion in 2024 from US$1.681 billion in 2018. Identity as a service (IDaaS) comprises cloud-based solutions for identity and access management (IAM) functions, such as single sign-on (SSO).
These methods allow all users to more securely access sensitive information both on and off-premises. Growing cybersecurity threats to the data and increasing demand for cloud security systems are driving the market of IDaaS. The increasing use of digital payments has led to an increase in the demand for cloud-based security. Geographically, North America and the European region are expected to have a significant market share on account of favorable regulations. The market of the Asia Pacific region is expected to witness rapid growth owing to increasing security threats and the implementation of identity access management.
Lack of knowledge about cloud-based security and the high cost of deployment of IDaaS may hamper the market growth. However, increasing awareness about security in both SMEs and large enterprises is opening growth avenues for the market. Moreover, incorporating tactics like multi-factor authentication, including biometrics like Touch ID, helps in complying with GDPR and other identity regulations. This is also increasing the demand for the market.
The “Identity as a service market – Forecasts from 2019 to 2024” is an exhaustive study that aims to present the key market trends through various chapters focusing on different aspects of the market. The study provides a detailed market overview through the market dynamics sections which detail key markets, drivers, restraints, and opportunities in the current market. The report analyzes key opportunity regional markets, and the current technology penetration through lifecycle analysis. The report also analyzes the market through comprehensive market segmentation by type, enterprise size, industry vertical, and geography.
The identity as a service market has been segmented based on type, enterprise size, industry vertical, and geography. Based on type the market has been segmented into basic IDaaS and enterprise IDaaS. Based on enterprise size the market has been segmented into small and medium enterprises and large enterprises. Based on industry vertical the market has been classified into BFSI, telecom and IT, healthcare, and government.
Regional analysis has been provided with detailed analysis and forecast for the period 2018 to 2024. The global market has been broken down into North America, South America, Europe, Middle East and Africa, and Asia Pacific regions. The report also analyzes 15 countries across these regions with thorough analysis and forecast along with prevailing market trends and opportunities which each of these countries present for the manufacturers.
Major players in the identity as a service market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last year. The company profiles section details the business overview, financial performance for the past three years, key products and services being offered along with the recent developments of these important players in the identity as a service market.
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