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.
NEW CASTLE, Del., July 2, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Identity as a Service Market by Component (Provisioning, Single-Sign-On (SSO), Multi-Factor Authentication (MFA), Audit, Compliance and Governance, Directory Services, and Password Management), Deployment Type (Public Cloud, Private Cloud, and Hybrid Cloud), Enterprise Size (Large Enterprise, and Small and Medium-sized Enterprise), and Industry Vertical (BFSI, IT and Telecom, Manufacturing, Government and Public Sector, Energy and Utilities, Healthcare, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the identity as a service market was valued at $6.2 billion in 2023 and is estimated to reach $54.1 billion by 2032, growing at a CAGR of 27.5% from 2024 to 2032.
Prime determinants of growth
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.
Request Sample Pages: https://www.alliedmarketresearch.com/request-sample/A14707
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2024-2032 |
Base Year | 2023 |
Market Size In 2023 | $6.2 Billion |
Market Size In 2032 | $54.1 Billion |
CAGR | 27.5 % |
No. of Pages in Report | 337 |
Segments Covered | Component, Deployment Type, Enterprise Size, Industry Vertical and Region |
Drivers | Increase in the Number of Identity Frauds Increase in the Adoption of Cloud Computing and Other Connected Technologies Enhanced Integration with IoT Devices |
Opportunities | The Integration of Evolving Technologies |
Restraints | Data Privacy Issues Involving Consumer Information Critical Application Outsourcing |
Buy this Complete Report (337 Pages PDF with Insights, Charts, Tables, and Figures) at:
https://www.alliedmarketresearch.com/identity-as-a-service-market/purchase-options
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.
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.
Enquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/A14707
Leading Market Players: -
- CyberArk
- Google LLC
- IBM Corporation
- Microsoft Corporation
- Okta
- OneLogin, Inc.
- Oracle Corporation
- JumpCloud, Inc.
- SailPoint Technologies
- Thales
The report provides a detailed analysis of these key players in the identity as a service market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model):
AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.
Get an access to the library of reports at any time from any device and anywhere. For more details, follow the link: https://www.alliedmarketresearch.com/library-access
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. 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.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:
David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
help@alliedmarketresearch.com
Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/identity-as-a-service-market-to-reach-54-1-billion-globally-by-2032-at-27-5-cagr-allied-market-research-302187853.html
