Identity as a Service Market Size to Reach USD 16.38 Billion in 2028 | Rising Demand for Cloud-Based Security Solutions is Key Factor Driving Industry Growth, says Emergen Research
Vancouver, British Columbia, May 24, 2021 (GLOBE NEWSWIRE) — The global Identity as a Service market size reached USD 3.41 Billion in 2020 and is expected to register a CAGR of 21.7% during the forecast period, according to latest analysis by Emergen Research. Increasing demand for digital payments is one of the key factors expected to continue to drive global IDaaS market revenue growth. In addition, increasing demand for cloud-based security solutions is expected to propel global IDaaS market revenue growth over the forecast period. Furthermore, rising investment on security solutions by government entities and enterprises is expected to boost growth of the market going ahead.
However, complexities associated with application of identity as a service solution is expected to hamper growth of the global IDaaS market to a certain extent over the forecast period.
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Some Key Highlights From the Report
- Rising deployment of hybrid cloud-based IDaaS by end-users to get better support for remote workforce is driving revenue growth of the hybrid cloud segment, which is expected to register a significantly rapid CAGR over the forecast period.
- Multifactor authentication segment is expected to register significant revenue growth over the forecast period due to increasingly stringent regulations and compliance for Internet banking.
- Increasing adoption of IDaaS to increase productivity, ensure compliance, and decrease costs involved in managing IT infrastructure is driving growth of the BFSI segment, which is expected to register significant growth in terms of revenue during the forecast period.
- Asia Pacific is expected to register fastest revenue growth rate during the forecast period due to rising adoption of cloud-based services across SMEs and large enterprise in countries in the region.
- Key players in the market include Google LLC, Microsoft Corporation, Capgemini SE, Oracle Corporation, International Business Machines Corporation, Salesforce.com, Inc., Okta, Inc., OneLogin, Inc., Jumio Corporation, and JumpCloud, Inc.
- In July 2019, Google LLC announced an extension of the strategic partnership with Atos SE. According to the deal, both companies will offer identity management, access management, compliance, and administration services to clients across various ecosystems.
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Emergen Research has segmented the global IDaaS market on the basis of deployment, component, end-use, and region:
- Deployment Outlook (Revenue, USD Billion; 2018–2028)
- Private Cloud
- Public Cloud
- Hybrid Cloud
- Component Outlook (Revenue, USD Billion; 2018–2028)
- Password Management
- Multifactor Authentication
- Single Sign-On
- Directory Services
- Audit, Compliance & Governance
- End-use Outlook (Revenue, USD Billion; 2018–2028)
- Public Sector
- IT & Telecom
- Energy & Utilities
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- Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- North America
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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