Dublin, Jan. 31, 2024 (GLOBE NEWSWIRE) — The “IDaaS Market by Component (Provisioning, Single Sign-on, Advance Authentication, Audit, Compliance, and Governance, Directory Services, Password Management), Deployment type, Verticals and Region – Global Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.
The global Identity-as-a-Service (IDaaS) market is undergoing a significant transformation, with predictions to grow from USD 7 billion in 2023 to an impressive USD 21.4 billion by 2028, marking a Compound Annual Growth Rate (CAGR) of 25% over the forecast period. This growth is attributed to the escalating need for advanced identity protection due to the rise in identity and authentication fraud, coupled with stringent government regulations and a demand for compliance across various sectors.
The BFSI sector is experiencing the largest share of this market due to the necessity of sophisticated customer-centric business applications aimed at digital consumer behavior and data protection. IDaaS solutions are increasingly popular within this vertical, driven by their ability to provide comprehensive customer insights, ensure robust security, and manage regulatory compliances effectively.
Among the deployment modes, the Provisioning segment demonstrates the largest market size, offering advantages such as Single Sign-on (SSO), which streamline user authentication processes across different platforms and applications. The integration of AI technologies into SSO systems enhances security by monitoring user behavior and ensuring that only authorized users gain access to secured resources.
With North America holding the lion’s share of the market, this region boasts a vibrant technological landscape with a host of large enterprises and SMEs that are rapidly adopting IDaaS solutions to secure their organizational networks and data. The uptick in cyberattacks targeting private consumer data and the burgeoning trend of BYOD policies underline the urgency for North American businesses to embrace IDaaS solutions.
Market Dynamics and Competitive Landscape
- Drivers: The market is burgeoning due to several dynamics such as government initiatives that promote digital identity transformation, the necessity for compliance, and the spike in identity and authentication frauds.
- Restraints: Factors such as hesitation to adopt cloud-based security solutions and the lack of assured information security pose significant hurdles to the market’s growth.
- Opportunities: Emerging trends such as the cost shift and complexity reduction, along with the integration of AI, ML, and blockchain technologies, present substantial opportunities for market expansion.
- Challenges: Outsourcing of critical applications and concerns over ownership and privacy remain challenges for the widespread adoption of IDaaS solutions.
The report segments the IDaaS market across components, deployment types, verticals, and regions, providing an in-depth competitive analysis of key players and their business strategies.
|No. of Pages
|Estimated Market Value (USD) in 2023
|Forecasted Market Value (USD) by 2028
|Compound Annual Growth Rate
- Ilantus Technologies
- One Identity
- Ping Identity
- Thales Group
For more information about this report visit https://www.researchandmarkets.com/r/ncdegm
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