Dublin, Nov. 04, 2022 (GLOBE NEWSWIRE) -- The "Global Identity as a Service Market Size, Share & Industry Trends Analysis Report By Component Type, By End User (Public Sector, Telecom & IT, BFSI, Manufacturing, Healthcare and Education), By Regional Outlook and Forecast, 2022 - 2028" report has been added to ResearchAndMarkets.com's offering.
The Global Identity As A Service Market size is expected to reach $19 billion by 2028, rising at a market growth of 21.9% CAGR during the forecast period.
Integration of systems that primarily offer cloud-based identity management solutions is known as identity as a service. Additionally, it permits data collection and is used in public, private, and hybrid networks. It has spread throughout many businesses that need to monitor and manage data that contains sensitive information, user identities, and aids in understanding or improving end-user behavior. Delivering the relevant software applications, file access, and other resources to an authorized employee at the proper time is the primary goal of IDaaS.
Provisioning, sophisticated authentication, single sign-on, directory services, password management, as well as other factors are some of the market drivers. One of the key components of the Identity As A Service Market is multi-factor authentication, which includes biometrics. It is regarded as a significant factor in validating the users' identities and requires verification from many sources. The expansion of IDaaS is not just limited to commercial businesses; it is also being used by government organizations.
The information technology X-as-a-service model is simple to comprehend. It indicates that a feature is being provided to a business remotely by a third-party source as opposed to being controlled locally and only by internal staff. Similar services can be offered for identity, security, and other aspects. An identity service's objective is to confirm users are who they say they are and grant them appropriate access to data, files, and other resources at the appropriate times.
Market Growth Factors
Growing Implementation of The Hybrid Cloud IDaas
The cloud is among the most widely used technologies in the modern period. The number of businesses using the cloud is expanding very quickly. The key benefit of a hybrid cloud is flexibility. A key component of a digital business is the need for quick adaptability and course corrections. A business may decide to combine public clouds, private clouds, and on-premises capabilities to gain the agility needed for a competitive edge.
Rise in Social Engineering Schemes, Cyberattacks, And Phishing Attempts
The increase in the number of criminal activities, social engineering, cyber-attacks of sensitive information theft, as well as other cyber disparities makes it crucial to have a strong data management and proprietary management software that drive the need for IDaaS. In addition, since it houses sensitive data and is the most sought-after target for cyberattacks, the public sector industry is embracing IDaaS more and more. IDaaS is being used more frequently in the BFSI sector to safeguard and secure informed consumer data. The ability to fully control and own one's data has advantages for both technology and the Self-Sovereign Identity. The blockchain-based non-custodial logins can also manage user data.
Market Restraining Factors
Threats and Risks Related to The Security of Customers
Identity along with access management systems are very important and should be adequately secured, whether or not businesses are aware of this. Tools for identity and access control are what prevent unauthorized individuals from accessing sensitive data. Although security dangers have always existed, security vulnerabilities have grown increasingly obvious in the wake of the coronavirus pandemic. Therefore, it is essential for businesses to increase the security of both their identity and access management system and their data.
Scope of the Study
Market Segments Covered in the Report:
By Component Type
- Provisioning
- Multifactor Authentication
- Single Sign-On
- Password Management
- Directory Services
- Audit, Compliance & Governance
By End User
- Public Sector
- Telecom & IT
- BFSI
- Manufacturing
- Healthcare
- Education
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- IBM Corporation
- Google LLC
- Microsoft Corporation
- Oracle Corporation
- com, Inc.
- Broadcom, Inc. (CA Technologies, Inc.)
- Ping Identity Holding Corp. (Vista Equity Partners)
- Okta, Inc.
- CyberArk Software Ltd.
- OneLogin, Inc. (Quest Software Inc.)
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Competition Analysis - Global
Chapter 4. Global Identity As A Service Market by Component Type
Chapter 5. Global Identity As A Service Market by End-use
Chapter 6. Global Identity As A Service Market by Region
Chapter 7. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/hykecn
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