According to a new market report on the identity-as-a-service (IDaaS) market for the forecast period of 2019 to 2027, published by Transparency Market Research the global identity-as-a-service market is expected to reach ~ US$ 26.2 Bn by 2027, expanding at a CAGR of ~ 26% from 2019 to 2027. According to the report, the global IDaaS market is expected to continue to be influenced by a range of macroeconomic and industry-specific factors. North America is anticipated to continue to be at the forefront of global demand, with the identity-as-a-service market in the region expanding at a CAGR of ~ 24.5% during the forecast period. Technical advancements, increased digitization, high Internet penetration, growing trend of the BYOD policy, and presence of a large number of cloud security solution providers are anticipated to drive the IDaaS market in North America.
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Rising Significance of BYOD Policy and Technological Advancements in Digital Payment Systems Across the World Driving the Market
The increasing adoption of new IT solutions with modern consumer trends in different organizations and IT modernization is expected to boost the identity-as-a-service market in the coming years. Moreover, the growing trend of BYOD among different organizations and enterprises, and increasing Internet penetration are expected to fuel the growth of the identity-as-a-service market in the near future.
Both, North America and Europe are mature regions of the market, due to high awareness about identity-as-a-service among users, and technological developments. North America held a prominent share of the IDaaS market in 2018. In 2018, the U.S. held a significant share in terms of revenue of the identity-as-a-service (IDaaS) market in North America, followed by Canada. However, the identity-as-a-service markets in Asia Pacific and MEA are anticipated to expand at significant CAGRs in the coming years. Rise in penetration of technology in digital payment systems as well as significant investments in the optimal utilization of IT solutions across countries such as the U.S., U.K., Germany, France, China, India, and Brazil are anticipated to offer lucrative opportunities for identity-as-a-service (IDaaS) solution providers in the near future.
IDaaS Market: Scope of the Report
Based on deployment, the global identity-as-a-service market has been segmented into public, private, and hybrid. In terms of revenue, the public cloud segment held a significant market share, followed by the private and hybrid cloud segments in 2018. Public clouds are growing in popularity because they require no capital investment from the user. However, the hybrid cloud segment is projected to witness significant growth due to its expected increase in adoption among users in the near future. In more recent times, BFSI, healthcare, and the government sector, which prioritize customer security, experience, and compliance management, opt for the hybrid deployment model. The report includes analysis of the identity-as-a-service market by region, segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
In terms of service type, the on-site segment accounted for a significant share in 2018, while the in-house segment is expected to see strong adoption among users in the coming years, as this service type can be deployed and maintained internally within a company.
Based on access type, the identity-as-a-service market is categorized into single sign-on, multi-factor authentication, compliance management, directory services, and others (audit management, life cycle management, governance etc.). The multi-factor authentication segment accounted for a prominent share of the identity-as-a-service market in 2018, due to the growing need for higher levels of authentication to access remote multiple applications and resources, while compliance management is expected to expand significantly over the forecast period. Identity-as-a-service solutions continuously provide opportunities in retail and consumer electronics, public sector, and energy and utilities, where the compliance management and securing of data is crucial.
Based on application, the authentication/identification segment accounted for a prominent share of the global identity-as-a-service market in 2018, followed by the document verification segment. As per the research study, the document verification segment is projected to expand at a rapid pace between 2019 and 2027, and is expected to attain a leading market share, globally, by the end of the forecast period.
In terms of enterprise size, large enterprises held a substantial market share in terms of usage, while the market in small & medium enterprises (SMEs) is expected to expand at a robust pace over the forecast period, mainly in developing regions.
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On the basis of industry, the global IDaaS market has been segmented into government, retail & consumer electronics, transportation & logistics, media & entertainment, IT & telecommunications, BFSI, energy & utility, healthcare, automotive, and others. The others industry segment includes education, construction, etc. In terms of revenue, the BFSI segment occupied a large share of the identity-as-a-service market in 2018, and is expected to retain its position over the forecast period. Users are increasingly adopting IDaaS solutions for advanced security solutions in the BFSI sector. However, the healthcare segment is expected to expand significantly over the forecast period. The application of identity-as-a-service in the healthcare sector is expected to grow at a rapid pace over the forecast period, due to the mainstream adoption of digital payment systems and data security systems.
Global Identity-as-a-service (IDaaS) Market: Competitive Dynamics
The research study includes the profiles of leading companies operating in the global identity-as-a-service market. Profiles of market players provide details of company business overview, broad financial overview, business strategies, and recent developments. Some of the key players in the identity-as-a-service IDaaS market profiled in the study are CA Technologies, Centrify Corporation, ILANTUS Technologies, iWelcome, JumpCloud, Okta, Inc., OneLogin Inc., Ping Identity, and Salesforce.com, among others.
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