Computing

IDaaS Market by Component, Organization Size, Deployment Type, Vertical and Region – Global Forecast to 2027 – ResearchAndMarkets.com

October 27, 2022
Carmen R. Sellers

DUBLIN–(BUSINESS WIRE)–The “IDaaS Market by Components (Provisioning, Single Sign-On, Advanced Authentication, Audit, Compliance and Governance, Directory Service and Password Management), Company Size, Deployment Type, Industry and Region – Global Forecast to 2027” report has been added ResearchAndMarkets.com Offer.

The global IDaaS market size is estimated at US$5.6 billion in 2022 and is projected to reach US$16.8 billion by 2027, growing at a compound annual growth rate (CAGR) of 24.7% during the forecast period.

Some factors driving the market growth are government initiatives and regulations to support digital identity transformation, government regulations and the need for compliance, and the increase in identity and authentication fraud. However, corporate reluctance to adopt cloud-based security and lack of information security of consumer data are expected to hamper market growth.

By organization size, SMEs grow at the highest CAGR over the forecast period

Small and medium-sized businesses (SMEs) across a variety of industries are undergoing digital transformation and using cloud computing to achieve low operational costs, increase mobility, gain investment advantages and get rid of on-premises technologies. Intruders use automated techniques to attack SME networks to exploit their weak security infrastructures.

Therefore, to save money, time and resources, SMBs are looking for cybersecurity solutions like IDaaS that can protect their business from cybersecurity damage. In addition, governments are acting to protect SMEs in their own countries. SMBs are vulnerable to new security issues as they embrace digitization at an increasing pace. As a result, SMB IT departments are investing in implementing advanced security solutions such as IDaaS. Thus, the SMEs are expected to grow at the highest CAGR in the forecast period.

By vertical, the BFSI vertical accounts for a larger market size over the forecast period.

By incorporating the use of cutting-edge technologies such as AI, machine learning, cloud computing and blockchain, the BFSI sector is in a state of technological advancement. Customers are looking for convenience in services such as e-banking and mobility, which is driving digitization in the BFSI area.

While it’s proven incredibly easy for consumers, it’s also led to a rise in ransomware, impersonation fraud, data theft, and other cybercrimes. In order to protect its system from cyber attacks and to secure the sensitive data of its customers, the BFSI vertical is therefore increasingly relying on security solutions such as IDaaS. This has resulted in the BFSI vertical being responsible for a larger market size over the forecast period.

By organization size, large companies are projected to grow with the highest market size over the forecast period

Large companies are more likely to adopt IDaaS solutions as they have huge budgets to implement best-in-class security solutions and strong demand for real-time auditing and monitoring of growing IoT traffic. Due to a rise in identity theft and data breaches, large organizations are at high risk of cyberattacks.

Because of this In order to protect their brand image and retain the trust of their long-time customers, it has become crucial for them to implement cybersecurity solutions like IDaaS quickly. The IT department in large companies has many other responsibilities than managing the security of the organization and hence IDaaS solutions come to the rescue as they reduce the burden of responsibilities such as compliance, policies and governance. This in turn helps the big companies to focus efficiently on their other tasks as well. Therefore, large companies are expected to grow with the highest market size during the forecast period.

market dynamics

driver

  • Government initiatives and regulations to support digital identity transformation

  • Government regulations and the need for compliance to drive IDaaS adoption

  • Increase in identity and authentication fraud

limitations

  • Organizations’ reluctance to adopt cloud-based security

  • Lack of information security of consumer data

occasions

  • Increasing trend towards shifting costs and reducing complexity

  • Integrating AI, Ml and Blockchain technologies to enhance digital identities

  • Introduction of advanced authentication techniques in all industries

challenges

  • Outsourcing of critical applications

  • Ownership and Privacy Challenges

companies mentioned

  • atos

  • auth0

  • avatar

  • Broadcom

  • Capgemini

  • Cyberark

  • Delinea

  • empowered

  • fisherman identity

  • Google

  • HCL

  • IBM

  • IlantUS

  • jumio

  • jump cloud

  • Login radiusUS

  • Microsoft

  • octa

  • onelogin

  • opentext

  • Optimal Idm

  • oracle

  • ping identity

  • sailing point

  • Foreclosure

  • Secureauth

  • signicature

  • Simeio solutions

  • Thales

  • ubisecure

For more information about this report, visit https://www.researchandmarkets.com/r/akr6fv