How is the Identity As A Service Market Size and Growth Projected from 2024 to 2029?
The identity as a service market has seen exponential growth in recent years. From $7.06 billion in 2024, it is projected to grow to $8.48 billion in 2025, showing a compound annual growth rate (CAGR) of 20.2%. This growth in the historic period is attributable to factors including mobile device proliferation, regulatory compliance requirements, digital transformation initiatives, user experience and convenience, remote workforce challenges and the increased use of social media logins among others.
The identity as a service market size is poised for further exponential growth in the coming years, reaching an estimated $20.46 billion in 2029 at a compound annual growth rate (CAGR) of 24.6%. The growth in the forecast period can be attributed to a rising frequency of cyberattacks, increased adoption of zero trust security models, emergence of decentralized identity, advanced threat detection and analytics, globalization and cross-border identity management, and continuous authentication practices. Major trends in the forecast period include multi-factor authentication (MFA), consumer identity and access management, blockchain for identity verification, passwordless authentication, API security, and the adoption of machine learning and AI.
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What Factors Will Drive the Identity As A Service Market Growth?
The identity as a service market growth is primarily driven by the increasing number of cyberattacks. Cyberattacks attempt to gain unauthorized access to computer systems or networks to cause harm. As these become more sophisticated, security concerns significantly strain enterprises, especially those without adequate customer and corporate information protection. As such, organizations are compelled to invest in identity verification systems. For instance, Forbes reported in June 2022 that the average frequency of data breaches and cyberattacks increased by 15.1% in 2021 compared to the previous year, contributing to the market growth.
What Are the Key Segments Within the Identity As A Service Market?
The identity as a service market report includes the following segments:
1) By Component Type: Solutions, Services
2) By Access: Single Sign-On, Multi-Factor Authentication, Compliance Management, Directory Services, Other Access
3) By Deployment Type: Public, Private, Hybrid
4) By Organization Size: Small And Medium-Sized Enterprises (SMEs), Large Enterprises
5) By End-User: Government, Retail And Consumer Electronics, Transportation And Logistics, Media And Entertainment, IT And Telecommunication, BFSI, Energy And Utility, Healthcare, Automotive, Other End Users.
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Which Major Players Are Operating in The Identity As A Service Market?
Major companies in the identity as a service market include Centrify Corp., ILANTUS Technologies, iWelcome, JumpCloud Inc., Okta Inc., Salesforce.com Inc., Exostar LLC, Microsoft Corporation, Oracle Corporation, International Business Machines Corporation (IBM), Ping Identity Corporation, Google LLC, SailPoint Technologies Inc., Auth0 Inc., HCL Technologies Limited, Connectis LLC, SecureAuth Corporation, Avatier Corporation, Bitglass Inc., and EmpowerID Inc.
What Are Emerging Trends in the Identity As A Service Market?
Major players in the identity as a service market are leveraging technological advancements to sustain market positioning. For example, in December 2022, CloudIBN, a US-based cloud infrastructure consulting and deployment company, launched an Identity and Access Management (IAM) solution designed to help businesses manage user access control across their entire enterprise while ensuring data security. The company’s solutions are customized to meet industry-specific compliance standards, integrating seamlessly with existing operations to minimize disruption.
Which Region Is Expected To Grow Fastest In The Identity As A Service Market?
In 2024, North America was the largest region in the identity as a service market. However, Asia-Pacific is expected to be the fastest-growing region during the forecast period. The report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Identity As A Service Market Report 2025 Offer?
Identity as a service refers to a subscription-based cloud model for identity and access management provided by a third-party supplier. Identity as a service allows users to connect to and use identity management services from the cloud. The Identity As A Service Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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