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

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DUBLIN–(BUSINESS WIRE)–The “IDaaS Market by Component (Provisioning, Single Sign-On, Advanced Authentication, Audit, Compliance & Governance, Directory Service & Password Management), Organization Size, Deployment Type, Vertical, and Region – global forecast to 2027” report has been added to from ResearchAndMarkets.com offer.

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

Some factors driving the growth of the market include government initiatives and regulations supporting digital identity transformation, government regulations and the need for compliance, and increasing identity and authentication fraud. However, reluctance of enterprises to adopt cloud-based security and lack of consumer data information security is expected to hamper the market growth.

Based on organization size, SMEs are expected to grow at the highest CAGR during the forecast period

Small and medium-sized enterprises (SMBs) in various industries are going through a digital transformation and are using cloud computing to reduce operating costs, increase mobility, capital expenditure advantages, and get rid of on-premises technology. Intruders use automated techniques to attack SMB networks to take advantage of their weak security infrastructures.

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

By vertical, the BFSI vertical represents a larger market size during the forecast period.

By integrating the use of advanced technologies such as AI, machine learning, cloud computing and blockchain, the BFSI sector is witnessing technological advancements. Customers are looking for convenience in services such as online banking and mobility, which are driving digitalization in the BFSI sector.

While this has proven incredibly easy for consumers, it has also led to an increase in ransomware, identity theft, data theft, and other cybercrimes. Thus, in order to protect its system from cyberattacks and secure its customers’ sensitive data, the BFSI vertical is increasingly adopting security solutions such as IDaaS. This has led the BFSI vertical to account for a larger market size over the forecast period.

By organization size, large enterprises are expected to grow at the highest market size during the forecast period

Large enterprises are more likely to adopt IDaaS solutions due to huge budgets implementing top-notch security solutions and high demand for real-time auditing and monitoring of growing IoT traffic. Due to an increase in identity theft and data breaches, large organizations are at high risk of cyber attack.

Therefore To protect their brand image and maintain the trust of their customers in the long term, it has become crucial for them to quickly implement cybersecurity solutions like IDaaS. The IT department of large enterprises has many responsibilities beyond managing the security of the organization. Therefore, IDaaS solutions come to the rescue as they reduce the burden of responsibilities including compliance, policies, and governance. This in turn helps large companies to focus on their other responsibilities in an efficient manner as well. Thus, large companies are expected to grow at the highest market size over the forecast period.

Market dynamics

Drivers

  • Government initiatives and regulations to support digital identity transformation

  • Government Regulations and the Need for Compliance to Drive IDaaS Adoption

  • Rise in identity and authentication fraud

Constraints

  • Reluctance of organizations to adopt cloud-based security

  • Lack of consumer data information security

Opportunities

  • Increasing trend of cost shifting and complexity reduction

  • Integration of AI, ML and Blockchain technologies to enhance digital identities

  • Adopt advanced authentication techniques across all verticals

Challenges

  • Outsourcing of critical applications

  • Ownership and Privacy Challenges

Companies cited

  • Atos

  • Auth0

  • Avatier

  • Broadcom

  • Capgemini

  • cyberark

  • Delinea

  • Empower

  • Fischer identity

  • Google

  • HCL

  • IBM

  • IlantUS

  • Jumio

  • Jumpcloud

  • LoginradiUS

  • Microsoft

  • Okta

  • one login

  • Open text

  • Optimal ID

  • Oracle

  • Ping identity

  • Sailpoint

  • Selling power

  • secure authentication

  • Meaning

  • Simeio Solutions

  • Thales

  • Ubi-secure

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

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