The identity as a service market is projected to experience significant growth, going from US$ 9.5 billion in 2023 to a substantial US$ 135.0 billion by 2033. This impressive expansion is forecasted to occur at an annual growth rate of 30.4% from 2023 to 2033.
Identity as a service embeds Identity and Access Management (IAM) capabilities based on standards like SAML, OpenID, 0Auth, and SW-Federation within the organization’s applications, which may otherwise cost an organization a significant amount to stay up with the standards. Furthermore, it provides developers with a plug-in approach that includes the necessary pre-existing API, saving time and money on in-house development.
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Increasing Regulatory Compliances for User Data Protection to Fuel Market Growth
Countries around the world are enacting stringent restrictions on the use of customer data. The General Data Protection Regulation (GDPR), Personal Information Protection and Electronic Documents Act, California Consumer Privacy Act, Act on Personal Information Protection, and many others are among the regulations. These policies are more concerned with implementing good and ethical procedures while using digitally generated data. As a result, this increases customer trust and improves the user experience. The expanding illegal practices of utilizing clients’ sensitive data for organizational growth have spurred the necessity for these restrictions to be implemented.
These regulatory compliances are expected to be met by the strategically applied identity as a service. The system provides features for ensuring allowed and authenticated data access. As a result, it aids in the prevention of external data breaches as well as internal data misuse within the firm. As of now, the penalties for data breaches are comparable to the risk of data protection. As a result, rising regulatory compliance globally is predicted to boost the identity as a service market share.
Key Takeaways:
- Growing regulatory demands and data protection legislation, increased demand for cloud-based security services and solutions, and increased use of IAM solutions for business facilitation are key factors driving the market expansion.
- The identity as a Service market is expected to record a CAGR of 30.4% during the forecast period 2023 to 2033.
- North America dominated the identity as a service market.
Key Developments:
- In June 2022, IBM improved its product, IBM Security Verify Governance V10.0.1 Fix Pack 1, to provide companies with a single platform for investigating, defining, and managing access risks. This solution employs business-centric rules, actions, and procedures to enable line-of-business managers, auditors, and risk managers to regulate the access and analyze regulatory compliance across company applications and services.
- Microsoft Entra, a new solution, was announced in May 2022. Microsoft Entra Permissions Management is a solution designed to provide visibility of permissions to users and workload identities. It enables security teams to identify unused and excessive permissions more effectively, thereby enforcing the notion of least privilege and maintaining a top-down view of identities across all cloud services, including Microsoft Azure, Amazon Web Services, and Google Cloud Platform.
- Ping Identity released a new product called PingOne DaVinci in February 2022. It is a vendor-neutral platform that enables enterprises to mix and coordinate identity services from several vendors. It includes over 100 pre-built connectors for various identity, IT, and automation services. It simplifies the development of digital user journeys across multiple apps and ecosystems by speeding up the integration and deployment of identity services.
- Okta improved its product, Okta Workflows, in October 2021. Beyond Lifecycle Management capabilities, Okta Workflows has added features that serve a broader set of identity automation use cases, such as sophisticated security orchestration and DevOps. The new functionalities give customers the ability to accelerate innovation and automate identity procedures.
Key Companies Operating in the Market are:
- Okta
- Ping Identity
- Idaptive
- Microsoft
- Oracle
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Identity as a Service Market Segmentation:
By Access Type:
- Single Sign-on
- Multi-factor Authentication
- Compliance Management
- Directory Services
- Others
By Enterprise Size:
- Small & Medium Enterprises
- Large Enterprises
By Deployment:
- Public
- Private
- Hybrid
By Service Type:
- On-site
- In-house
By Application:
- Document Verification
- Authentication/identification
- Screening
By Industry:
- Government
- Retail & Consumer Electronics
- Transportation & Logistics
- Media & Entertainment
- IT & Telecommunication
- BFSI
- Energy & Utility
- Healthcare
- Automotive
- Others
By Region:
- North America
- South America
- Europe
- Asia Pacific
- The Middle East and Africa
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