Identity as a Service Market Expected to Reach USD 53 Billion by 2031 | Top Players such as -OneLogin, Oracle and Thales
Increasing data breach attacks across industries drive the identity as a service IDaaS market growth.
PORTLAND, PORTLAND, OR, UNITED STATE, February 9, 2023 /EINPresswire.com/ — Allied Market Research published a new report, titled, “Identity as a Service Market Expected to Reach USD 53 Billion by 2031 | Top Players such as -OneLogin, Oracle and Thales.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global identity as a service market was valued at USD 5.8 billion in 2021, and is projected to reach USD 53 billion by 2031, growing at a CAGR of 25.2% from 2022 to 2031.
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Increase in number of identity frauds and enhanced integration with IoT devices primarily drive the growth of the identity as a service market. By industry vertical, the BFSI segment contributed to the major share in 2021. By region, on the other hand, Asia-Pacific would showcase the fastest CAGR by 2031.
The global identity as a service market is analyzed across component, enterprise size, deployment type, industry vertical, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.
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By industry vertical, the BFSI segment accounted for the highest share in 2021, generating two-third of the global identity as a service market revenue. The government and public sector segment would also portray the fastest CAGR of 28.1% during the forecast period.
By enterprise size, the large enterprise segment accounted for the highest share in 2021, generating nearly half of the global identity as a service market revenue. The SMEs segment would also portray the fastest CAGR of 26.2% during the forecast period.
By deployment type, the public cloud segment held the largest share in 2021, garnering around three-fourths of the global identity as a service market revenue, and is projected to maintain its dominance by 2031. The hybrid cloud segment would also showcase the fastest CAGR of 27.0% during the forecast period.
By component, the provisioning segment held the largest share in 2021, garnering around two-fourths of the global identity as a service market revenue, and is projected to maintain its dominance by 2031. The audit, compliance, and governance segment would also showcase the fastest CAGR of 27.8% during the forecast period.
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By region, North America held the major share in 2021, garnering more than one-third of the global identity as a service market revenue. Asia-Pacific, simultaneously, would showcase the fastest CAGR of 27.8% from 2022 to 2031.
The key market players analyzed in the global identity as a service market report include CyberArk, Google LLC, IBM Corporation, Microsoft Corporation, Okta, OneLogin, Inc., Oracle Corporation, Ping Identity, SailPoint Technologies and Thales. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry.
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Covid-19 scenario-
● Around the world, business have been severely impacted by the COVID 19 outbreak. Because of the lockdowns imposed by various governments.
Enterprises all over the world are reconsidering their security arrangements due to the rise in cyber risk and new vulnerabilities.
● The COVID-19 induced recession is having a significant impact on industries all over the world, but it had a much less impact on the technology industry than it did on the rest of the economy.
● However, it has favorably impacted the adoption of Identity as a service industry. Customer feedback analysis using Identity as a service has gained significant popularity in this period.
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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
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