In a recent published report, Kenneth Research has updated the market report for Identity as a Service Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Identity as a Service Market products.
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As per the Eurostat, the total value of the ICT sector in Europe, including the ICT manufacturing and ICT services, was estimated to be more than EUR 475 billion in 2017. In this sector, the ICT services account for the major share as it is predicted to be ten times larger than the share held by ICT manufacturing. ICT services consist of computer programming, consultancy and related activities which held about 49.1% share while the telecommunications activities held around 30.3% share in the segment in 2017. These factors are estimated to impact the market growth in a positive manner in the next few years.
Market Synopsis
The global identity as a service (IDaaS) market is expected to register a CAGR of 18.4% during the forecast period to reach USD 10.8 billion by 2024.
IDaaS provides identity and access management (IAM) over the cloud. IDaaS are SaaS-based IAM offerings which allow enterprises to use single sign-on (SSO) using Security Assertion Markup Language (SAML) or OpenID Connect (OIDC), authentication and access controls to give secure access to the enterprises’ software and SaaS applications. It not only reduces on-site infrastructure but also provides a wide range of integration options. The increasing level of interconnectivity due to rising IoT and BYOD trends across verticals is a lucrative opportunity for the IDaaS vendors. Also, many enterprises in developing economies are becoming aware regarding IDaaS and its affordability as cloud-based deployment.
The Final Report will cover the impact analysis of COVID-19 on this industry:
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This is another opportunity for vendors. The rapid increase in the connected digital workforce boosts the growth of the market. The strict government directives for data protection is another factor which drives the growth of the global IDaaS market. Along with this, the rapid increase in DevSecOps (integration of development, security, and operation) practices for identity and access management are expected to fuel the market growth. The concerns of enterprises regarding data security limit the growth of this market. Various enterprises prefer on-premise identity and access management systems as they are considered more secure. This is a major challenge for the vendors in the IDaaS market.
Segmentation
The global IDaaS market has been segmented based on service, organization size, deployment, vertical, and region/country.
By service, the global IDaaS market has been divided into identity governance & administration, access, and intelligence.
Based on organization size, the global IDaaS market has been divided into small- and medium-sized enterprise (SME) and large enterprise.
Based on deployment, the global IDaaS market has been divided into private cloud, public cloud, and hybrid.
On the basis of vertical, the global IDaaS market has been divided into banking, financial services, and insurance (BFSI), IT and telecommunication, retail and CPG, energy and utilities, manufacturing, healthcare and life sciences, transportation, government and defense, and others.
The global IDaaS market has been analyzed for four regions—North America, Europe, Asia-Pacific, and the rest of the world.
Regional Analysis
The global IDaaS market is estimated to register a CAGR of 18.4% during the forecast period from 2019 to 2024. The geographic analysis of the global IDaaS market has been conducted for North America, Europe, Asia-Pacific, and the rest of the world.
North America is anticipated to account for the largest market size during the forecast period. The US leads the market in North America owing to the early adoption of DevSecOps practices for identity and access management and strict government directives for data protection. The rising cyber threats and growing demand for strong identification and authentication solutions on cloud are driving the IDaaS market in the region.
Asia-Pacific is expected to be the fastest growing market in the global IDaaS market during the forecast period. The growing adoption of BYOD trend and IoT across verticals and increasing awareness among enterprises about security in developing economies in Asia-Pacific are some of the major opportunities for the IDaaS market in Asia-Pacific. IDaaS covers identity governance and administration (IGA), access management and intelligence functions for cloud and networked IT services than just providing access as the traditional systems. Thus, many enterprises are expected to prefer IDaaS over IAM in the region.
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Key Players
The key players in the global IDaaS market are include Avatier (US), Okta, Inc. (US), Microsoft Corporation, (US), OneLogin, Inc (US), Fischer Identity (US), Centrify Corporation (US), Oracle Corporation (US), iWelcome (Netherlands), Ping Identity (US), LoginRadius (Canada), VMWare (US), IDaptive, LLC. (US), empowerID (US), and Ubisecure, Inc. (Finland). These are identified based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise.
The other players in the IDaaS market are Sailpoint (US), Bitium, Inc. (US), Optimal IdM(US) and others.
Identity as a Service Market Research Report – Global Forecast till 2024 -Report image 00
Source: MRFR Analysis
Competitive Analysis
The companies in the IDaaS market undertake various strategies to increase their presence in the market and acquire more clients from diverse verticals. These companies form partnerships, mergers, acquisitions, open offices in new locations, and launch products for the same. The IDaaS market has witnessed a high demand globally due to the rise in demand from industries such as BFSI, government, and IT and telecommunication. For instance, in June 2018, InnovoCommerce formed a partnership with Exostar for high assurance, Single-Sign-On Access to the investigator FIRST Portal. In January 2018, Ping Identity formed a partnership with KPMG to deliver CIAM solutions to foster digital commerce and digital transition initiatives for enterprises.
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Intended Audience
Cybersecurity vendors
Information security consultants
Security system integrators
Managed Security Service Providers (MSSPs)
Independent software vendors
IDaaS vendors
Cloud services providers
Distributors and Value-Added Resellers (VARs)
Investors and venture capitalists
Compliance officers
Regulators
Chief Financial Officers
About Kenneth Research
Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation
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