Identity As A Service Market
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What Is the Expected CAGR for the Identity As A Service Market Through 2025?
In recent years, the market for identity as a service has seen impressive expansion. The market, which was valued at $7.06 billion in 2024, is projected to rise to $8.48 billion in 2025. This represents a compound annual growth rate (CAGR) of 20.2%. Various factors have contributed to this growth throughout the historic period, including the widespread use of mobile devices, regulatory compliance obligations, initiatives for digital transformation, improved user experience and convenience, the challenges posed by a remote workforce, the growing popularity of social media logins, planning for business continuity, and the implementation of bring your own device policies.
What’s the Projected Size of the Global Identity As A Service Market by 2029?
The market size of identity as a service is predicted to experience significant expansion in the coming years, estimated to reach $20.46 billion in 2029, with a compound annual growth rate (CAGR) of 24.6%. This predicted growth during the forecast phase can be tied to factors such as an increased occurrence of cyber threats, wider acceptance of the zero trust security framework, the advent of decentralized identity, enhanced threat identification and analysis, globalization, and the management of identities across borders and continual authentication procedures. The forecast period is expected to see prevalent trends like multi-factor authentication (MFA), management of consumer identity and access, the use of blockchain for verifying identities, authentication without passwords, API security, and the incorporation of machine learning and AI, as well as quantum-resistant authentication measures.
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Top Growth Drivers in the Identity As A Service Industry: What’s Accelerating the Market?
The rise in cyberattacks is projected to boost the identity as a service market. These attacks, aimed at gaining unauthorized access to computer systems or networks to inflict damage, are becoming more complex, posing major challenges for many companies. Firms that lack sufficient customer and corporate data security are prime targets. As a result, these organizations are investing in robust identity solutions and verification systems, as they hold the key to modern security measures – primarily because credentials remain a favorite target for cybercriminals. This, in turn, fuels market growth. For example, Forbes, a US-based business magazine, reported in June 2022 that there was a 15.1% increase in the average number of data breaches and cyberattacks in 2021 compared to 2020. Thus, the growing incidence of cyberattacks is propelling the growth of the identity as a service market.
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What Trends Will Shape the Identity As A Service Market Through 2029 and Beyond?
In the identity as a service market, one key trend that is gaining traction is technological advancements. To retain their market stance, major market participants are developing products that use the latest technology. An example of this occurred in December 2022 when CloudIBN, a cloud infrastructure consulting and deployment company based in the US, unveiled their Identity and Access Management (IAM) solution. This complete IAM solution is tailored to help firms manage user access control throughout their organization while safeguarding data security. In compliance with industry-specific standards, CloudIBN customizes its IAM solutions, ensuring that companies follow pertinent regulations. The company endeavors to deliver solutions that blend smoothly with current operations, reducing disruption. Utilizing its knowledge from large-scale implementations in various sectors, like healthcare and finance, CloudIBN ensures organizations can safely manage their online assets remotely.
What Are the Main Segments in the Identity As A Service Market?
The identity as a service market covered in this report is segmented –
1) By Component Type: Solutions, Services
2) By Access: Single Sign-On, Multi-Factor Authentication, Compliance Management, Directory Services, Other Access
2) 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
Subsegments:
1) By Solutions: Identity Governance And Administration, Access Management, User Provisioning, Single Sign-On (SSO), Multi-Factor Authentication (MFA), Directory Services
2) By Services: Consulting Services, Implementation Services, Managed Services, Support And Maintenance Services
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Which Top Companies are Driving Growth in the Identity As A Service Market?
Major companies operating in the identity as a service market are 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., EmpowerID Inc.
Which Regions Will Dominate the Identity As A Service Market Through 2029?
North America was the largest region in the identity as a service market in 2024. Asia-Pacific is expected to be the fastest-growing region in the global identity as a service market share during the forecast period. The regions covered in the identity as a service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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