Identity as a Service Market to Reach $54.1 billion, Globally, by 2032 at 27.5% CAGR: Allied Market Research

The identity as a service market is expected to witness notable growth owing to an increase in the number of identity frauds, increase in the adoption of cloud computing, and other connected technologies, and enhanced integration with IoT devices.

NEW CASTLE, Del., July 2, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Identity as a Service Market by Component (Provisioning, Single-Sign-On (SSO), Multi-Factor Authentication (MFA), Audit, Compliance and Governance, Directory Services, and Password Management), Deployment Type (Public Cloud, Private Cloud, and Hybrid Cloud), Enterprise Size (Large Enterprise, and Small and Medium-sized Enterprise), and Industry Vertical (BFSI, IT and Telecom, Manufacturing, Government and Public Sector, Energy and Utilities, Healthcare, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the identity as a service market was valued at $6.2 billion in 2023 and is estimated to reach $54.1 billion by 2032, growing at a CAGR of 27.5% from 2024 to 2032.

Prime determinants of growth

The identity as a service market is expected to witness notable growth owing to an increase in the number of identity frauds, increase in the adoption of cloud computing and other connected technologies, and enhanced integration with IoT devices. Moreover, the integration of evolving technologies is expected to provide a lucrative opportunity for the growth of the market during the forecast period. On the contrary, data privacy issues involving consumer information and critical application outsourcing limit the growth of the identity as a service market. 

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The provisioning segment to maintain its leadership status throughout the forecast period

By component, the provisioning segment held the highest market share in 2023, accounting for more than one-fourth of the identity as a service market revenue, and is estimated to maintain its leadership status throughout the forecast period. The growing need for a high level of automation is one of the primary reasons enterprises are increasing their investment in identity provisioning solutions. However, the single-sign-on segment is expected to witness the largest CAGR of 31.3% from 2024 to 2032 and is projected to maintain its lead position during the forecast period.

The public segment to maintain its lead position during the forecast period

By deployment type, the public segment accounted for the largest share in 2023, contributing to more than two-fifths of the identity as a service market revenue, an increase in the need for secure and reliable data within the organization is fueling the market growth for public cloud-based identity as a service solution. However, the private segment is expected to portray the largest CAGR of 30.1% from 2024 to 2032 and is projected to maintain its lead position during the forecast period. It provides several advantages such as reducing costs, supporting business, and effectively controlling the business environment in the organization.

The large enterprises segment to maintain its lead position during the forecast period

Based on enterprise size, the large enterprises segment accounted for the largest share in 2023, contributing to more than three-fifths of the identity as a service market revenue, owing to increase in the adoption of IDaaS devices and cloud computing by enterprises, which significantly aids in market growth. However, the small and medium-sized enterprises segment is expected to portray the largest CAGR of 30.4% from 2024 to 2032 and is projected to maintain its lead position during the forecast period. owing to the expansion of "bring your own device" (BYOD) policy usage and the demand to uphold compliance standards.

The IT and telecom segment to maintain its lead position during the forecast period

By industry vertical, the IT and telecom segment accounted for the largest share in 2023, contributing to more than one-fifth of the identity as a service market revenue, owing to the increasing need to secure telecom procedures, which drives the demand for effective identity management solutions. However, the healthcare segment is expected to portray the largest CAGR of 32.6% from 2024 to 2032 and is projected to maintain its lead position during the forecast period. The extensive adoption of electronic health records supplemented with constant monitoring reform has encouraged healthcare organizations to implement effective technological solutions.

North America region to maintain its dominance by 2032

By region, North America held the highest market share in terms of revenue in 2023, accounting for more than one-third of the identity as a service market revenue.  The increase in the usage of identity as a service solution in businesses to improve businesses and the customer experience is anticipated to propel the growth of the market in this region. However, Asia-Pacific is projected to manifest the highest CAGR of 31.1% from 2024 to 2032. Countries such as China, India, and South Korea are at the forefront, embracing digital technologies to enhance their effectiveness and competitiveness, which is further expected to contribute to the growth of the market in this region.

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Leading Market Players: -

• CyberArk
• Google LLC
• IBM Corporation
• Microsoft Corporation
• Okta
• OneLogin, Inc.
• Oracle Corporation
• JumpCloud, Inc.
• SailPoint Technologies
• Thales

The report provides a detailed analysis of these key players in the identity as a service market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

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