The IDaaS market is projected to grow from USD 2.5 billion in 2019 to USD 6.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 21.1%
NEW YORK, Sept. 19, 2019 /PRNewswire/ --
Growing demand for cloud-based security solutions and services to drive the adoption of Identity as a Service (IDaaS) market
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The IDaaS market is projected to grow from USD 2.5 billion in 2019 to USD 6.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 21.1% during the forecast period. The fast growth in IT infrastructure has given rise to new vulnerabilities and threats. The cloud-based security solutions and services, such as IDaaS, offer significant advantages, as they are cost-effective and provide 24x7 monitoring. Hence, the rising demand for cloud-based security solutions is driving the global IDaaS market.
Advanced authentication segment to grow at the highest CAGR during the forecast period
The advanced authentication segment is projected to grow at the highest CAGR during the forecast period.The term advanced authentication includes different types of authentication methods.
It combines multi-factor credentials to avoid unwanted access and frauds.This is a scalable and flexible solution, which incorporates both risk-based authentication and strong authentication.
It includes software revenues from technologies used for biometric recognition of identities; smart cards software; and 2, 3, and multifactor authentications.The market for advanced authentication is growing due to the rising concerns of thefts and data breaches of sensitive information from the organization's electronic devices.
It also provides the centralized visibility of all user identities for accessing cloud or on-premises-based applications and systems.
Large organizations segment to lead the IDaaS market in 2019
Organizations with more than 1000 employees are categorized as large businesses.Affordability of resources and high economies of scale enable these organizations to leverage the benefits of IDaaS.
As cloud technologies are simplifying the IT aspects, several enterprises have replaced their traditional IT infrastructure technologies and various other management processes with cloud deployment and service delivery models.Hence, a number of enterprises are building strategies inclined toward IDaaS, which would provide a common platform to the complex and dispersed computing environment and management of identities and provisioning of employees scattered at different locations.
The large enterprises would have centralized management and single point of accountability for the management of various types of user provisioning and authentications that would help them reduce the cost of implementing on-premises solutions while complying with the ever-changing regulatory environment. IDaaS would also help them reduce the IT department's responsibility in ensuring enterprises are complying with governance, security, and the policies of the government while minimizing enterprise risks.
The APAC IDaaS market to grow at the highest CAGR during the forecast period
Asia Pacific (APAC) is expected to invest more in security spending owing to the increasing number of identity and access breaches.The region consists of the world's fastest-growing economies such as China, India, and Japan.
Moreover, technology penetration in the region is high.APAC has witnessed advanced and dynamic adoption of innovative technologies and has always been a lucrative market for security solutions and service providers.
Though the region is adopting the latest security technologies, it is targeted by several cyberattacks.In 2018, APAC witnessed rising threats; for instance, the computer systems of 2 Thailand banks were compromised, which affected the personal and corporate data of more than 120,000 customers.
According to a survey by Fair Isaac Corporation (FICO), 74% of APAC banks surveyed believe that cases of fraud in their country will increase significantly in 2019. As per Global Cybersecurity Index (GCI) 2017 by International Telecommunication Union (ITU), Singapore and Malaysia are among the top 5 countries globally that have shown commitment toward building national policies for protection against cybercrimes. This has led to increased adoption of IDaaS solutions in the region.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the IDaaS market.
• By Company Type: Tier 1 – 62%, Tier 2 – 23%, and Tier 3 – 15%
• By Designation: C-level – 38%, Directors – 30%, and Others – 32%
• By Region: North America – 40%, Europe – 15%, APAC – 35%, MEA – 5%, and Latin America– 5%
Major vendors of IDaaS solutions and services include Okta, Inc. (US), IDaptive, LLC (US), Ping Identity (US), OneLogin (US), CA Technologies (US), SailPoint Technologies (US), Microsoft Corporation (US), Oracle Corporation (US), IBM Corporation (US), Google (US), Salesforce (US), HCL (India), Capgemini (France), Gemalto (Netherlands), Simeio Solutions (US), Jumio (US), Connectis (Netherlands), Auth0 (US), One Identity (US), and JumpCloud (US). The study included an in-depth competitive analysis of these key players with their company profiles, recent developments, and key growth strategies adopted by them.
Research coverage
The market study covers the IDaaS market across different segments.It aims at estimating the market size and the growth potential of this market across different segments based on deployment types, components, organization sizes, verticals, and regions.
The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key benefits of buying the report
The report is expected to help the market leaders/new entrants in this market by providing them information on the closest approximations of the revenue numbers for the overall IDaaS market and its segments.This report is also expected to help stakeholders understand the competitive landscape and gain insights to improve the position of their businesses and to plan suitable go-to-market strategies.
The report also aims at helping stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
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