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Identity as A Service Market is Becoming More Popular as a Result of Stringent Regulatory Obligations and Data Protection Rules, FMI Records a CAGR of 30.4% from 2023 to 2033 | Future Market Insights, Inc.

Future Market Insights Global and Consulting Pvt. Ltd.
Future Market Insights Global and Consulting Pvt. Ltd.

Growing regulatory demands and data protection legislation, and increased use of IAM solutions for business facilitation are key factors driving Identity as A Service Market expansion. North America dominated the identity as a service market

NEWARK, Del, Feb. 08, 2023 (GLOBE NEWSWIRE) -- According to Future Market Insights’ new analysis, the identity as a service market is expected to increase from US$ 9.5 billion in 2023 to US$ 135.0 billion by 2033. The market is anticipated to grow at a 30.4% CAGR from 2023 to 2033.

Increasing Regulatory Compliances for User Data Protection to Fuel Market Growth

Countries around the world are enacting stringent restrictions on the use of customer data. The General Data Protection Regulation (GDPR), Personal Information Protection and Electronic Documents Act, California Consumer Privacy Act, Act on Personal Information Protection, and many others are among the regulations. These policies are more concerned with implementing good and ethical procedures while using digitally generated data. As a result, this increases customer trust and improves the user experience. The expanding illegal practices of utilizing clients' sensitive data for organizational growth have spurred the necessity for these restrictions to be implemented.

These regulatory compliances are expected to be met by the strategically applied identity as a service. The system provides features for ensuring allowed and authenticated data access. As a result, it aids in the prevention of external data breaches as well as internal data misuse within the firm. As of now, the penalties for data breaches are comparable to the risk of data protection. As a result, rising regulatory compliance globally is predicted to boost the identity as a service market share.

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Key Takeaways

  • Growing regulatory demands and data protection legislation, increased demand for cloud-based security services and solutions, and increased use of IAM solutions for business facilitation are key factors driving the market expansion.

  • The identity as a Service market is expected to record a CAGR of 30.4% during the forecast period 2023 to 2033.

  • North America dominated the identity as a service market.

Key Developments

  • In June 2022, IBM improved its product, IBM Security Verify Governance V10.0.1 Fix Pack 1, to provide companies with a single platform for investigating, defining, and managing access risks. This solution employs business-centric rules, actions, and procedures to enable line-of-business managers, auditors, and risk managers to regulate the access and analyze regulatory compliance across company applications and services.

  • Microsoft Entra, a new solution, was announced in May 2022. Microsoft Entra Permissions Management is a solution designed to provide visibility of permissions to users and workload identities. It enables security teams to identify unused and excessive permissions more effectively, thereby enforcing the notion of least privilege and maintaining a top-down view of identities across all cloud services, including Microsoft Azure, Amazon Web Services, and Google Cloud Platform.

  • Ping Identity released a new product called PingOne DaVinci in February 2022. It is a vendor-neutral platform that enables enterprises to mix and coordinate identity services from several vendors. It includes over 100 pre-built connectors for various identity, IT, and automation services. It simplifies the development of digital user journeys across multiple apps and ecosystems by speeding up the integration and deployment of identity services.

  • Okta improved its product, Okta Workflows, in October 2021. Beyond Lifecycle Management capabilities, Okta Workflows has added features that serve a broader set of identity automation use cases, such as sophisticated security orchestration and DevOps. The new functionalities give customers the ability to accelerate innovation and automate identity procedures.

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Identity as a Service Market

By Access Type:

  • Single Sign-on

  • Multi-factor Authentication

  • Compliance Management

  • Directory Services

  • Others

By Enterprise Size:

  • Small & Medium Enterprises

  • Large Enterprises

By Deployment:

  • Public

  • Private

  • Hybrid

By Service Type:

  • On-site

  • In-house

By Application:

  • Document Verification

  • Authentication/identification

  • Screening

By Industry:

  • Government

  • Retail & Consumer Electronics

  • Transportation & Logistics

  • Media & Entertainment

  • IT & Telecommunication

  • BFSI

  • Energy & Utility

  • Healthcare

  • Automotive

  • Others

By Region:

  • North America

  • South America

  • Europe

  • Asia Pacific

  • The Middle East and Africa

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Table of Content

1. Executive Summary | Identity as a Service Market

  1.1. Global Market Outlook

  1.2. Demand-side Trends

  1.3. Supply-side Trends

  1.4. Technology Roadmap Analysis

  1.5. Analysis and Recommendations

2. Market Overview

  2.1. Market Coverage / Taxonomy

  2.2. Market Definition / Scope / Limitations

3. Market Background

  3.1. Market Dynamics

  3.2. Scenario Forecast

  3.3. Opportunity Map Analysis

4. Global Market Analysis 2017 to 2022 and Forecast, 2023 to 2033

  4.1. Historical Market Size Value (US$ Million) Analysis, 2017 to 2022

  4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033

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About Future Market Insights, Inc.

Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.

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