Identity As A Service Market size worth $ 19.40 Billion, Globally, by 2028 at 22.0% CAGR: Verified Market Research®
The increase in the number of cyber-attacks, social engineering, phishing activities, and other cyber malpractices makes it paramount to have robust data management and identity management tools that drive the demand for IDaaS.
JERSEY CITY, N.J., Sept. 29, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Identity As A Service Market" By Component (Provisioning, Directory services, Password management), By End User (Telecom and IT, Retail and consumer goods, Public sector), and By Geography. According to Verified Market Research, the Global Identity As A Service Market size was valued at USD 4.008 Billion in 2020 and is projected to reach USD 19.40 Billion by 2028, growing at a CAGR of 22.0% from 2021 to 2028.
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Global Identity As A Service Market Overview
Identity as a service (IDaaS) refers to the integration of solutions that provide cloud-based solutions for identity management and access management. IDaaS is employed in public, private, and hybrid networks and is employed in almost all industries that require monitoring of data which involves sensitive information, verify user's identities, understand and improve user behaviors.
IoT adoption is on the rise with the development in IoT and increasing use cases and benefits with the integration with existing technology. According to Forbes, security, uncertain ROI, and integration with existing technology are the biggest barriers to the adoption of IoT. Enterprises today are investing hugely in security which calls for the use of IDaaS integration with the existing systems. The rise of cloud-based applications is on the rise due to flexibility and reduced hardware investment attached to it.
Due to this, there is a raising need for cloud-based authentication and identity management to ensure proper and effective control over the usage. IoT requires giving access to software applications, files, and resources at the right time. Often these devices are employed on-site which requires cloud-based integration. Public network clouds prove to be more vulnerable than private clouds due to the increased cyber risks and reduced protection measures.
Key Developments in Identity As A Service Market
Verified Market Research has segmented the Global Identity As A Service Market On the basis of Component, End-user, and Geography.
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