Growing BYOD Trend to Boost IDaaS Market Growth

New York, US, March 20, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Identity as a Service Market By Service, By Organization Size, By Deployment, By Vertical - Forecast till 2030”, the market is predicted to thrive substantially during the assessment era from 2022 to 2030 at a healthy CAGR of approximately 23.60% to attain a valuation of around USD 24.8 Billion by the end of 2030.

Identity as a Service Market Competitive Analysis

Eminent market players profiled in the global IDaaS market report include:

• Avatier (US)
• Okta, Inc. (US)
• Microsoft Corporation, (US)
• OneLogin, Inc (US)
• Fischer Identity (US)
• Centrify Corporation (US)
• Oracle Corporation (US)
• iWelcome (Netherlands)
• Ping Identity (US)
• LoginRadius (Canada)
• VMWare (US)
• IDaptive, LLC. (US)
• empowerID (US),
• Ubisecure, Inc. (Finland)
• Sailpoint (US)
• Bitium, Inc. (US)
• Optimal IdM(US)

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Identity as a Service Market Report Scope:

Report Metrics	Details
IDaaS Market Size by 2030	USD 24.8 Billion
IDaaS Market CAGR during 2022-2030	23.60%
Base Year	2021
Forecast	2022-2030
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Market Drivers	The rapid increase in the connected digital workforce boosts the growth of the market. \r\n The strict government directives for data protection is another factor which drives the growth of the global IDaaS market.

Drivers 
Increasing Implementation of Hybrid Cloud IDaaS to Boost Market Growth 
One of the most popular technologies in the current day is the cloud. The number of companies utilizing the cloud is rising significantly. Flexibility is a hybrid cloud's main advantage. The requirement for quick adaptability & course corrections is a crucial element of a digital organization. To acquire the agility required for a competitive edge, a corporation may choose to combine private clouds, public clouds, and on-premises capabilities. The increasing implementation of hybrid cloud IDaaS will boost market growth over the forecast period. 

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Opportunities 
Growing BYOD Trend to offer Robust Opportunities 
The market will rise as the BYOD movement gains traction in most telecom and IT firms. When outside devices access a company's network, the IT departments of those companies fight to safeguard their informational assets. Moreover, multi-cloud computing systems are becoming increasingly ingrained in the contemporary organizational ecology, particularly in communications and IT firms. As these multi-cloud computing systems gain increasing traction, they are highlighting the need for much more efficient identity management services to safeguard the public cloud infrastructures.

Restraints: 

High Cost to act as Market Restraint 

The high cost and complexities associated with IDaaS & data privacy issues that include critical application outsourcing & consumer information may act as market restraints over the forecast period. 

Challenges: 

Hesitation in Adoption of Cloud-based Security to act as Market Challenge 

The limitation and hesitation to adopt cloud-based security may act as a market challenge over the forecast period. 

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Market Segmentation 

The identity as a service market is bifurcated based on vertical, deployment, organization size, and service. 

By service, identity governance & administration will lead the market over the forecast period. 

By organization size, large enterprise will dominate the market over the forecast period. 

By deployment, hybrid will spearhead the market over the forecast period. 

By vertical, BFSI will have the lions share in the market over the forecast period. 

COVID-19 Analysis 

The speed in which the COVID-19 issue has intensified has shocked the global economy. Global public health, the economy, and social welfare have all been impacted by the pandemic. In these situations, the growing tendency of working remotely is visible in nations where the government has imposed the lockdown. Enterprises would improve the identity & access management framework via incorporating a more thorough security layer in data protection and identity and data theft prevention in order to safeguard the crucial organizational data. Organizations that support employee remote work would implement Single Sign-On (SSO) for cloud apps.

Regional Analysis:

North America to Head IDaaS Market 

Over the projection period, North America is expected to have the greatest market size. Due to its early adoption of DevSecOps principles for identity & access management & stringent governmental guidelines for data protection, the US dominates the industry in North America. The IDaaS market in the region is being driven by the increase in cyberthreats and the increased demand for reliable identification & authentication solutions on the cloud. The largest regional market, North America, represented over 39% of the worldwide market in 2019. North America is the most major consumer of the cybersecurity solutions for the increased incidence of security threats and data breaches. Organizations in North America are adopting IDaaS solutions for the increased number of cyberattacks aimed at gaining access to private customer data, expanding use of cloud applications, the rising BYOD trend, & changing workforce requirements to comply with regulatory standards. Also, a favorable regulatory environment is promoting the expansion of the local market. The regional market is more heavily dominated by the North American market. Due to the surge in data breaches & security risks, many consumers are choosing cybersecurity solutions. Additionally, the favorable regulatory environment is one of the factors boosting the regional market's expansion.

APAC to Have Admirable Growth in IDaaS Market 

Throughout the anticipated period, the APAC IDaaS market will grow at the fastest rate. One of the main prospects for the IDaaS market in Asia-Pacific is the growing adoption of the BYOD trend and IoT across sectors as well as the rising enterprise awareness of security. Instead of only giving access like the conventional systems, IDaaS also includes intelligence, access management, and identity governance & administration (IGA). As a result, it is anticipated that many businesses in the area will favor IDaaS over IAM. Organizations in the area are going through a change and using new technologies like mobile, cloud, & new generation. To reduce the danger of a data breach, it has become imperative to secure apps, authenticate users, and keep control over information that is crucial to a company's operations. The regional market is more heavily dominated by the North American market. Due to the surge in data breaches & security risks, many consumers are choosing cybersecurity solutions. Additionally, the favorable regulatory environment is one of the factors boosting the regional market's expansion.

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Industry Updates 
March 2023- Innovator in Identity and Access Management (IAM) solutions with Identity-Bound Biometrics (IBB), BIO-key International, Inc. (NASDAQ: BKYI), announced the incorporation of their PortalGuard® IDaaS platform with BeyondTrust, a global leader in intelligent identity and access security. This collaboration and technological integration increases the visibility of both businesses within the partner ecosystem, improves security for the privileged remote access, and gives customers new levels of assurance that only authorized users are having access to vital systems, data, and applications.

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