DUBLIN--(BUSINESS WIRE)--The "IDaaS Market by Component (Provisioning, Single Sign-On, Advanced authentication, Audit, Compliance, and Governance, Directory service, and Password management), Organization Size, Deployment Type, Vertical and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global IDaaS market size is estimated to be USD 5.6 billion in 2022 and is projected to reach USD 16.8 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 24.7% during the forecast period.
Some factors driving the market growth include government initiatives and regulations supporting digital identity transformation, government regulations and the need for compliance, and the rise in identity and authentication frauds. However, Businesses' reluctance to adopt cloud-based security and lack of information security of consumer data is expected to hinder the market growth.
By Organization size, SMEs to grow at the highest CAGR during the forecasted period
Small and medium-sized businesses (SMEs) from a variety of industries are going through a digital transformation and using cloud computing to achieve low operational costs, increase mobility, capital expenditure advantages, and get rid of on-premises technology. Intruders use automated techniques to attack SMEs' networks in order to take advantage of their weak security infrastructures.
Therefore, in order to save money, time, and resources, SMEs are seeking cybersecurity solutions like IDaaS, which may shield their company from cybersecurity damage. Additionally, governments are acting to safeguard SMEs in their own nations. SMEs are vulnerable to new security problems as they implement digitalization at an increasing rate. As a result, the IT departments of SMEs make investments in implementing advanced security solutions like IDaaS. Thus, the SMEs are to grow at the highest CAGR during the forecasted period.
By Vertical, the BFSI vertical account for a larger market size during the forecasted period.
By incorporating the use of cutting-edge technologies like AI, machine learning, cloud computing, and blockchain, the BFSI sector is undergoing technological advancement. Customers are searching for convenience in services like e-banking and mobility which is driving digitalization in the BFSI sector.
Although it has proven to be incredibly easy for consumers, this has also led to an increase in ransomware, identity fraud, data theft, and other cybercrimes. Thus, in order to protect its system from cyberattacks and secure its clients' sensitive data, the BFSI vertical is increasingly adopting security solutions like IDaaS. This has led the BFSI vertical to account for a larger market size during the forecasted period.
By Organization size, large enterprises to grow at the highest Market size during the forecasted period
Large enterprises are more likely to adopt IDaaS solutions as a result of huge budgets implementing top- notch security solutions and the strong demand for real-time auditing and monitoring of the growing IoT traffic. Due to a surge in identity theft and data breaches, large organizations are at high risk of any cyber attack.
Therefore to protect their brand image and to maintain the trust of their long-term clients it has become crucial for them to implement cybersecurity solutions like IDaaS at a rapid rate. The IT department in large enterprises has a lot of responsibilities other than managing the organization's security and therefore IDaaS solutions come to the rescue as they reduce the burden of responsibilities including compliance, policies and governance. This in turn helps the large enterprises to also concentrate on their other responsibilities efficiently. Thus, large enterprises are anticipated to grow at the highest market size during the forecasted period.
- Government Initiatives and Regulations to Support Digital Identity Transformation
- Government Regulations and Need for Compliance to Drive Adoption of IDaaS
- Rise in Identity and Authentication Frauds
- Reluctance of Organizations to Adopt Cloud-Based Security
- Lack of Information Security of Consumer Data
- Rising Trend of Cost Shift and Complexity Reduction
- Integration of AI, Ml, and Blockchain Technologies to Enhance Digital Identities
- Adopting Advanced Authentication Techniques Across Verticals
- Outsourcing Critical Applications
- Ownership and Privacy Challenges
- Fischer Identity
- Optimal Idm
- Ping Identity
- Simeio Solutions
For more information about this report visit https://www.researchandmarkets.com/r/akr6fv
Laura Wood, Senior Press Manager
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