As per the report by Global Market Insights, Inc. “Worldwide Identity as a Service Market was valued USD 7.2 billion in 2023 and will surpass a revenue collection of USD 49.6 billion by 2032 with an annual growth rate of 24% over 2024 to 2032.”
The market growth is driven by the increasing adoption of cloud computing and mobile technologies. Organizations are realizing the need for flexible and scalable identity solutions that can adapt to the dynamic nature of modern digital environments.
Additionally, with a surge in cyber threats and regulatory compliance requirements, businesses are prioritizing robust identity and access management solutions. In December 2023, The NCSC launched a new Cyber Incident Exercising scheme, providing organizations with access to NCSC assured exercising providers. IDaaS offers a centralized and secure approach to authentication, authorization, and user provisioning, enhancing overall cybersecurity posture.
The overall identity as a service (IDaas) market is classified based on component, deployment model, enterprise size, industry vertical, and region.
Password management segment will record notable growth during 2024 and 2032, as it helps in addressing security challenges and enhancing user experience. As cyber threats continue to evolve, robust password management becomes essential for organizations to safeguard sensitive information. The component offers advanced features such as multi-factor authentication, secure password storage, and automated password updates, bolstering security measures against unauthorized access.
The IDaas market from IT & Telecom segment is anticipated to witness substantial growth through 2032, owing to the need for robust identity management solutions. As these industries undergo rapid digital transformation, encompassing cloud-based services, remote work models, and a plethora of interconnected devices, there is a rising demand for secure and efficient identity management.
Europe identity as a service market will showcase impressive growth trends over 2024-2032, attributed to stringent data protection regulations, such as the General Data Protection Regulation (GDPR). This regulatory environment fosters the demand for robust IDaaS solutions that effectively navigate complex data privacy requirements. The growing sophistication of cyber threats highlight the importance of advanced identity and access management, making IDaaS a fundamental component in fortifying cybersecurity measures. These factors collectively contribute to the regional industry expansion.
Source: https://www.gminsights.com/industry-analysis/identity-as-a-service-market
