What is Global Identity As Service Market?
The Global Identity As A Service Market is a rapidly evolving sector that has been gaining significant traction in recent years. It is a model that provides identity and access management solutions on a subscription basis. This service is primarily used by businesses to manage and secure access to their systems and data. It is a crucial component of the modern digital landscape, where security and privacy are paramount. The service includes features such as single sign-on, multi-factor authentication, and identity governance, among others. It is designed to help businesses manage and control user access, reduce the risk of data breaches, and comply with various regulatory requirements. The market for this service is driven by the increasing need for businesses to secure their digital assets and the growing trend of remote working, which has made businesses more vulnerable to cyber threats. However, the market's growth is hampered by concerns over data privacy and the lack of awareness about the benefits of these services.
Cloud Based, On Promise in the Global Identity As Service Market:
The Global Identity As A Service Market is segmented into cloud-based and on-premise solutions. Cloud-based solutions are hosted on the service provider's server and are accessed through the internet. They are popular due to their scalability, flexibility, and cost-effectiveness. On the other hand, on-premise solutions are installed and run on the user's own servers. They offer more control and security but are more expensive and require more resources to manage. The choice between the two depends on the specific needs and resources of the business. The cloud-based segment is the larger of the two, accounting for over 53% of the market. This is due to the growing trend of digital transformation and the increasing adoption of cloud computing by businesses.
BFSI, IT & Telecom, Public, Manufacturing, Healthcare, Education, Others in the Global Identity As Service Market:
The Global Identity As A Service Market finds application in various sectors such as BFSI, IT & Telecom, Public, Manufacturing, Healthcare, Education, among others. In the BFSI sector, it is used to secure online transactions and protect sensitive financial data. In the IT & Telecom sector, it is used to manage access to various IT resources and systems. In the public sector, it is used to secure government data and systems. In the manufacturing sector, it is used to protect intellectual property and other sensitive information. In the healthcare sector, it is used to secure patient data and comply with healthcare regulations. In the education sector, it is used to manage access to educational resources and protect student data. The largest application of this service is in the BFSI sector, which accounts for over 25% of the market.
Global Identity As Service Market Outlook:
The Global Identity As A Service Market was valued at US$ 5103.6 million in 2022. It is projected to grow at a steady pace, reaching a value of US$ 6281.3 million by 2029. This represents a compound annual growth rate (CAGR) of 3.5% during the forecast period from 2023 to 2029. The largest segment of the market in terms of product is the public cloud, which holds a share of over 53%. In terms of application, the BFSI sector dominates the market with a share of over 25%. These figures highlight the significant potential and growth prospects of the Global Identity As A Service Market.
| Report Metric | Details |
| Report Name | Identity As Service Market |
| Accounted market size in 2023 | US$ 5103.6 million |
| Forecasted market size in 2029 | US$ 6281.3 million |
| CAGR | 3.5 |
| Base Year | 2023 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| By Region |
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| By Company | CA Technologies, OneLogin, Oracle, HCL Technologies, Google, SailPoint Technologies, Microsoft, IDaptive, Salesforce, Gemalto |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
