Portland, OR, Feb. 06, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global identity as a service market was estimated at $5.74 billion in 2021 and is expected to hit $53 billion by 2031, registering a CAGR of 25.2% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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Report coverage & details:
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $5.74 billion |
| Market Size in 2031 | $52.99 billion |
| CAGR | 25.2% |
| No. of Pages in Report | 466 |
| Segments Covered | Component, Enterprise Size, Deployment Type, Industry Vertical, and Region |
| Drivers | Increasing number of identity frauds |
| Enhanced integration with IoT devices | |
| Restraints | Data privacy issues involving consumer information |
| Opportunities | Integration of evolving technologies to improve digital identities |
Covid-19 scenario-
- Around the world, business have been severely impacted by the COVID 19 outbreak. Because of the lockdowns imposed by various governments.
- Enterprises all over the world are reconsidering their security arrangements due to the rise in cyber risk and new vulnerabilities.
- The COVID-19 induced recession is having a significant impact on industries all over the world, but it had a much less impact on the technology industry than it did on the rest of the economy.
- However, it has favorably impacted the adoption of Identity as a service industry. Customer feedback analysis using Identity as a service has gained significant popularity in this period.
The global identity as a service market is analyzed across component, enterprise size, deployment type, industry vertical, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.
By component, the provisioning segment held the largest share in 2021, garnering around two-fourths of the global identity as a service market revenue, and is projected to maintain its dominance by 2031. The audit, compliance, and governance segment would also showcase the fastest CAGR of 27.8% during the forecast period.
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By enterprise size, the large enterprise segment accounted for the highest share in 2021, generating nearly half of the global identity as a service market revenue. The SMEs segment would also portray the fastest CAGR of 26.2% during the forecast period.
By deployment type, the public cloud segment held the largest share in 2021, garnering around three-fourths of the global identity as a service market revenue, and is projected to maintain its dominance by 2031. The hybrid cloud segment would also showcase the fastest CAGR of 27.0% during the forecast period.
By industry vertical, the BFSI segment accounted for the highest share in 2021, generating two-third of the global identity as a service market revenue. The government and public sector segment would also portray the fastest CAGR of 28.1% during the forecast period.
By region, North America held the major share in 2021, garnering more than one-third of the global identity as a service market revenue. Asia-Pacific, simultaneously, would showcase the fastest CAGR of 27.8% from 2022 to 2031.
The key market players analyzed in the global identity as a service market report include CyberArk, Google LLC, IBM Corporation, Microsoft Corporation, Okta, OneLogin, Inc., Oracle Corporation, Ping Identity, SailPoint Technologies and Thales. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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