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IDaaS Market Size worth $16.8 billion by 2027 — Report by MarketsandMarkets™

(IT-NEWSWIRE.COM, November 11, 2022 ) 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. Government initiatives and regulations supporting digital identity transformation, Government regulations and the need for compliance, and the rise in identity and authentication frauds are some factors driving the market growth.

Browse in-depth TOC on IDaaS Market

304 Tables
40 Figures
292 Pages

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Trend: Rising adoption of multi-cloud computing systems

Multicloud enables developers to expand quickly by utilising the relevant services required for their application instead of developing an app around the services provided by a single cloud provider. Businesses are attracted to multi-cloud as they combine the various capabilities of cloud providers depending on the higher-order services they provide, such as Big Data, AI, and machine learning. There is a tremendous amount of flexibility in the ability to appropriately scale those infrastructure resources from different suppliers. Due to the variety of developer-focused services available and the competition that Microsoft Azure and Google Cloud are putting up against Amazon Web Services for market dominance, multi-cloud is quickly emerging as a critical best practice. Users have more options than ever before because of the growth of other cloud providers outside the US, such as Alibaba Cloud. The fascination and rising adoption of multi-cloud computing are further increasing the number of individuals and businesses shifting to the cloud and thus driving the opportunities for the adoption of advanced security solutions such as IDaaS.

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Trend: Rising BYOD trend

Bring your own device (BYOD) is the trend wherein employees connect to their corporate networks using personal devices, such as cellphones, laptops, tablets, or USB drives, to access work-related systems and possibly sensitive or secret data. BYOD solutions are becoming common as businesses accommodate workers who work from home, have flexible hours, or want to stay connected when travelling for business or commuting. The trend has risen much, especially after the pandemic. Though BYOD solutions can raise staff morale and productivity. Personal device access to a companys network, however, can pose significant security risks if IT ignores the issue. Thus, the rising BYOD trend has enhanced the opportunities for organizations to adopt advanced security solutions such as IDaaS to provide security to their businesses from cybersecurity issues such as money laundering, data theft, ransomware, and many more.

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Opportunity: Adopting advanced authentication techniques across verticals

Earlier industries like BFSI and aviation were the only ones allowed to use identity and authentication. It was a time-consuming procedure with plenty of documentation. Identification and authentication procedures have become simpler with a rise in technical development and digitization, with fewer problems like data security and privacy breaches. Banks were the first industry verticals to embrace authentication procedures, followed gradually by retail, eCommerce, and healthcare. Even though it is only available in select industrialized nations, this is spreading quickly over the globe. Therefore, this is a terrific opportunity that businesses are looking for.

Since most people now communicate and conduct business online on a daily basis, there has been a huge growth in the demand and need for a strong and trustworthy digital identity. In every country, there are more rules and societal demands around the management of personal data and security, which forces businesses to invest a lot of time and money into ensuring compliance. It is necessary to build new identification and verification processes to address the changing requirements of society and mitigate risks or hazards.

Browse Adjacent Markets: Information Security Market Research Reports & Consulting

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About MarketsandMarkets

MarketsandMarkets provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the Growth Engagement Model GEM. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write Attack, avoid and defend strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarketss flagship competitive intelligence and market research platform, Knowledge Store connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Mr. Aashish Mehra
MarketsandMarkets INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +18886006441
Email: sales@marketsandmarkets.com
Content Source: https://www.globenewswire.com/news-release/2022/11/02/2546693/0/en/Identity-as-a-Service-IDaaS-Market-Size-worth-16-8-billion-by-2027-Report-by-MarketsandMarkets.html


Mr. Aashish Mehra



Source: EmailWire.Com

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