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.
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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 company’s 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.
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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
