Identity Now end to end Services Market Set to Grow with the Evolution of Identity and Access Management Solutions
With the burgeoning adoption of IoT-based solutions across a wide range of industries, businesses have become highly vulnerable to threats such as identity theft and fraud. A mounting number of business organizations, including governing bodies, banks and financial institutes, and retail businesses, are moving towards adopting digital enterprise models. This has triggered the need for boosting the fraud reduction potential of identity and access management systems and identity proofing methods, and ultimately the growth of the Identity Now end to end Services Market .
Attributing to the rise of digitization, the cloud or SaaS (Software-as-a-Service)-based application delivery model is enjoying success in the identity-as-a-service market. In 2018, the valuation of the Identity Now end to end Services Market reached ~ US$ 3.5 billion, and it is expected to witness ~ 21% year-over-year growth in 2019. Upcoming trends in the IDaaS market are expected to drive a palpable shift from password-based to password-less identity and access management and authorization among end users.
Planning to lay down future strategy? Perfect your plan with our report brochure here
BYOD Approach of End Users Boosts Demand for IDaaS for Public Cloud Platform
Increasing penetration of multi-cloud computing systems in the modern industrial ecosystem, especially in IT and telecommunication companies, is voicing the need for more efficient identity management services for securing their public cloud infrastructures. The demand for IDaaS is relatively higher for public cloud than private or hybrid cloud infrastructures, owing to their vulnerability to cyber-attacks. However, the adoption of IDaaS in private and hybrid cloud networks is expected to increase significantly, directing the upcoming strategies of stakeholders in the IDaaS market.
Global giants are strengthening their presence in the global market, while emerging players and local service providers are adopting strategies to establish a stronghold in regional markets for IDaaS. Other competitors such as OneLogin Inc., iWelcome, and ILANTUS Technologies are focusing on launching new products to gain a competitive edge in local markets for IDaaS. Some examples include,
- In March 2018, OneLogin Inc. introduced its new product—OneLogin Access—which is designed for SMEs as well as large enterprises to manage access for on-premise and cloud-based applications with a single identity-as-a-service (IDaaS) solution.
- In August 2018, ILANTUS Technologies Pvt. Ltd introduced its new product—Compact Identity—which includes identity and access management solutions with both, Access Management (Single Sign-On and Password Management) and basic Identity Governance and Administration (IGA) features.
Want to know the obstructions to your company’s growth in future? Request a PDF sample here
This post was originally published on The Market Plan