Market Trends of Identity as a Service Industry
This section covers the major market trends shaping the Identity as a Service Market according to our research experts:
Public Sector to Witness Significant Share in The Market
- The raising concerns among citizens and public administration officials with respect to cybersecurity is considered to be one of the major barriers to e-government implementations also with rising of cyberterrorism the operational state of cybersecurity in the public sector is considered to be a black box
- For instance, according to the report on Cyber risk (2019) submitted by Tenable and Ponemon state that cyberattacks are pervading public sector with as much as 88% of public sector organizations have reported at least one cyberattack over the past two years with 62% of the organizations reporting two or more cyber attacks.
- The study also suggests that the public sector are consistently prone to cyberattacks due to their reliance on a manual process, as per the survey conducted 56% of respondents claim that their organization is at disadvantage for handling vulnerabilities because of their manual processes and 51% of the respondent state that security teams occupied most of their time in manual process than responding to security flaws leading major backlogs.
- Thereby, organizations are now looking for automated solutions that can help prevent attacks and manage vulnerabilities by restricting access and management of Identity is considered to be the forefront to any cyberattack and data breach which evidently raises the demand for Identity as a Service and elevates the growth of the market
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North America to Hold the Significant Share in The Market
- North America holds major share for the market owing to factors including the adoption of cloud infrastructure by the major organizations within the region, the presence of key IDaaS vendors including Idaptive, Okta, OneLogin, and Ping Identity whose relay on the region as a primary source of income and additionally home for the global player including oracle corporation and Microsoft Corporation that hold major market share.
- According to the US Cyberspace Solarium Commission report published in March 2020, states that the US faces multiple threats from cyber-criminals with major cases owing to IP theft, critical infrastructure attacks, and espionage owing to its digital connectivity.
- Moreover, The organization such as Lastpass in the region opt to BYOD model that allows employees to bring their own devices to work rather than using a company-owned device making them vulnerable to cyber-attacks.
- The region operates in cyber-landscape that requires a level of data security, resilience and trustworthiness that neither public authorities nor the private sector is able to provide, thereby vendors within the region have the opportunity to capture the market by offering IDaaS that is powered by advanced technologies including blockchain, AI, and Machine Learning among others.
- Furthermore, the region has various regulation acts with respect to privacy including the California Consumer Privacy Act voted at the end of May 2018, that aims to come into force by mid-2020, This act is a major step forwards for the privacy rights and is potentially a model for the US data privacy law that aims to become as important as GDPR.
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