Gone are the days when Internet of Things (IoT) was the ‘next big thing’ in the industrial landscape. The rise of ‘Industry 4.0’ has pushed businesses towards the actual next big thing-Identity of Things (IDoT).
Increased adoption of IoT has caused a stir in the technical and business approach of end users, and the explosion in the number of IoT-connected devices has triggered serious concerns about identity and access management. The demand for identity-as-a-service (IDaaS) has increased tremendously in the past decade, as the need for identity management platforms such as IDoT, for IoT initiatives, has intensified across the world.
The IDaaS landscape is witnessing exponential growth, as businesses are integrating IoT closely with integral business operations, and this has bolstered the need for a fresh approach towards their identity management processes. With the advent of next-generation technologies, including Artificial Intelligence (AI) and cloud computing, the IDaaS market has emerged as a multibillion-dollar landscape in the last few years.
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 IDaaS 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 IDaaS 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.
With a ~ 56% revenue share of the global market, the deployment of IDaaS for public cloud infrastructures is expected to underpin gains for stakeholders. In addition, the popularity of the ‘Bring Your Own Device’ (BYOD) trend is growing in most IT & telecommunications companies, and the IT departments of companies are struggling to protect their organization’s business assets with outside devices entering the company’s network. This is likely to bolster demand in the coming years.
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.
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