LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global identity and access management-as-a-service (IDaaS) market to grow at a CAGR of around 37% during the forecast period, according to their latest report.
The report further segments the global IDaaS market by end-user (BFSI, healthcare, telecom, and others) and by geography (the Americas, EMEA, and APAC). In 2016, the Americas was the leading contributor to the market, accounting for over 49% of the market share. EMEA was the second largest revenue contributor, which was followed closely by APAC.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global IDaaS market:
- Shift to OPEX business model
- High adoption of IoT
- Implementation of SOA framework
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Shift to OPEX business model
The shift from the CAPEX model to the OPEX model is the primary factor driving the adoption of IDaaS in various industry verticals. The key benefit of implementing cloud-based IAM solutions is the pay-per-use pricing model, i.e., clients have to pay for what they use. Cloud-based IAM solutions are also flexible in terms of deployment models as cloud services are available in SaaS-based software deployment models. This allows clients to build their cloud-based infrastructure as per business requirements. End-users can select a range of cloud computing services depending on their IT budgets and business requirements.
According to Amrita Choudhury, a lead IT professional services research analyst, “Cloud-based IAM solutions have no fixed upfront cost required, which makes cloud computing technologies attractive for several enterprises. Enterprises are also migrating to cloud-based infrastructure in a bid to reduce the total cost of ownership of software and hardware. This allows them to invest capital in new infrastructure and equipment, or to upgrade industrial plants and machinery.”
High adoption of IoT
The number of smart connected devices is rising worldwide, and as the number of devices increases, it becomes more difficult to manage, monitor, and maintain the data in an organization. This leads to high demand for machine-to-machine (M2M) and machine-to-human (M2H) communications as it helps end-users to simplify the management, monitoring, and maintenance of connected devices.
“The digital transformation of the transportation sector will attract more investment in advanced IT solutions for the advances of commercial and public transport systems. This will require advanced IAM solutions for accessibility of devices and data in an IoT environment. IDaaS is providing platform solutions for IoT-enabled smart connected devices for identity management,” says Amrita.
Implementation of SOA framework
Service oriented architecture (SOA) provides IT framework for enterprises to manage their IT infrastructure with more flexibility. SOA aids organizations to implement cloud-based solutions in a user-friendly way, consuming lesser implementation time. SMBs require IT framework for faster time-to-market of products and services with the growing market competition for innovative products and services. IDaaS solutions are based on an SOA framework, which helps enterprises to build their identity and access systems with flexibility, scalability, and agility. Enterprises are adopting cloud-based IAM technology to shift their on-premises identification systems on SOA architecture.
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