A new report from Transparency Market Research (TMR) predicts that the Identity-as-a-Service (IDaaS) market will hit $26.2 billion by 2027, with a CAGR of 26 percent during that period. The increasing demand for authentication and document verification technology is expected to fuel much of that growth as technology allows for the creation of more secure and more convenient digital solutions.
The spread of the internet will be particularly important in that regard. Companies like Okta and Ping Identity are releasing a growing range of security options that allow enterprises to implement bring-your-own-device policies at work. This also allows for the secure digital onboarding of customers in more public-facing service industries like entertainment, finance, and healthcare.
As a result, the market itself will include a number different public, private, and hybrid solutions. Multi-factor authentication – including biometric authentication – will play a vital role, especially in sectors like finance and healthcare that need to guarantee a high level of security and compliance for digital payments and other services.
North America and Europe are currently the largest segments of the IDaaS market, a trend that is likely to continue through 2027. However, significant growth is expected in Asia, the Middle East, and Africa.
(Originally posted on FindBiometrics)