CHICAGO, May 16, 2019 /PRNewswire/ -- According to a new market research report "Security Assertion Markup Language (SAML) Authentication Market by Component (Solution and Services), Deployment Mode (On-Premises and Cloud), Organization Size (SMEs and Large Enterprises), Vertical, and Region - Global Forecast to 2024", published by MarketsandMarkets™, the Security Assertion Markup Language (SAML) Authentication Market size is expected to grow from USD 1.5 billion in 2019 to USD 3.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 14.2% during the forecast period.
The key factors driving the SAML Authentication Market include organizations' need to effectively manage large volumes of identities; organizations' need to provide enhanced, consistent, and unified identity security to customers and employees and enhance the operational efficiency; and effective management of stringent regulatory compliances
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The solution segment to account for the highest market share in 2019
The SAML authentication protocol used in the Single sign-on (SSO) software solutions passes the SAML assertion, authentication, and authorization information from identity providers to service providers. The types of SAML assertions passed from identity providers to service providers include authentication, attribute, and authorization decision. With the difficulties in handling hardware-based solutions and greater flexibility offered by software solutions, the demand for software solutions is increasing.
The cloud segment to grow at a higher CAGR during the forecast period
Cloud-based services are provided directly through the cloud-deployed network connection. The cloud deployment mode is the fastest-growing segment in the SAML Authentication Market. Organizations can avoid certain costs, such as maintenance of infrastructure and technical staff, by using the cloud-based authentication solutions. The cloud-based platforms are beneficial for organizations that have strict budgets for security investments. Small and Medium-sized Enterprises (SMEs) deploy their SAML authentication solutions on cloud, as it enables them to focus on their core competencies, rather than to invest their capital on security infrastructures. Low cost of installation, upgrade, and maintenance helps fuel the growth of cloud-based SAML authentication solutions.
North America to account for the largest market size during the forecast period
North America is expected to account for the largest market size in the overall SAML Authentication Market during the forecast period. The increase in the number of Internet of Things (IoT) and connected devices, and vulnerabilities associated with them are some of the factors driving the adoption of SAML authentication solutions and services. The presence of many SAML authentication vendors, as well as, widespread awareness about these solutions would continue to account for the region's highest market share during the forecast period.
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The SAML Authentication Market comprises major solution providers, such as Gemalto (Netherlands), Ping Identity (US), AWS (US), Microsoft (US), Oracle (US), miniOrange (India), OneLogin (US), RCDevs (Luxembourg), Ariel Software Solutions (India), SAASPASS (US), SSO Easy (US), ManageEngine (US), Okta (US), Auth0 (US), and PortalGuard (US). The study includes an in-depth competitive analysis of the key players in the SAML Authentication Market, along with their company profiles, recent developments, and key market strategies.
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