IDaaS Market Analysis, Future Prospects, Regional Trends and Potential of the Industry 2024

Market Highlights

The global Identity-as-a-Service (IDaaS) market 2020 offers a steady compound annual growth rate (CAGR) from 2019 to 2024 of 18.4%, making the total market worth USD 10.8 billion in 2024. These figures are accumulated after an in-depth study has been conducted through Market Research Future that eminently focuses on the information and communication industry. The industry brings up the study case based on commentary on the key influencing factors, market statistics, revenues gains, segmental data, regional data, are focused that eventually captures all the facets of the evolving global identity as a service (IDaaS) market.

Key Drivers & Barriers

Identity-as-a-Service is becoming more popular amongst many organizations across the globe, owing to its feasibility in terms of management and cost range. It could be defined as a cloud-based service used explicitly for providing identity and access management solutions. It is beneficial, as it not only reduces on-site infrastructure but also offers a wide range of integration options. The significant concerns regarding the hype of Identity-as-a-Service are identity and data protection as well as trusting a third party with sensitive business data.

The global Identity-as-a-Service market is perceiving growth owing to the beneficiaries that it provides to the enterprises to use sign-on (SSO) with using Security Assertion Markup Language (SAML) or OpenID Connect (OIDC), authentication and access controls to give secure access to software and SaaS applications. As per the study, medium and large scale industries are adopting this type of authentication infrastructure rapidly. Even the factor such as increasing level of interconnectivity owing to rising IoT and BYOD trends across verticals is yet offering lucrative opportunities for the IDaaS vendors capitalizing on the market in the forecast period.

Identity as a service (IDaaS) operates on virtualized hardware. Hence, the accessibility IDaaS without physical complexities is expected to encourage its adoption across enterprises. This is expected to boost the expansion of the worldwide IDaaS market. Advantages of the multi-tenant infrastructure of IDaaS is expected to benefit its market growth. IDaaS allows vendors to issue updates and aids in security fixtures. This is likely to contribute to the expansion of the market across the assessment years. IDaaS use cloud computing, which is considered to be another significant driver for the market. Cloud computing supports digital access cards, multi-factor authentication, and biometrics. These features of cloud computing simplify the process to retrieve information, maintaining high degree of security. IDaaS uses analytics and intelligence to report multifaceted relationships, such as association between users, their responsibilities, job function, and usage of data. This is anticipated to work in favor of the IDaaS market.

Segmentation:

The global Identity-as-a-Service (IDaaS) market size has been analyzed upon various segments such as organization size, service, deployment, and vertical.

Depending on service segment, the global market of IDaaS comprises of access, identity governance & administration, and intelligence.

Depending on organization size segment, the IDaaS market comprises of small and medium-sized enterprise (SME) and large enterprise.

Depending on deployment, the IDaaS market includes public cloud, private cloud, and hybrid.

Depending on vertical segment, the IDaaS market comprises of IT and telecommunication, banking, financial services, and insurance (BFSI), energy and utilities, retail and CPG, healthcare and life sciences, manufacturing, government and defense, transportation, and more.

Regional Framework

Analysts of MRFR’s study on the identity-as-a-service (IDaaS) market has marked some of the key regions for determining the market’s future shares and rising stakeholders. North America, Europe, Asia-Pacific, and the rest of the world are chosen regions where study of the market has been conducted.

North America region has the potential to acquire the prominent market size in the forecast period. The US leads the market in this region, owing to the early adoption of DevSecOps practices for identity and access management. Even strict government directives for data protection are rising, which is yet another prime reason for the market’s spread in a rapid mode. The rising cyber threats and growing demand for strong identification and authentication solutions on the cloud are also motivating the IDaaS market in the region.

Similarly, growth aspects in BFSI, retail& consumer electronics, as well as the healthcare industry in countries such as China and India in the Asia Pacific, are fostering the market’s share. Rapid infrastructure development, speedy advancements in technology, fast-expanding electronic payment industry, the growing trend of the BYOD policy, as well as huge adoption of cloud security solutions are also becoming the reason for identity-as-a-service market’s growth in the region.

Market Players

Leading players in the identity-as-a-service landscape are IDaptive, LLC. (US), Oracle Corporation (US), Okta, Inc. (US), Avatier (US), OneLogin, Inc (US), Microsoft Corporation, (US), Centrify Corporation (US), Fischer Identity (US), Ping Identity (US), iWelcome (Netherlands), VMWare (US), empowerID (US), LoginRadius (Canada), and Ubisecure, Inc. (Finland).