Identity as a Service (IDaaS) Market Key Players, Industry Segments and Competitors Analysis

Market Highlights

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 (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.

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.

Other factors, such as fast growth in IT infrastructure has given a considerable rise to new vulnerabilities and opportunities to the market, based on which it is witnessing massive growth ways. The cloud-based security solutions and services, such as IDaaS, offer significant advantages, one being cost-effective, and the other offers 24x7 monitoring. Therefore, the rising demand for cloud-based security solutions is motivating the global IDaaS market for the future. Sensing the immense growth potential for the providers of identity-as-a-service in the IoT-driven industrial ecosystem, the market has achieved a lot in the latest years from the previous years and hopes to bring more in the forecast period.

On the contrary, the concerns of businesses regarding data security are limiting the growth of the market. Many enterprises prefer on-premises identity and access management systems as they are more secure, thus becoming a significant challenge for the vendors in the Identity-as-a-Service market.

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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).

Segmentation:

The global Identity-as-a-Service (IDaaS) market 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.