IDaaS Market worth $21.4 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Nov. 14, 2023 /PRNewswire/ -- A move to cloud-based solutions, deeper integration with security and Zero Trust frameworks, and an emphasis on mobile and remote workforce assistance characterise the Identity as a Service (IDaaS) market's future. The development of IDaaS will also be significantly influenced by compliance adherence, AI-driven improvements, and advanced authentication techniques.

The global IDaaS Market size is projected to grow from USD 7.0 billion in 2023 to USD 21.4 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 25.0% during the forecast period, according to a new report by MarketsandMarkets™.The rise in identity and authentication frauds and the adoption of advanced authentication techniques across verticals drive the growth of the IDaaS Market. Moreover, ownership and privacy challenges may hinder market growth.

Browse in-depth TOC on "IDaaS Market"

281 - Tables
44 - Figures
367 - Pages

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Scope of the Report

Based on component, the single sign-on is expected to grow at a highest CAGR during the forecasted period.

Single Sign-on (SSO) is a form of authentication by which users can access multiple computer platforms or applications present on-premises of an organization or through the cloud by logging in only once. The process saves a lot of time for users by authenticating users for all the applications they have been entitled to. SSO enables them to focus on a required task without remembering multiple usernames and password combinations. ?  SSO lowers IT costs by saving time on password resets. When apps require a different username and password for every employee, there is a high chance that employees will forget passwords—which means help tickets for password reset pile up. Technologies like AI enable SSO systems to track user activity constantly during a session, guaranteeing that only authorized users can access secured resources.

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By deployment type, private cloud segment is expected to grow at a highest CAGR during the forecast period.

Private cloud refers to computing wherein the computing resource is accessed by a single organization and restricted to external entities. Organizations that invest in their on-premises data centers can also use it as a private deployment type. Private Cloud enables a company to have better control over its data and reduce risks, such as data loss and issues related to regulatory compliance. The flexibility allows businesses to adapt identity management services to their unique workflows and compliance requirements, ensuring that the solution aligns precisely with their operational goals. Private cloud IDaaS solutions provide organizations with a greater degree of control and data sovereignty. It is particularly appealing to businesses operating in highly regulated industries or regions with strict data privacy requirements.

By region, Asia Pacific is expected to grow at the highest CAGR during the forecast period.

Asia Pacific region consists of some of the fastest growing economies like India and China. Asia Pacific has seen cutting-edge technology's advanced and rapid adoption as a profitable security product and service market. Even though the area implements the most recent security solutions, it is frequently the target of attacks. Developing countries such as India are moving towards the rapid digitalization of processes through different initiatives taken by governments to increase the use of mobile applications and web-based applications across sectors such as BFSI, retail, and IT. The growing digitization in the Asia Pacific is driving IDaaS demand.

Top Key Companies in IDaaS Market

Okta (US), Microsoft (US), Thales (France), Ping Identity (US), IBM (US), Atos (France), Oracle (US), Salesforce (US), Google (US), CyberArk (US), OpenText (Canada), SailPoint (US), VMware (US), HCL Tech (India),  Entrust (US), SecureAuth (US), Simeio (US), Ilantus Technology (India), LoginRadius (US), JumpCloud (US), IDNow (Germany), One Identity (US), 1Kosmos (US), Idenfy (Lithuania), ShareID (France) are the key players and other players in the IDaaS Market.

Recent Developments

·  In September 2023, Eviden, a security industry leader inside the Atos Group, announced a partnership with HID Global. Through the agreement, businesses employing HID technology for logical and physical access control aims to use Eviden's Identity and Access Management suite to access their digital assets.

·  In May 2023, Ping Identity launched PingOne Protect, a new fraud detection and risk management service. By integrating Identity and Access Management (IAM) with comprehensive, intelligence-based fraud detection across the entire user experience, PingOne Protect adopts a distinctive strategy for threat protection.

·  In December 2022, Thales Group partnered with Zimbra. In the partnership, Zimbra will utilize Thales Group's SafeNet Trusted Access (STA) to provide SSO, policy configuration, and MFA.

·  In November 2022, Okta launched Okta Customer Identity Cloud, an easy-to-implement and customizable customer identity solution. The Okta Customer Identity Cloud for Consumer Apps helps any organization with advanced security features like Adaptive MFA.

·  In September 2022, Microsoft partnered with Silverfort to bring unified identity protection to on-premises and cloud. Silverfort developed a unified identity protection system with the aid of Microsoft's MFA.

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IDaaS Market Advantages:

·  IDaaS solutions offer flexibility for remote and mobile workforce requirements and may be quickly scaled to meet changing user demands and organisational expansion.

·  To increase security and compliance, IDaaS provides strong identity and access management, including multifactor authentication and adaptive access controls.

·  Organisations can save infrastructure and maintenance expenses associated with on-premises systems by moving identity management to the cloud.

·  Single sign-on (SSO) and user-friendly self-service capabilities are common IDaaS solutions that improve user experience and lower friction.

·  By centralising user identity and access management, IDaaS makes it easier to administer and enforce policies across a range of services and apps.

·  Access to a variety of services can be more easily managed because to the pre-built connectors that many IDaaS providers offer with a broad range of third-party applications.

Report Objectives:

·  To describe and forecast the global IDaaS Market by component, deployment type, vertical, and region.

·  To forecast the market size of five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America

·  To analyze the subsegments of the market concerning individual growth trends, prospects, and contributions to the overall market

·  To provide detailed information on significant factors (drivers, restraints, opportunities, and challenges) influencing the market's growth

·  To analyze the opportunities in the market for stakeholders and provide the competitive landscape details of major players

·  To profile the key players of the IDaaS Market and comprehensively analyze their market shares and core competencies

·  Track and analyze competitive developments, such as mergers and acquisitions (M&A), new product developments, and partnerships and collaborations in the market.

Browse Adjacent Market: Information Security Market Research Reports & Consulting

Browse Other Reports:

Zero Trust Security Market - Global Forecast to 2028

Security Service Edge Market - Global Forecast to 2028

Privileged Access Management Market - Global Forecast to 2028

Mobile Threat Defense Market - Global Forecast to 2028

Digital Forensics Market - Global Forecast to 2028

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