IDaaS Market: Increasing Number of Identity And Authentication Frauds Are Growing The Global IDaaS Market At CAGR of ~24.7% during the forecast period of 2023 to 2032

Market Highlights

According to MRFR analysis, the global IDaaS market expected to register a CAGR of 24.70% from 2023 to 2032.

Identity as a Service (IDaaS) solutions are anticipated to gain popularity because of growing demand for cloud-based security services and solutions due to concerns about data protection. Organizations require identity and access management systems to offer access to workers who work remotely while upholding security compliance. Due to strict legal standards and data protection regulations, IDaaS solutions are highly sought after. Due to stringent international regulations and compliance regarding identity theft, including the General Data Protection Regulation (GDPR) and the Health Insurance Portability and Accountability Act, organisations are being forced to take additional precautions in protecting user accounts of the internal workforce, contractors, and end users (HIPAA).

Regional Analysis

North America- Due to the surge in security issues and data breaches, North America holds a monopoly on the identity as a service (IDaaS) market. The rising number of cyberattacks to get access to private consumer data and the expanding use of cloud applications would both serve to further promote the growth of the identity as a service (IDaaS) market in the region during the anticipated timeframe.

Asia Pacific- The identity as a service (IDaaS) market in Asia-Pacific is anticipated to expand significantly because of the rising adoption of mobile, cloud, and next-generation technologies. Furthermore, it is anticipated that over the coming few years, the identity as a service (IDaaS) market in the region will grow because of the rising need to secure applications, authenticate users, and maintain control over data that is essential to business operations in order to lower the risk of a data breach.

Market Segmentation

By Component

Single-Sign-on (SSO) in an organization addresses important business issues by boosting security and compliance, expanding usability and productivity, and reducing IT costs. Enterprises are increasingly using cloud apps and services, frequently in conjunction with on-premises ones, which has caused serious fragmentation difficulties. Both IT and people have issues with it. In addition to managing the enterprise's numerous programmes, IT also needs to deal with shadow IT. Employees must log in to and switch between numerous programmes and websites each day to complete their work as a result. SSO helps the organization by resolving the enterprise fragmentation challenges. SSO also reduces the quantity of assault surfaces. Additionally, it assists with regulatory compliance. SSO is a technique for addressing needs for antivirus protection and data access. SSO reduces the amount of support tickets by requiring users to remember just one set of credentials. Additionally, the majority of SSO solutions enable users to change their own passwords, negating the need for IT involvement. SSO is therefore frequently used and is expected to have the highest CAGR during the foreseeable time due to these numerous benefits.

By Deployment Type

The IDaaS market is divided into public cloud, private cloud, and hybrid cloud segments based on deployment types. Applications, storage, virtual servers, and hardware are among the resources that the public cloud deployment makes available to client companies. You can subscribe to the public cloud's services or use free versions of them. Utilizing a public cloud has some advantages, including ease of use and deployment that is simple. Additionally, there are no chores involved in operating the infrastructure, and the deployment's initial cost is modest. As the best deployment paradigm for managed services like business services, network services, and data centre services, the public cloud is growing in popularity. Organizations favour it primarily because of its low operating costs, scalability, flexibility, and location-independent services. As a result, it is projected that during the anticipated time, the public cloud will hold the largest market share.

By Vertical

For cybercriminals looking to obtain private information about citizens, the government sector is their main target. Governments in developing economies employ web and mobile apps to better serve their citizens. Governmental organisations and the public sector can manage sensitive customer data and identities more successfully as a result. These applications are increasingly being targeted by hackers to steal sensitive data. In the public sector, identity fraud takes many different forms, including asset misappropriation, bribery, corruption, accounting fraud, data theft, and money laundering. IDaaS solutions are being increasingly used by public and government organisations because of an increase in identity theft cases that try to access private government data. Consequently, it is estimated that during the projected time, the government vertical will have the highest CAGR.

 Key Players

Okta (US), CyberArk (US), Thales (France), Microsoft (US), Ping Identity (US), OneLogin (US), IBM (US), Oracle (US), Google (US), and SailPoint (US), JumpCloud (US), SecureAuth (US), Auth0 (US), OpenText (Canada), Ilantus (US), LoginRadius (Canada), Delinea (US), Optimal IdM (US), Fischer Identity (US), Atos (France), Avatier (US), Simeio Solutions (US). HCL (India), Capgemini (France) Broadcom (US), Salesforce (US), Jumio (US) Signicat (Norway) Ubisecure (UK) and EmpowerID (US).