ID: MRFR/ICT/6456-HCR | February 2021 | Region: Global | 111 pages
The global identity as a service (IDaaS) market is expected to register a CAGR of 18.4% during the forecast period to reach USD 10.8 billion by 2024.
IDaaS provides identity and access management (IAM) over the cloud. IDaaS are SaaS-based IAM offerings that allow enterprises to use single sign-on (SSO) using Security Assertion Markup Language (SAML) or OpenID Connect (OIDC), authentication and access controls to give secure access to the enterprises' software and SaaS applications. It not only reduces on-site infrastructure but also provides a wide range of integration options. The increasing level of interconnectivity due to rising IoT and BYOD trends across verticals is a lucrative opportunity for the IDaaS vendors. Also, many enterprises in developing economies are becoming aware regarding IDaaS and its affordability as cloud-based deployment. This is another opportunity for vendors. The rapid increase in the connected digital workforce boosts the growth of the market. The strict government directives for data protection is another factor which drives the growth of the global IDaaS market. Along with this, the rapid increase in DevSecOps (integration of development, security, and operation) practices for identity and access management are expected to fuel the market growth. The concerns of enterprises regarding data security limit the growth of this market. Various enterprises prefer on-premise identity and access management systems as they are considered more secure. This is a major challenge for the vendors in the IDaaS market.
The global IDaaS market has been segmented based on service, organization size, deployment, vertical, and region/country.
By service, the global IDaaS market has been divided into identity governance & administration, access, and intelligence.
Based on organization size, the global IDaaS market has been divided into small- and medium-sized enterprise (SME) and large enterprise.
Based on deployment, the global IDaaS market has been divided into private cloud, public cloud, and hybrid.
On the basis of vertical, the global IDaaS market has been divided into banking, financial services, and insurance (BFSI), IT and telecommunication, retail and CPG, energy and utilities, manufacturing, healthcare and life sciences, transportation, government and defense, and others.
The global IDaaS market has been analyzed for four regions—North America, Europe, Asia-Pacific, and the rest of the world.
The global IDaaS market is estimated to register a CAGR of 18.4% during the forecast period from 2019 to 2024. The geographic analysis of the global IDaaS market has been conducted for North America, Europe, Asia-Pacific, and the rest of the world.
North America is anticipated to account for the largest market size during the forecast period. The US leads the market in North America owing to the early adoption of DevSecOps practices for identity and access management and strict government directives for data protection. The rising cyber threats and growing demand for strong identification and authentication solutions on cloud are driving the IDaaS market in the region.
Asia-Pacific is expected to be the fastest growing market in the global IDaaS market during the forecast period. The growing adoption of BYOD trend and IoT across verticals and increasing awareness among enterprises about security in developing economies in Asia-Pacific are some of the major opportunities for the IDaaS market in Asia-Pacific. IDaaS covers identity governance and administration (IGA), access management and intelligence functions for cloud and networked IT services than just providing access as the traditional systems. Thus, many enterprises are expected to prefer IDaaS over IAM in the region.
The key players in the global IDaaS market are include Avatier (US), Okta, Inc. (US), Microsoft Corporation, (US), OneLogin, Inc (US), Fischer Identity (US), Centrify Corporation (US), Oracle Corporation (US), iWelcome (Netherlands), Ping Identity (US), LoginRadius (Canada), VMWare (US), IDaptive, LLC. (US), empowerID (US), and Ubisecure, Inc. (Finland). These are identified based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise.
The other players in the IDaaS market are Sailpoint (US), Bitium, Inc. (US), Optimal IdM(US) and others.
Source: MRFR Analysis
The companies in the IDaaS market undertake various strategies to increase their presence in the market and acquire more clients from diverse verticals. These companies form partnerships, mergers, acquisitions, open offices in new locations, and launch products for the same. The IDaaS market has witnessed a high demand globally due to the rise in demand from industries such as BFSI, government, and IT and telecommunication. For instance, in June 2018, InnovoCommerce formed a partnership with Exostar for high assurance, Single-Sign-On Access to the investigator FIRST Portal. In January 2018, Ping Identity formed a partnership with KPMG to deliver CIAM solutions to foster digital commerce and digital transition initiatives for enterprises.
Frequently Asked Questions (FAQ) :
The Identity as a Service market is supposed to mark 18.4% CAGR.
By 2024, the Identity as a Service market is poised to touch a valuation of USD 10.8 Bn.
The segments of the Identity as a Service market based on vertical are banking financial services and insurance (BFSI), retail and CPG, IT and telecommunication, government and defense, energy and utilities, healthcare and life sciences, manufacturing, transportation, and others.
The U.S. is presumed to lead the Identity as a Service market in North Americ
Avatier (US), Microsoft Corporation, (US), Okta, Inc. (US), empowerID (US), OneLogin, Inc (US), Centrify Corporation (US), Fischer Identity (US), Oracle Corporation (US), Ping Identity (US), iWelcome (Netherlands), LoginRadius (Canada), IDaptive, LLC. (US) VMWare (US), and Ubisecure, Inc. (Finland) are the key players of the Identity as a Service market.