The global Identity as a Service (IDaaS) market size was USD 7.91 Billion in 2022 and is expected to register a revenue CAGR of 13% over the forecast period, according to the latest report by Reports and Data.
Identity as a Service (IDaaS) refers to Identity and Access Management (IAM) services delivered via the cloud and paid for via subscription. Because of their capacity to automate different user account-related procedures, IDaaS protects managers from security issues.
Additionally, a significant element driving the market's revenue growth is the expanding demand for cloud-based services among enterprises. It provides benefits such as flexibility, scalability, and cost-effectiveness, the use of cloud-based services for various corporate activities has significantly expanded in recent years. Since IDaaS solutions provide a secure and scalable cloud-based IAM platform, they are being utilized more and more by a wide range of businesses.
Furthermore, increased demand for cutting-edge security solutions to protect against cyber threats and data breaches is likely to boost market revenue growth. The growth of mobile and web-based apps, as well as increased cyberattacks, are driving up demand for secure IAM solutions. While the availability of sophisticated security capabilities in IDaaS solutions, such as single sign-on, multi-factor authentication, and role-based access control, is increasing market demand for these products.
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Market Overview:
- Affordability and simplicity: Public cloud deployment options are generally more affordable and straightforward compared to private or hybrid cloud deployments. The public cloud offers a pay-as-you-go model, allowing organizations to scale their usage and costs based on their needs. This makes it an attractive option for businesses of all sizes.
- Scalability and adaptability: Public cloud IDaaS solutions are highly scalable and adaptable to meet the evolving demands of organizations. They can handle a large number of users and applications, making them suitable for enterprises with complex and diverse environments.
- Tailored solutions: Public cloud IDaaS solutions can be customized and tailored to meet the specific requirements of different organizations. They offer flexibility in terms of configuring access policies, authentication methods, and user roles, allowing businesses to align the solution with their unique corporate demands.
- Security and compliance: Public cloud IDaaS solutions typically provide a high level of security and compliance features. Cloud service providers invest heavily in securing their infrastructure and implementing robust security measures to protect user identities and sensitive data. They also comply with industry standards and regulations, making them suitable for enterprises that prioritize data protection and regulatory compliance.
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Some Key Highlights from the Report
- In 2022, the SSO segment had the greatest revenue share in the overall IDaaS market. This is because they provide safe access to several apps with a single set of login credentials while also streamlining the authentication procedure. Bring Your Own Device (BYOD) and remote working, which allow employees to access apps and data from any device, at any time, and anywhere, are further driving the usage of SSO solutions.
- The public cloud segment was the largest contributor to the global IDaaS market revenue in 2022. This is because public cloud deployment options provide affordable and easy deployment options for businesses. IDaaS solutions in the public cloud offer a scalable and customizable solution that can be tailored to meet the diverse needs of different organizations. Public cloud IDaaS solutions are ideal for businesses that require high levels of security and compliance as they offer advanced security features and ensure the protection of sensitive data.
- The North American market is estimated to account for the greatest revenue share in the worldwide IDaaS market during the forecast period. This is owing to the presence of major industrial actors and the requirement for secure identity management solutions. Some of the world's largest technical companies have their headquarters in this region, and as a result, IDaaS solutions are being created and embraced by a diverse variety of sectors.
- The Europe market witnessed the fastest revenue growth rate in the global IDaaS market in 2022. This can be attributed to the region's stringent data privacy and security regulations, as well as its abundance of major corporations. As a result, the demand for IDaaS solutions that can ensure compliance with regulations such as the Payment Card Industry Data Security Standard (PCI DSS) and the General Data Protection Regulation (GDPR) has risen.
Competitive landscape:
The global Identity As A Service (IDaaS) market is extremely competitive and comprise of various key players operating at regional and global levels. These key players are involved in adopting various strategies such as partnerships, new product launches, collaborations, mergers and acquisitions to gain robust footing in the market and enhance their product base. The report offers details about every player in the global Identity As A Service (IDaaS) market including financial standing, global positioning, R&D investments, license agreement, and product services. Some of the leading players are listed below:
Okta, Inc., Microsoft Corporation, IBM Corporation, Google LLC, Salesforce.com, Inc., Ping Identity Corporation, OneLogin, Inc., Auth0, Inc., ForgeRock, Inc., and Idaptive, LLC.
Global Identity As A Service (IDaaS) market segmentation:
Solution Type Outlook (Revenue, USD Billion; 2022 - 2032)
- Single Sign-On
- Identity Governance & Administration
- User Provisioning
- Password Management
- Others
Deployment Mode Outlook (Revenue, USD Billion; 2022 - 2032)
- Public Cloud
- Private Cloud
- Hybrid Cloud
Organization Size Outlook (Revenue, USD Billion; 2022 - 2032)
- Small & Medium Sized Enterprises (SMEs)
- Large Enterprises
Vertical Outlook (Revenue, USD Billion; 2022 - 2032)
- Banking, Financial Services & Insurance (BFSI)
- Healthcare
- Information Technology (IT) & Telecom
- Retail & Consumer Goods
- Government
- Others
Regional Outlook:
· North America
o U.S.
o Canada
o Mexico
· Europe
o Germany
o Italy
o U.K.
o Rest of EU
· Asia Pacific
o India
o China
o Japan
o South Korea
o Rest of APAC
· Latin America
o Brazil
o Argentina
o Rest of Latin America
· Middle East & Africa
o Saudi Arabia
o South Africa
o U.A.E
o Rest of MEA
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