MarketsandMarkets forecasts the global IDaaS Market size is estimated to be USD 5.6 billion in 2022 and is projected to reach USD 16.8 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 24.7% during the forecast period. Government initiatives and regulations supporting digital identity transformation, Government regulations and the need for compliance, and the rise in identity and authentication frauds are some key factors driving the market growth.
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By deployment type, the private cloud segment is projected to grow with a higher CAGR during the forecast period
The IDaaS market is segmented into public, private, and hybrid clouds based on the deployment type. The subsegment with the highest CAGR is private cloud deployment owing to the widespread use of private cloud-based identities as they provide stronger safety, high performance, privacy, and reliability while still adhering to regulations and compliances. The most important factors in an organizations decision to operate a private cloud were data protection, asset ownership, and integration with business processes. The private cloud is frequently used by businesses with extremely changeable network requirements in order to guarantee they always have enough access and total control over the cloud environment. Organizations may benefit from the private cloud because they provide several benefits including cost savings, efficient resource utilization, complete control and security, increased security and privacy, remote accessibility, continuity of operations, obtaining regulatory compliance, increased flexibility, and improved dependability. Government agencies, financial institutions, and other medium to large-sized organizations with mission-critical activities frequently deploy private clouds to increase control over their environment. Therefore, the private cloud segment has the highest CAGR during the forecasted period.
By Component, the Provisioning segment to hold a larger market size during the forecast period
The IDaaS market is segmented into Provisioning, Single Sign-On, Advanced authentication, Audit, Compliance, and Governance, Directory service, and Password management on the basis of Component. The provisioning sector is anticipated to take the lead since it is essential to security management and will continue to be a crucial component of the IDaaS architecture. With the provisioning system businesses may guarantee that the appropriate users have access to the appropriate apps and infrastructure. Enterprises may automate the providing and de-provisioning of all user accounts with the aid of this secure, automated, policy-based identity lifecycle management system. Additionally, a consolidated view of all application credentials is offered via the provisioning system. It also quickly connects users to appropriate enterprise resources while reducing administrative workload. The Provisioning sub-segment is one of the most crucial elements for access rights enforcement and compliance. Therefore, is anticipated to hold a larger market size during the forecasted period.
What is Identity as a Service (IDaaS)?
MarketsandMarkets defines Identity as a Service (IDaaS) as Identity and Access Management (IAM) services that are offered through the cloud or Software-as-a-Service (SaaS) on a subscription basis. IDaaS enables users to connect and use identity management services from the cloud. It comprises cloud-based solutions that provide IAM and access governance capabilities as a service, ranging from Single Sign-On (SSO) to identity provisioning and access governance.
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Competitive overview:
The IDaaS market is led by some of the globally established players such as Okta (US), CyberArk (US), Thales (France), Microsoft (US), Ping Identity (US), OneLogin (US), IBM (US), and others. These players have adopted various growth strategies such as partnerships, agreements, collaboration, acquisitions, and product developments to increase their market presence.
Okta (US) is an identity management service with the ability to access any employer through any application on any device. The company offers cloud-based software that enables businesses to manage and secure user authentication into applications and enables developers to incorporate identity controls into software, websites, online services, and hardware. It offers several products and solutions for IDaaS including products such as Single Sign-On, Universal Directory, Advanced Server Access, API Access Management, Authentication, Multi-factor Authentication, and Access Gateway and solutions including Workforce Identity and Customer Identity. The company offers its services to various industries including Public Sector, Financial Services, Retail, Healthcare, Travel & Hospitality, Technology, Nonprofit, and Energy. It has a global reach in North America, Europe, and the Asia Pacific.
Apart from large vendors, some SMEs, and start-ups such as JumpCloud (US), SecureAuth (US), Auth0 (US), OpenText (Canada), Ilantus (US), and LoginRadius (Canada), among others are also evolving in the IDaaS market. The primary goal of JumpCloud is to reinvent the on-premises directory as a cloud-based platform that secures identities, controls devices, and offers safe access to all sorts of IT resources – on-premises, in the cloud, across various operating systems including Windows, Mac, or Linux. With the use of JumpClouds cloud-based directory as a service platform, users identities, devices, and access are securely managed across VPN, Wi-Fi, servers, and desktops. The company offers IDaaS solutions including JumpCloud Directory Platform, Zero Trust Security, Compliance, and IdentityOS.
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