Market Research Future Insights
According to MRFR analysis, the global IDaaS market is expected to register a CAGR of 24.70% from 2023 to 2032 and hold a value of over USD 21.87 billion by 2032. Identity as a Service (IDaaS) is a type of cloud-based service that provides organizations with identity and access management (IAM) capabilities. IDaaS solutions typically include features such as single sign-on (SSO), multi-factor authentication (MFA), user provisioning, and identity governance. These solutions allow organizations to manage and secure access to their applications and data, both on-premises and in the cloud and can be integrated with existing IT infrastructure.
The COVID-19 pandemic has had a significant impact on IDaaS, as organizations have had to quickly adapt to the shift to remote work. The pandemic has led to an increased need for secure remote access to critical applications and data, which has accelerated the adoption of IDaaS solutions. Additionally, many organizations have had to rapidly scale up their IT infrastructure to support a larger remote workforce, which has introduced new challenges for IAM, such as managing and securing access to a larger number of devices and applications. IDaaS solutions can help organizations manage and secure access to their IT resources and protect against cyber threats, which is crucial in the current scenario.
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Regional Analysis
North America is currently the leading market for identification as a service (IDaaS), due to the recent increase in security concerns and data breaches. During the projected period, the growth of the identity as a service (IDaaS) market in this area will be further boosted by the rising number of cyberattacks that aim to access private consumer data, as well as the growing adoption of cloud applications.
Market Segmentation
The Global IDaaS market has been segmented into component, deployment, and vertical.
Based on the component, the market has been segmented into Provisioning, Single Sign-On, Advanced authentication, Audit, Compliance, Governance, Directory service, and Password management.
Based on the deployment, the market has been segmented into Public, Private, and Hybrid.
Based on the verticals, the market has been segmented into BFSI, IT and ITeS, Energy and Utilities, Government, Manufacturing, Healthcare, Retail and Consumer goods, and Others.
Key Players
Some of the key market players are Okta, CyberArk, Thales, Microsoft, Ping Identity, OneLogin, IBM, Oracle, Google, and SailPoint.
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