Identity as a Service (IDaaS) Market Overview

Identity as a service (IDaaS) is a cloud-based subscription model for identity and access management (IAM). It provides organizations with a centralized way to manage user identities, access privileges, and security policies. IDaaS solutions typically offer a range of features, such as single sign-on (SSO), multi-factor authentication (MFA), provisioning and de-provisioning, and access governance.

The IDaaS market is growing rapidly, driven by a number of factors, including the increasing adoption of cloud computing, the growth of mobile and BYOD (bring your own device) trends, and the need to improve security and compliance.

Market Growth

The global IDaaS market is expected to grow from USD 3 billion in 2022 to USD 21.87 billion by 2032, at a CAGR of 24.70%. The growth of the market is being driven by the following factors:

• Increasing adoption of cloud computing: Cloud computing is becoming increasingly popular, as it offers organizations a more scalable, flexible, and cost-effective way to manage IT resources. IDaaS solutions are a natural fit for cloud environments, as they can be easily deployed and managed in the cloud.
• Growth of mobile and BYOD trends: The use of mobile devices and BYOD is becoming increasingly common, which is creating new challenges for organizations in terms of managing user identities and access privileges. IDaaS solutions can help organizations to address these challenges by providing a secure and convenient way for users to access applications and resources from their mobile devices.
• Need to improve security and compliance: Organizations are under increasing pressure to improve their security posture and comply with regulations such as the General Data Protection Regulation (GDPR). IDaaS solutions can help organizations to achieve these goals by providing a more secure and compliant way to manage user identities and access privileges.

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IDaaS Market Segmentation

The IDaaS market is segmented by solution, deployment type, organization size, and industry.

• By solution: The market is segmented into SSO, MFA, provisioning and deprovisioning, access governance, and others. SSO is the leading solution segment, as it is the most basic and essential requirement for any IDaaS solution. MFA is the fastest-growing solution segment, as organizations are increasingly adopting this technology to improve security.
• By deployment type: The market is segmented into cloud-based and on-premises. Cloud-based is the leading deployment type, as it is more scalable, flexible, and cost-effective than on-premises deployments.
• By organization size: The market is segmented into small and medium-sized businesses (SMBs) and large enterprises. Large enterprises are the major market for IDaaS solutions, as they have more complex IT environments and security requirements.
• By industry: The market is segmented into healthcare, financial services, government, retail, and others. The healthcare industry is the leading market for IDaaS solutions, as it is highly regulated and has a high need for security.

Key Players

Some of the key players in the IDaaS market include:

• Okta
• OneLogin
• Ping Identity
• Saviynt
• SailPoint
• Centrify
• IBM
• Microsoft
• Oracle
• Salesforce
• Google

Market Drivers

The following are some of the key drivers of the IDaaS market:

• Increasing adoption of cloud computing
• Growth of mobile and BYOD trends
• Need to improve security and compliance
• Regulatory requirements
• Growing number of cyberattacks
• Increased awareness of the importance of identity and access management

Regional Insights

The IDaaS market is expected to grow in all regions, but the fastest growth is expected to be in the Asia Pacific region. This is due to the rapid growth of cloud computing and mobile adoption in the region.

Industry Latest News

• In February 2023, Okta announced that it had acquired Auth0, a leading provider of identity and access management (IAM) solutions. The acquisition will help Okta to expand its IAM capabilities and reach a wider range of customers.
• In March 2023, Google announced that it was launching a new IDaaS solution called Cloud Identity and Access Management (Cloud IAM). Cloud IAM is a fully managed service that provides organizations with a secure and scalable way to manage user identities and access privileges.
• In April 2023, Microsoft announced that it was adding new features to its Azure Active Directory (Azure AD) IDaaS solution. The new features include support for multi-factor authentication (MFA), conditional access, and risk-based authentication.

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