The market for Identity as a Service is expected to reach USD 16.38 billion by 2028 | Okta, Inc., OneLogin, Inc., Jumio Corporation, and JumpCloud, Inc. are among the leading companies.

IDaaS (Identity as a Service) has evolved as a critical component of modern-day digital identity management. As businesses increasingly rely on cloud-based services and remote working methods, the requirement for safe and effective identity management solutions becomes critical. The Identity as a Service Market refers to the supply of identity and access management solutions via a cloud-based service paradigm, allowing organisations to manage user identities, access rights, and authentication processes in a more simplified and streamlined manner.

The global IDaaS market size reached USD 3.41 Billion in 2020 and is expected to register a CAGR of 21.7% during the forecast period, according to latest analysis by Emergen Research. Global IDaaS market revenue growth rate is expected to increase significantly during the forecast period due to increasingly stringent regulations for data protection. Rising adoption of multi-cloud computing systems is also expected to boost revenue growth of the global IDaaS market. Increasing interconnectivity due to increasing IoT and BYOD trends across industries is expected to augment growth of the global IDaaS market going ahead.

However, concerns regarding data security is a key factor expected to hamper global IDaaS market growth to some extent over the forecast period.

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However, there are several constraints in the IDaaS market. Concerns about data privacy and security are among the market's primary challenges. Organisations must guarantee that sensitive user information is safeguarded against unauthorised access or breaches. Furthermore, relying on third-party identity management service providers raises questions regarding data ownership and governance. These concerns can stymie the adoption of IDaaS solutions, especially in areas with strict data protection regulations, such as finance and healthcare.

Despite the limitations, the IDaaS industry is likely to grow significantly in the next years. The market's increased demand for smooth user experiences and improved operational efficiency is a significant growth factor. IDaaS solutions enable organisations to centralise identity management, streamline user onboarding, and enable single sign-on across many apps and services. Furthermore, the growing trend of digital transformation, as well as the proliferation of mobile and IoT devices, create a high demand for flexible identity management solutions, propelling the IDaaS market forward.

Some players analyzed in the report are:

• Google LLC,
• Microsoft Corporation,
• Capgemini SE,
• Oracle Corporation,
• International Business Machines Corporation,
• com, Inc.,
• Okta, Inc.,
• OneLogin, Inc.,
• Jumio Corporation, and JumpCloud, Inc.

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Some Significant Report Highlights:

• The private segment revenue is expected to expand at a significant CAGR during the forecast period. Increasing adoption private based IDaaS solutions by end-users is expected to boost revenue growth of this segment.
• Provisioning segment is expected to lead in terms of revenue over the forecast period as it is one of most important components for access rights enforcement and compliance.
• Increasing incidence of cyberattacks on government entities to access confidential information is expected to drive revenue growth of the public sector segment, which is expected to lead in terms of revenue contribution during the forecast period.
• Factors such as well-established presence of international and domestic players such as Google LLC, Microsoft Corporation, Oracle Corporation, International Business Machines Corporation, Salesforce.com, Inc., Okta, Inc., and OneLogin, Inc. among others in countries in North America is expected to drive market growth during the forecast period.
• In September 2020, AML Platform of Beam Solutions, Inc. was acquired by Jumio Corporation. Through this acquisition, Jumio will offer end-to-end identity verification and compliance solution.

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Segments Covered in the Report:

Emergen Research has segmented the global IDaaS market on the basis of deployment, component, end-use, and region:

Deployment Outlook (Revenue, USD Billion; 2018–2028)

• Private Cloud
• Public Cloud
• Hybrid Cloud

Component Outlook (Revenue, USD Billion; 2018–2028)

• Password Management
• Multifactor Authentication
• Single Sign-On
• Directory Services
• Audit, Compliance & Governance
• Provisioning

End-use Outlook (Revenue, USD Billion; 2018–2028)

• Public Sector
• Healthcare
• IT & Telecom
• BFSI
• Education
• Manufacturing
• Energy & Utilities
• Others

Regional Outlook:

• North America (U.S., Canada)
• Europe (U.K., Italy, Germany, France, Rest of EU)
• Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Rest of Latin America)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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Features of IDaaS:

IDaaS companies specialise in security and adhere to the most recent industry standards and best practises. Organisations can benefit from robust security measures such as advanced authentication methods, encryption, and continuous monitoring by using their expertise, reducing the risks associated with identity theft, data breaches, and unauthorised access.

Scalability and Flexibility: IDaaS allows organisations to easily scale their identity management systems to accommodate growing user populations or variable demands. Because IDaaS is cloud-based, it allows for fast provisioning and deprovisioning of user accounts, making it perfect for organisations with changing user populations.

IDaaS simplifies the user experience by providing a single authentication process across numerous applications and services. Users can benefit from single sign-on (SSO) capabilities, which eliminate the need to remember multiple usernames and passwords for different platforms, enhancing ease and productivity.

Adoption of IDaaS can greatly lower the expenses of installing and maintaining on-premises identity management systems. A subscription-based pricing model can benefit businesses by eliminating the need for upfront hardware and software investments and lowering ongoing maintenance costs.

legal Compliance: Many IDaaS providers include compliance management tools to assist organisations in meeting legal obligations such as the General Data Protection Regulation (GDPR) or the California Consumer Privacy Act (CCPA). These features include auditing capabilities, data governance tools, and secure data handling practises, all of which help organisations comply with appropriate data protection and privacy legislation.

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