Identity as a Service Market

Okta, Inc. (US) and Ping Identity (US) are leading players in Identity as a Service Market

The Identity as a Service (IDaaS) market size is projected to grow from USD 2.5 billion in 2019 to USD 6.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 21.1% during the forecast period. The major factors driving the growth of the IDaaS market include the growing demand for cloud-based security solutions and services, and obligations to follow regulatory mandates and data protection laws.

Major IDaaS vendors include as Okta, Inc. (US), IDaptive, LLC (US), Ping Identity (US), OneLogin (US), CA Technologies (US), SailPoint Technologies (US), Microsoft Corporation (US), Oracle Corporation (US), IBM Corporation (US), Google (US), Salesforce (US), HCL (India), Capgemini (France), Gemalto (Netherlands), Simeio Solutions (US), Jumio (US), Connectis (Netherlands), Auth0 (US), One Identity (US), and JumpCloud (US). These market players have adopted various growth strategies, such as partnerships, agreements, and collaborations, and new product launches to expand their presence in the IDaaS market. Partnerships, collaborations, and agreements have been the most adopted strategies by major players from 2017 to 2019, which helped companies innovate their offerings and broaden their customer base.

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Okta (US) is one of the leading providers of IDaaS, and identity and access management (IAM) solutions and services. It offers a robust set of solutions and services to help organizations with cloud-based identity management. The company has created a strong base in the IDaaS market by adopting different growth strategies, including new product launches, business expansions, and partnerships and acquisitions. Okta is also taking initiatives to invest funds in startups to boost innovations in cloud-based identity management products and solutions. For instance, Okta invested USD 50 million in Okta Ventures to encourage business ideas in the IDaaS market. Currently, Okta is focused on strengthening both organic and inorganic business growth strategies. As a part of an organic growth strategy, the company is taking constant effort to enhance its product portfolio by adding improved features. The enhancement made Okta a leading identity resource for software development and increased the company’s presence in the customer identity space. Moreover, as a part of the inorganic growth strategy in March 2019, the company acquired Azuqua, a provider of cloud-based application, to offer an enhanced flow of identities between applications and services to its customers.

Ping Identity (US) is one of the leading providers in identity-defined security. It is an established innovator in the market for identity federation and cloud IAM. The company is highly engaged in standards initiatives, driving the development of standards in the IAM and IDaaS market space. PingOne Cloud is the IDaaS solution that Ping Identity offers in the market. This solution provides both identity federation and directory service capabilities.

Ping Identity offers robust cloud-based offerings to provide enhanced identity management solutions. Ping Identity is rapidly evolving and expanding its footprint in the IDaaS market by adopting different business tactics. It is focused on leveraging cutting-edge technologies, such as artificial intelligence (AI) and machine learning (ML), to differentiate its offerings in the IDaaS market. Ping Identity is evolving rapidly by strengthening organic and inorganic growth strategies. In recent times, the company has been emphasizing on launching new products, solutions, and frameworks to enhance its deployment abilities in the market and offer the best-user experience. It also emphasizes on business expansions, partnerships, and acquisitions to expand its identity management capabilities in the IDaaS market.

Related Reports:

Identity as a Service Market by Component (Provisioning, Single Sign-On, and Advanced Authentication), Deployment Type, Organization Size, Vertical (BFSI, Telecom and IT, Healthcare, and Public Sector), and Region - Global Forecast to 2024

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Report Code
TC 7342
RI Published ON
9/5/2019
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