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.
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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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.
IDaaS Market by Component (Provisioning, Single Sign-On, Advanced authentication, Audit, Compliance, and Governance, Directory service, and Password management), Organization Size, Deployment Type, Vertical and Region - Global Forecast to 2027
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