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3. Okta (US), Microsoft (US) and Thales (France) are leading players in IDaaS Market

The global IDaaS market size is projected to grow from USD 7.0 billion in 2023 to USD 21.4 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 25.0% during the forecast period. The rise in identity and authentication frauds is propelling the expansion of the IDaaS market.

Compliance management is expected to be a major driver in the adoption of IDaaS solutions due to the huge costs associated with non-compliance with regulatory mandates. The presence of rules and regulations such as the General Data Protection Regulation (GDPR), Payment Card Industry Data Security Standard (PCI-DSS), Sarbanes-Oxley (SOX), and Health Insurance Portability and Accountability Act (HIPAA) are expected to be further updated in the coming years, due to the increasing need regarding authenticity requirements and emerging security issues. Such factors form a powerful force behind the growth and advancement of the IDaaS market.

To know about the assumptions considered for the study download the pdf brochure

What is IDaaS?

Identity as a Service (IDaaS) refers to Identity and Access Management (IAM) services 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. Software vendors are continuously following the transition features from on-premises to cloud by keeping their functions and data in the cloud. It has led to an increased usage of IDaaS; an authentication infrastructure kept in the cloud. IDaaS 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.

Competitive overview:

The IDaaS market is led by some of the globally established players, such as Okta (US), Microsoft (US), Thales (France), Ping Identity (US), IBM (US), Atos (France), Oracle (US), Salesforce (US). Partnerships, agreements, collaborations, product developments, and acquisitions are some of the various growth strategies by these players to increase their market presence.

Okta is the leading independent identity provider. It offers several products and solutions for IDaaS, including single sign-on, universal directory, advanced server access, API access management, adaptive, multi-factor authentication, and access gateway, and solutions including workforce identity and customer identity. Some of its capabilities are integrating multiple apps, adding account takeover protection, modernizing, and building a platform. Okta offers its solutions to SMEs and large enterprises across different industry verticals, including government, BFSI, IT, education, life sciences, manufacturing, media and entertainment, retail, and transportation.

The company uses Software-as-a-Service (SaaS) business model and generates revenue primarily by selling multi-year subscriptions for its cloud-based offerings. Okta sells its products directly through its field and inside sales teams and indirectly through its network of channel partners, including resellers, system integrators, and other distribution partners. The company has a large customer base across North America, Europe, Asia Pacific, the Middle East, Africa, and Latin America.

Microsoft, a company renowned for developing and supporting a wide spectrum of software, services, devices, and solutions, boasts a product portfolio encompassing Operating Systems (OS), cross-device productivity applications, server applications, business solution applications, desktop and server management tools, software development tools, and video games. Furthermore, in the realm of DaaS, Microsoft Entra offers a diverse array of products and services, including Microsoft Entra, ID, Microsoft Entra Governance, and Microsoft Entra Permissions Management. These solutions are complemented by robust zero-trust security measures, ensuring a comprehensive identity and access management approach. Microsoft also designs, manufactures, and sells an array of devices such as PCs, tablets, gaming and entertainment consoles, other intelligent devices, and related accessories.

Thales Group is a French multinational company that designs and builds electrical systems and provides services for the aerospace, defense, transportation, and security markets. The French government partially owns the company, and it operates in more than 56 countries. Thales Group entered the digital security business after acquiring Gemalto, an international security company. Gemalto majorly operates through various business segments, such as payment and identity, IoT, software monetization, enterprise security, and mobile. Thales has acquired OneWelcome. With the acquisition, Thales will offer a comprehensive Identity Platform enabling organizations of all sizes to manage internal and external identities. The new platform will enable them to bring new businesses online quickly while improving operational efficiency and customer experience, meeting or exceeding regulatory compliance.

According to MnM’s approach to evaluating the market, most businesses use organic and inorganic growth tactics to hold onto their market share. In 2021–2023, transactions rose by 50–60%. Alliances, acquisitions, collaborations, and partnerships together are covered in these agreements. Organizations are anticipated to embrace organic growth strategies starting in 2022 to provide end consumers with IDaaS offerings, which would assist businesses in boosting market revenue.

Related Reports:

IDaaS Market by Component (Provisioning, Single Sign-on, Advance Authentication, Audit, Compliance, and Governance, Directory Services, Password Management), Deployment type, Verticals and Region - Global Forecast to 2028

Contact:
Mr. Aashish Mehra
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