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3. IDaaS Market Share & Size: Trending Growth Factors

At a Compound Annual Growth Rate (CAGR) of 25.0% over the course of the forecast period, the size of the worldwide IDaaS market is expected to increase from USD 7.0 billion in 2023 to USD 21.4 billion by 2028. The market for IDaaS is growing due to an increase in identity and authentication fraud.

Given the enormous costs of non-compliance with regulatory obligations, compliance management is anticipated to play a significant role in driving the adoption of IDaaS solutions. It is anticipated that laws and regulations like the Health Insurance Portability and Accountability Act (HIPAA), Sarbanes-Oxley (SOX), Payment Card Industry Data Security Standard (PCI-DSS), and General Data Protection Regulation (GDPR) will be updated further in the upcoming years due to the growing need for authenticity requirements.

The growth of the IDaaS (Identity as a Service) market is driven by several key factors:

• Increasing Cybersecurity Threats
• Regulatory Compliance
• Cloud Adoption
• Remote Work and BYOD Trends
• Digital Transformation Initiatives
• User Experience and Convenience

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

Increasing Cybersecurity Threats:

The rise in cyberattacks and data breaches is prompting organizations to enhance their security measures. IDaaS solutions offer robust identity and access management capabilities that help protect sensitive information and prevent unauthorized access.

Regulatory Compliance:

Stringent data protection regulations (such as GDPR, CCPA, and HIPAA) require organizations to implement strong identity management practices. IDaaS solutions help businesses comply with these regulations by providing features like access controls, audit trails, and identity governance.

Cloud Adoption:

The widespread adoption of cloud services necessitates secure identity management for cloud-based applications and resources. IDaaS solutions provide seamless integration with cloud platforms, enabling secure access to cloud services and facilitating the transition to cloud environments.

Remote Work and BYOD Trends:

The increase in remote work and the Bring Your Own Device (BYOD) trend has expanded the need for secure access to corporate resources from various locations and devices. IDaaS solutions offer flexible, scalable identity management that supports remote workforces and diverse devices.

Digital Transformation Initiatives:

As organizations undergo digital transformation, they require advanced identity management solutions to secure digital identities and streamline user access across multiple digital channels and services. IDaaS solutions enable organizations to manage identities efficiently in a digital-first world.

User Experience and Convenience:

Modern businesses prioritize user experience and convenience, aiming to provide seamless and frictionless access to applications and services. IDaaS solutions enhance user experience through single sign-on (SSO), multi-factor authentication (MFA), and self-service password management.

IDaaS Market Share - Global Industry Landscape

The leading companies in the IDaaS industry and their key offerings include:

• Entrust (US)
• VMware (US)
• SecureAuth (US)
• Simeio (US)
• LoginRadius (US)
• JumpCloud (US)

These companies are recognized for their innovative solutions and ability to meet the diverse identity and access management needs of organizations across various industries.

Entrust (US)

Market Share and Key Offerings:

Entrust is a prominent player in the identity and access management market, though specific market share figures are often proprietary and not publicly disclosed. Entrust provides a comprehensive range of digital security solutions, including IDaaS. Key offerings include multi-factor authentication (MFA), public key infrastructure (PKI), identity verification, and secure certificate management. Entrust's solutions are designed to secure digital identities across various applications, ensuring robust protection against cyber threats.

VMware (US)

Market Share and Key Offerings:

VMware, a major player in the virtualization and cloud computing sectors, extends its expertise into the identity management space with its VMware Workspace ONE platform. VMware holds a significant share in the enterprise IT market, leveraging its established customer base. Key offerings include Workspace ONE Access, which provides single sign-on (SSO), conditional access, and identity federation services. VMware's identity solutions are integrated with its broader workspace management and endpoint security offerings, providing a seamless and secure user experience.

SecureAuth (US)

Market Share and Key Offerings:

SecureAuth is a well-regarded name in the identity and access management market, focusing on adaptive authentication and identity security. While specific market share data is not publicly available, SecureAuth is known for its innovation in the space. Key offerings include SecureAuth Identity Platform, which provides adaptive authentication, SSO, and MFA. SecureAuth's platform is designed to deliver strong security while maintaining a frictionless user experience by leveraging behavioral biometrics and risk-based authentication techniques.

Simeio (US)

Market Share and Key Offerings:

Simeio is a specialized provider in the IDaaS market, offering managed identity services and consulting. The company's market share is notable in sectors requiring comprehensive identity management and governance solutions. Key offerings include Simeio Identity Orchestrator (IO), which provides a unified platform for identity governance, access management, and privileged access management. Simeio's services are aimed at ensuring compliance, enhancing security, and simplifying identity management processes for enterprises.

LoginRadius (US)

Market Share and Key Offerings:

LoginRadius focuses on customer identity and access management (CIAM), catering primarily to consumer-facing businesses. While specific market share figures are not typically disclosed, LoginRadius is recognized for its robust CIAM capabilities. Key offerings include cloud-based identity management solutions that provide SSO, MFA, user registration, and customer data management. LoginRadius emphasizes seamless integration, scalability, and security, making it a popular choice for businesses looking to enhance customer engagement and security.

JumpCloud (US)

Market Share and Key Offerings:

JumpCloud has carved out a significant niche in the IDaaS market, particularly among small to medium-sized enterprises and IT organizations. Known for its innovative directory-as-a-service (DaaS) offering, JumpCloud provides a cloud-based alternative to traditional on-premises directory services. Key offerings include identity management, SSO, MFA, device management, and LDAP services. JumpCloud's platform is designed to simplify IT operations, offering centralized control and management of user identities, devices, and access across various resources and environments.

These companies offer diverse and specialized identity and access management solutions tailored to different market segments and organizational needs, contributing to their respective positions in the IDaaS market.

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