The Global Identity-as-service (IDaaS) Market was valued at USD 2.89 Bn in 2019 expanding at CAGR of 20.4% from 2020-2030.
Identity-as-a-Service comprises of cloud based solutions for identity and access management such as single sign-on, multi-factor authentication among others. This method allows the users such as employees, customers and third parties to securely access sensitive information stored both on-premise and cloud. Multi-factor authentication (MFA) including biometrics are considered as the core components of IDaaS. Multi-factor authentication has become one of the popular way of verifying the identity of the users. MFA requires more than one source for identifying the user and providing the authentication. Also, multifactor authentication offers additional security and diminishes the likelihood of unauthorized access. For instance, Microsoft Authenticator and Google 2-Step Verification are some of the examples that uses multi-factor authentication. Both of these relies on time-based one time password algorithm (TOTP). There are major benefits associated with the usage of IaaS. For instance, IaaS offers better security, compliance and operates at an affordable cost. Beside these advantages, Identity-as-a-Service also enables faster log-in methods and sends fewer password requests.
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Some of the major players operating in the market are Okta, Inc. (US), Ping Identity (US), IDaptive, LLC (US), CA Technologies (US), OneLogin (US), Microsoft Corporation (US), Oracle Corporation (US), SailPoint Technologies (US), IBM Corporation (US), Salesforce (US), Google (US), Capgemini (France), HCL (India), Simeio Solutions (US), Gemalto (Netherlands), Connectis (Netherlands), Jumio (US), One Identity (US), Auth0 (US), and JumpCloud (US) among others. New product launches, strategic merger & acquisition, geographic expansion are some of the major strategies that are adopted by the companies
For instance in 2019, Google entered into a strategic partnership with Atos in order to expand the capabilities in Identity-as-a-service. Also, in the same year, IBM acquired Red Hat, which is a provider of open-source software products. The strategic acquisition helped IBM to expand its capabilities in the field of identity management with the help of Red Hat’s identity management portfolio.
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Market Segmentations and Scope of the Study:
The global identity-as-a-service market is segmented on the basis of component, deployment, organization size and end-user. By different component the market has been segmented into provisioning, single sign-on, advanced authentication, audit, compliance and governance, directory services and password management. By deployment type the market has been segmented into private, public and hybrid cloud. By end-use the market has been segmented into banking, financial services and insurance, telecom and IT, consumer goods and retail, public sector, energy and utilities, manufacturing, healthcare, education and others. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
North America dominated the market in 2019 and is expected to display similar trend in the coming years owing to the advancement in terms of technology and development in the infrastructure. Rising incidents of security threats and data breaches is a major factor resulting in the increased demand for identity-as-a-service in North America. Further, rising number of cyber-attacks to access confidential consumer data, greater adoption of cloud and changing needs of workforce are also driving the market growth in North America.
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