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

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

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 IDaaS market is propelled by key factors shaping its growth trajectory. These include government regulations, the need for compliance, and the rise in identity and authentication fraud. Furthermore, ownership and privacy challenges may hinder market growth.

“By vertical, BFSI holds the largest market size.”

The BFSI vertical focuses on understanding digital consumer behavior, preferences, and choices through customer-centric business applications. Financial institutions have to protect sensitive customer data and digital identities from unauthorized access. The number of digital transformations is increasing, resulting in increased fraud and identity theft incidents. The IDaaS solutions offer comprehensive insights about customers of BFSI organizations, which help deliver a unified experience. These solutions also help the BFSI vertical deliver robust security, secure identities, and manage regulatory compliances. Due to these benefits, IDaaS solutions are gaining more popularity in the BFSI vertical. These solutions are contributing to improving the customer’s trust in digital identities.

“By deployment mode, the Provisioning segment holds the largest market size.”

With Single Sign-on (SSO), users only need to log in once to access various computer platforms or apps available on an organization's premises or in the cloud. SSO helps to remove the need for users to memorize several sets of credentials for each system and application. Once users enter their login information into the network, they are automatically logged in and authorized each time a system or application is opened. Users save a great deal of time through the procedure, which authenticates them for every application to which they are eligible.

SSO's capabilities have been increased with the integration of cutting-edge technology. With the help of technologies like Al, SSO systems can continuously monitor user behavior, ensuring that only authorized users can access secured resources. In the case of questionable activity, the system can automatically remove access and request that the user should re-authenticate.

“By region, North America holds the largest market size.”

North America is a technologically advanced region with strong economies like the US and Canada. The region houses several large enterprises and rapidly growing SMEs, where carrying out IDaaS solutions is critical to ensure the safety of the organizational network, IT assets, and information. Banking and financial institutions in the region, such as Morgan Stanley, Carbanak, Experian, and Scottrade, lost the data of 50 million users combined. While medical facilities have witnessed the highest rate of cyberattacks in the last five years, other regional enterprises have started implementing various technologies, such as AI and ML, for automating IDaaS solutions. The rise in cyberattacks aimed at gaining access to private consumer data, changing workforce needs, and the adoption of bring your device (BYOD) and mobile practices, pushing North American businesses to adopt IDaaS solutions

Breakdown of primaries

The break-up of the primaries is as follows:

By Company Type: Tier 1 – 25%, Tier 2 – 40%, and Tier 3 – 35%

By Designation: Director- 35%, C-level Executes– 30%, Other levels– 35%

By Region: North America – 15%, Europe – 25%, Asia Pacific – 30%, Middle East & Africa – 10%, Latin America – 20%

Major vendors in the global IDaaS market include Okta (US), Microsoft (US), Thales (France), Ping Identity (US), IBM (US), Atos (France), Oracle (US), Salesforce (US), Google (US), CyberArk (US). The study includes an in-depth competitive analysis of the key players in the IDaaS market, their company profiles, recent developments, and key market strategies.

Research Coverage

The report segments the IDaaS market and forecasts its size by Component (Provisioning, Single Sign-on, Advanced Authentication, Audit, Compliance, and Governance, Directory Services, Password Management), by Deployment type (Public Cloud, Private Cloud, Hybrid Cloud), by Vertical (BFSI, IT and ITeS, Energy and Utilities, Government, Manufacturing, Healthcare, Telecommunication, Other Verticals), and region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America).

The study also includes an in-depth competitive analysis of the market's key players, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key Benefits of Buying the Report

The report will help the market leaders/new entrants in the market with information on the closest approximations of the revenue numbers for the overall IDaaS market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

Analysis of key drivers (Government initiatives and regulations supporting digital identity transformation, Government regulations and the need for compliance drive the adoption of IDaaS, Rise in identity and authentication frauds), restraints (Reluctance of organizations to adopt cloud-based security, Lack of information security of consumer data), opportunities (Rising trend of cost shift and complexity reduction, Integration of AI, ML, and blockchain technologies to enhance digital identities, Adopting advanced authentication techniques across verticals) and challenges (Outsourcing of critical applications, Ownership and privacy challenge)

Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the IDaaS market.

Market Development: Comprehensive information about lucrative markets – the report analyses the IDaaS market across varied regions.

Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the IDaaS market.

Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Okta (US), Microsoft (US), Thales (France), Ping Identity (US), IBM (US), Atos (France), Oracle (US), Salesforce (US), Google (US), CyberArk (US) and among others in the IDaaS market strategies.