The study categorizes the IDaaS market by component, deployment type, verticals, and regions.

Northbrook, IL 60062 -- (SBWire) -- 11/22/2023 --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, according to research report by MarketsandMarkets™.

The rise in identity and authentication frauds and the adoption of advanced authentication techniques across verticals drive the growth of the IDaaS market. Moreover, ownership and privacy challenges may hinder market growth.

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281 - Tables
44 - Figures
367 – Pages

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Based on component, the single sign-on is expected to grow at a highest CAGR during the forecasted period.

Single Sign-on (SSO) is a form of authentication by which users can access multiple computer platforms or applications present on-premises of an organization or through the cloud by logging in only once. The process saves a lot of time for users by authenticating users for all the applications they have been entitled to. SSO enables them to focus on a required task without remembering multiple usernames and password combinations. ? SSO lowers IT costs by saving time on password resets. When apps require a different username and password for every employee, there is a high chance that employees will forget passwords—which means help tickets for password reset pile up. Technologies like AI enable SSO systems to track user activity constantly during a session, guaranteeing that only authorized users can access secured resources.

By deployment type, private cloud segment is expected to grow at a highest CAGR during the forecast period.

Private cloud refers to computing wherein the computing resource is accessed by a single organization and restricted to external entities. Organizations that invest in their on-premises data centers can also use it as a private deployment type. Private Cloud enables a company to have better control over its data and reduce risks, such as data loss and issues related to regulatory compliance. The flexibility allows businesses to adapt identity management services to their unique workflows and compliance requirements, ensuring that the solution aligns precisely with their operational goals. Private cloud IDaaS solutions provide organizations with a greater degree of control and data sovereignty. It is particularly appealing to businesses operating in highly regulated industries or regions with strict data privacy requirements.

By region, Asia Pacific is expected to grow at the highest CAGR during the forecast period.

Asia Pacific region consists of some of the fastest growing economies like India and China. Asia Pacific has seen cutting-edge technology's advanced and rapid adoption as a profitable security product and service market. Even though the area implements the most recent security solutions, it is frequently the target of attacks. Developing countries such as India are moving towards the rapid digitalization of processes through different initiatives taken by governments to increase the use of mobile applications and web-based applications across sectors such as BFSI, retail, and IT. The growing digitization in the Asia Pacific is driving IDaaS demand.

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Okta (US), Microsoft (US), Thales (France), Ping Identity (US), IBM (US), Atos (France), Oracle (US), Salesforce (US), Google (US), CyberArk (US), OpenText (Canada), SailPoint (US), VMware (US), HCL Tech (India), Entrust (US), SecureAuth (US), Simeio (US), Ilantus Technology (India), LoginRadius (US), JumpCloud (US), IDNow (Germany), One Identity (US), 1Kosmos (US), Idenfy (Lithuania), ShareID (France) are the key players and other players in the IDaaS market.

Key Dynamic Factors For IDaaS Market:

Growing Use of Cloud Services:

The need for cloud-centric identity and access management solutions like IDaaS is growing as more businesses move to cloud-based infrastructure.

Security Issues:

Adoption of IDaaS solutions is fueled by a growing awareness of cybersecurity dangers and the necessity of strong identity and access management to safeguard sensitive data.

Adherence to Regulations:

The IDaaS market is being driven by strict data protection requirements like the CCPA, GDPR, and others, which require organisations to install secure identity management solutions in order to assure compliance.

Trends in Bring Your Own Device (BYOD):

IDaaS is growing because of the BYOD trend and the proliferation of mobile devices, which force organisations to build flexible and scalable identification solutions.

Remote Employees:

IDaaS is becoming more pertinent as remote and hybrid work models become more commonplace. These work modes highlight the need for safe and easily available identity management solutions.

Combining One Technology with Another:

IDaaS solutions are becoming more and more popular when they smoothly connect with other technologies like enterprise mobility management (EMM), multi-factor authentication (MFA), and single sign-on (SSO).

User Context:

When selecting IDaaS solutions, self-service options, user-friendliness, and a positive user experience are increasingly important considerations for organisations.

Integration of Machine Learning (ML) with Artificial Intelligence (AI):

IDaaS solutions are made more capable by the use of AI and ML technologies, which improve threat detection, authentication, and adaptive access controls.

Competitive and Segmentation Analysis:

The market for identification as a service (IDaaS) is characterised by fierce competition, a constantly changing landscape, and a growing need for secure identity and access management solutions due to changing technology trends. Prominent industry participants, such as Okta, OneLogin, Microsoft Azure Active Directory, IBM Cloud Identity, and Ping Identity, among others, are deeply involved in intense rivalry aimed at improving their products and growing their market shares. The market is divided into different segments according to different criteria, including industry verticals (IT and telecommunications, healthcare, finance, retail, and others), organisation size (small and medium-sized enterprises, large enterprises), deployment models (public cloud, private cloud, hybrid cloud), and geographic locations.

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