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.
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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.
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.
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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.
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.
Unique Features in the IDaaS Market
IDaaS frequently offers Single Sign-On features, which let users to access many apps and services with just one set of login credentials. This feature is known as Unified Access. Convenience and security for users are improved.
Enhanced Security: A lot of IDaaS systems come with Multi-Factor Authentication, which puts an additional layer of protection on top of security by forcing users to present many forms of identity in order to be granted access.
End-to-End Identity Management: From onboarding to offboarding, IDaaS offers capabilities for managing the full identity lifecycle. Role-based access control, user provisioning, and deprovisioning are all included in this.
IDaaS frequently incorporates self-service portals, which provide users the ability to take control of their identity by managing their own profiles, changing passwords, and carrying out other identity-related operations without the need for administrative assistance.
Granular Access Management: By defining and managing user access according to roles and responsibilities, organisations can make sure that users have the right amount of access required for their jobs. This is made possible by RBAC features in IDaaS.
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Major Highlights of the IDaaS Market
To manage identity and access across heterogeneous and dispersed IT environments, organisations were increasingly turning to cloud-based IDaaS solutions. Scalability, flexibility, and cost-effectiveness were the driving forces for the cloud transition.
There is a greater requirement for IDaaS solutions that can accommodate remote workforce scenarios due to the increase in remote work and the necessity for safe access from any location. Among the features offered were multifactor authentication (MFA) and secure single sign-on (SSO).
Numerous businesses use a combination of on-premises and cloud-based apps in their hybrid IT infrastructures. Solutions for identity and access management (IdaaS) were being developed to smoothly connect with both, offering a single approach.
User-centric features, such self-service portals that let end users update passwords, maintain their profiles, and perform other identity-related chores on their own, were the main focus of IDaaS solutions. This method attempted to lower the cost of IT assistance while improving user experience.
Adaptive authentication became more widely used. By using contextual information to dynamically modify authentication levels based on the perceived risk associated with a specific access attempt, IDaaS solutions were integrating risk-based access control.
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.
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