Identity-as-a-Service Market by Component (Audit, Compliance & Governance, Directory Services, Multifactor Authentication), Deployment (Hybrid, Private, Public), Organization, End-use - Global Forecast 2024-2030

Identity-as-a-Service Market by Component (Audit, Compliance & Governance, Directory Services, Multifactor Authentication), Deployment (Hybrid, Private, Public), Organization, End-use - Global Forecast 2024-2030

The Identity-as-a-Service Market size was estimated at USD 7.54 billion in 2023 and expected to reach USD 9.15 billion in 2024, at a CAGR 21.59% to reach USD 29.67 billion by 2030.

Identity as a Service, or IDaaS, is an advanced cloud-based authentication model to streamline identity verification across multiple applications and systems. This revolutionary concept ensures secure access to resources, regardless of where an individual is, the device in use, or the network involved. The advancements in cloud-based technologies, an increase in incidents of identity thefts, and the necessity for enhanced mobility mechanisms may increase the deployment of identity as a service. However, data breach threats, familiarity and comfort with traditional physical identity systems, and privacy concerns of sharing sensitive information may hinder the adoption of identity as a service. Nevertheless, the recent surge in remote work culture has amplified the need for secure access to enterprise applications, heightening the demand for IDaaS solutions. Moreover, Increasingly stringent regulatory policies pertaining to data privacy have augmented the necessity for robust identity and access management solutions. Compliance with these regulations can open new avenues for growth in the IDaaS market.

Regional Insights

The Identity-as-a-Service (IDaaS) market is evolving in the Americas owing to the heightened emphasis on regulatory compliance and the rise of cyber threats. Canadian IDaaS market progression is due to strong measures for data security and commitment to cloud infrastructures. GDPR compliance has raised the importance of IDaaS in the European Union, thereby seeing increased investment across the region. The rise of digital transformation in both the Middle East and Africa has raised the need for robust IDaaS solutions. Growing emphasis on biometric and AI-driven identity solutions, stringent data protection laws, and massive potential in fintech, eCommerce, and IT sectors have propelled the use of Identity-as-a-Service (IDaaS) solutions in the APAC region. Besides, advancements in Identity-as-a-Service (IDaaS) to improve efficiency and performance are anticipated to propel their use by the end-use sectors globally.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Identity-as-a-Service Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Increasing demand for digital payments
Growing obligations to follow regulatory mandates and data protection laws
Rising demand for cloud-based security solutions and services

Market Restraints

Complexities associated with application of identity as a service solution

Market Opportunities

Rising investment on security solutions by government entities and enterprises
Growing deployment of hybrid cloud-based IDaaS

Market Challenges

Increase in the number of cyber-attacks, social engineering, phishing activities, and other cyber malpractices

Market Segmentation Analysis

Component: Growing use of single sign-on (SSO) as it enables users to access multiple applications or websites using one set of login credentials
Deployment: Proliferating use of IDaaS in public deployments as it offers high scalability and elasticity
Organization: High usage of identity-as-a-service (IDaaS) in large enterprises
End-use: Increasing utilization of identity-as-a-service across the banking, financial services, and insurance (BFSI) sector

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Identity-as-a-Service Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Identity-as-a-Service Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Certn Acquires Trustmatic to Expand Its Identity Verification Services

Certn has acquired Trustmatic, a move to expand its identity verification services through Identity-as-a-Service. This strategic acquisition allows Certn to offer a more secure and automated process for identity verifications. With this integration, Certn is well-positioned to provide a comprehensive and reliable solution for identity verification needs.

BIO-key Partners with Ethnos IT Solutions, Expanding the Reach of its Identity and Access Management Solutions Across Africa

BIO-key has partnered with Ethnos IT Solutions to extend its Identity and Access Management Solutions throughout Africa. This collaboration aims to deliver cost savings, enhance security authentication standards, and provide customer convenience to African nations. This partnership will promote adopting efficient and reliable identity-as-a-service solutions, benefiting African organizations and individuals.

Simeio Announces Strategic Acquisition of Identity and Access Management Firm PathMaker Group

Simeio has announced the strategic acquisition of PathMaker Group, an esteemed firm specializing in identity and access management. This acquisition opens up new avenues for Simeio to enhance its Identity-as-a-Service capabilities.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Identity-as-a-Service Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Identity-as-a-Service Market, highlighting leading vendors and their innovative profiles. These include Capegemini SE, Capgemini SE, Centrify Corp. by Delinea, CyberArk Software Ltd., Google LLC, HCL Technologies Limited, IBM Corporation, JumpCloud Inc., Microsoft Corporation, Okta, Inc., OneLogin, Inc., Oracle Corporation, Ping Identity Corp., SailPoint Technologies Inc., and Thales Group.

Market Segmentation & Coverage

This research report categorizes the Identity-as-a-Service Market to forecast the revenues and analyze trends in each of the following sub-markets:

Component
Audit, Compliance & Governance
Directory Services
Multifactor Authentication
Password Management
Provisioning
Single Sign-On
Deployment
Hybrid
Private
Public
Organization
Large Enterprises
Small & Medium Enterprises
End-use
BFSI
Education
Healthcare
Manufacturing
Public Sector
Telecom & IT
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year