Definition of Identity-As-A-Service

The Identity as a Service (IDaaS) model is used to provide authentication services by third parties via the cloud. The services of third-parties, such as IDaaS, can be outsourced rather than managed in-house by companies. A service that verifies users' identity and their permission to access files, software, or other resources is called IDaaS. IDaaS applications acquired from the cloud can be accessed by an organization by subscribing to the provider. In the digital age, it is becoming increasingly necessary to verify digital identities when interacting with or accessing different areas of the network. In order to manage network security, IDaaS and similar applications have become crucial tools.

 Global Identity-As-A-Service Market: Key Insights

Global Identity-As-A-Service Market Highlights Over 2023 - 2033

The global identity-as-a-service market is estimated to garner a revenue of ~USD 25.0 Billion by the end of 2033 by growing at a CAGR of ~25% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 5.0 Billion in the year 2022. The growth of the market can be attributed to the rising number of cyberattacks around the globe. For instance, cyberattacks cost the global economy approximately USD 1 trillion. There are numerous cyberattacks cases, including fraudulent credit card transactions, identification fraud, employee identity theft, as well as the theft of medical information. The services provided by IaaS providers ensure that users are who they claim to be, preventing the access of sensitive data by fraudulent or unauthorized individuals.

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 IDaaS is a category of technological functions that have to do with user identity and are hosted in the cloud. Its providers help ensure that users are who they claim to be, ultimately blocking cyber criminals and other unauthorized users from accessing sensitive data. Hence, Identity-as-a-Service (IDaaS) refers to identity and access management services provided through the cloud on a subscription basis. This authentication, identification, and authorization of employees within an organization, helps the system control access rights to prevent unauthorized users from gaining access to confidential files or documents. With cybersecurity threats continuing to grow, identity and access management help keep your protection organized. Identity-as-a-Service is typically fully on-premises and provided via a set of software and hardware means. More than 8 Million people in the United States had their identities stolen each year

Global Identity-As-A-Service Market: Growth Drivers and Challenges

Growth Drivers

• Increasing Trend of Working Remotely –There has been an increasing trend of working remotely across the globe that surges the risk of identity theft. Therefore, it is projected to increase the growth of the global identity-as-a-service market. More than 50 percent of organizations around the world offer some capacity for remote work.

• Rising Digital Transformation – As per the World Bank, the total digital economy accounts for 15.5 percent of the world’s GDP.

• Rising Risk Related to Cloud Services– By 2021, more than 65 percent of global enterprises will have a cloud-based infrastructure.

•  Increase in Mobile Users– More than 60 percent of the total world’s population uses a mobile phone in the year 2021.

Challenges

• Possibility Of Outsourcing Critical Functions- Outsourcing critical functions poses a danger to many companies. Using the cloud for identity management means they are outside the firewall of your business, exposing critical functions to the internet. Hence, this factor is projected to hinder market growth over the forecast period.

• High Cost for the Deployment of the System

• Lack of Technical Expertise

The global identity-as-a-service market is segmented and analyzed for demand and supply by end-user into BFSI, IT & telecom, education, healthcare, and manufacturing. Among these, the BFSI segment is anticipated to hold the largest share over the forecast period owing to the rising adoption of identity management solutions for securing transactions. In the year 2020, there are more than USD 25 Billion in real-time online transactions in India. Financial institutions hold sensitive information that requires a high level of security. Businesses in the BFSI industry are embracing IDaaS services to facilitate compliance, boost productivity, and decrease costs associated with managing the IT infrastructure.

Global Identity-As-A-Service Market Regional Synopsis

Regionally, the global identity-as-a-service market is studied into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Amongst these markets, the market in the North America region is projected to hold the largest market share by the end of 2033 on the back of increasing identity theft cases, rising demand for security breach solutions, and a surging shift toward cloud technology. More than 30 percent of the citizens in the United States experienced identity theft in the year 2020. Moreover, an increasing number of cyberattacks targeting confidential consumer data, as well as new generation technologies, are being adopted by organizations in the region and are projected to drive market growth in North America over the forecast period. Keeping business-critical information secure and authenticating users has become an increasingly important requirement for minimizing the possibility of data breaches.

Market Segmentation

Our in-depth analysis of the global identity-as-a-service market includes the following segments:

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Key Companies Dominating the Global Identity-As-A-Service Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global identity-as-a-service market that are included in our report are Quest Software Inc.(OneLogin, Inc.,), Delinea (Centrify Corporation and Thycotic Software, ThycoticCentrify), Ping Identity Corp., Capgemini SE, Broadcom Inc. (CA Technologies) Centrify Corporation, Google LLC, HCL Technologies Limited, Exostar LLC, IBM Corporation,  and others.

Global Identity-As-A-Service Market: Latest Developments

• 13th April 2021: Centrify Corporation and Thycotic Software: Centrify Corporation (Delinea Corp.) and Thycotic have announced that they have merged together to form a leading cloud identity security vendor. The combined company has now begun integrations and will operate under the temporary name ThycoticCentrify.

• 8th September 2021: Quest Software Inc. (One Login Inc.): The Company has launched its OneLogin Workflows and Universal Connector solutions, allowing IT teams to automate workflows and reduce the complexity of integration projects. It will allow tech leaders to streamline complex identity lifecycle management processes and enable robust integrations across the cloud and on-premises systems.

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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