Identity as a service (IDaaS) is the term used to describe identity and access management (IAM) services that are offered via the cloud and are paid for via subscription. IDaaS offers administrators protection from security problems due to its ability to automate a variety of user account-related operations. It reduces company risk and saves time and money by standardizing and automating crucial identity, authentication, and permission management components. Increasing number of identity frauds and enhanced integration with IoT devices primarily drive the growth of the Identity as a Service Market. Integration of evolving technologies to improve digital identities is expected to provide lucrative opportunities for the market growth during the forecast period.
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The global identity as a service market is segmented on the basis of component, enterprise size, deployment type, industry vertical, and region. On the basis of component, it is segregated into provisioning, single-sign-on, advanced authentication, audit, compliance and governance, directory services and password management. On the basis of enterprise size, it is segregated into large enterprise and SMEs.
On the basis of deployment, it is segregated into public cloud, private cloud and hybrid cloud. On the basis of industry vertical, it is segregated into BFSI, IT and telecom, energy and utilities, government, manufacturing, healthcare, retail and consumer goods, and others. On the basis of region, the identity as a service market forecast is divided into North America, Europe, Asia-Pacific, and LAMEA.
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Region-wise, North America dominated the identity as a service market share in 2021, owing to the adoption of BYOD and increase in the number of online transactions are driving the market in the region. Demand for IDaaS is high in countries such as the U.S. and Canada. However, Asia-Pacific is expected to contribute significant growth in 2021, owing to adoption mobile, cloud, and new generation technologies. It has become highly essential to secure applications and authenticate users and maintain control over business-critical information to minimize the risk associated with the data breach.
The identity as a service industry is dominated by key players such as CyberArk, Google LLC, IBM, Microsoft Corporation, Okta, OneLogin, Inc., Oracle Corporation, Ping Identity, SailPoint Technologies and Thales. These players have adopted various strategies to increase their market penetration and strengthen their position in identity as a service industry.
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Key Findings
• By component, the provisioning segment accounted for the largest identity as a service market share in 2021.
• On the basis of deployment type, the public cloud segment generated the highest revenue in 2021.
• By enterprise size, the large enterprise segment accounts for the largest identity as a service market share in 2021.
• On the basis of industry vertical, the BFSI segment generated the highest revenue in 2021.
• Region-wise, North America generated the highest revenue for identity as a service industry in 2021.
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