Major players operating in the global identity-as-a-service (IDaaS) market are CA Technologies. IBM Corporation, Microsoft Corporation, Ping Identity, Salesforce.com, ILANTUS Technologies, Simeio Solutions, iWelcome, Oracle Corporation, Centrify Corporation, Google LLC, OneLogin Inc., Okta, Inc., and Exostar.
Identity-as-a-service (IDaaS) is an application delivery model similar to the software-as-a-service model. It helps enterprises connect to and access identity management services from the cloud. IDaaS comprises authentication infrastructure managed and hosted by a third-part cloud vendor for access and identity management (IAM) functions such as single sign-on (SSO). IDaaS goes beyond single sign-on features and also covers access management, identity governance and administration (IGA), and intelligence functions for cloud and networked IT services. These methods allow all employees, customers, and third parties to securely access sensitive data, both off and on premises. IDaaS solutions provide secure access to cloud and mobile apps via mobile device management (MDM), user provisioning, SSO, and multi-factor authentication (MFA) capabilities.
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IDaaS is compatible with industries and organization as it delivers cloud features such as pay-per-use and portability services. Enterprises are becoming increasingly aware about the role of digital identity management (DIM) as there is a significant rise in the digital workforce. Remote workers who are situated outside the corporate network can also access a different set of business processes, lowering the risk to organizations.
With the advancement in technology, the identity-as-a-service (IDaaS) market for identity-as-a-service has increased significantly. Increased adoption of BYOD and DevOps practices for software development are crucial factors facilitating the expansion of the identity-as-a-service (IDaaS) market during the forecast period.
Rise in the use of digital payment in the banking and financial sector is driving the need for security. There is a need to protect customers’ data through identity and access management (IAM) solutions. A greater number of banking functions are operating online, increasing vulnerability to cyberattacks. This is likely to boost demand for IDaaS in the banking and financial sector. Moreover, rise in R&D investment is projected to propel the identity-as-a-service market.
Evolution of SaaS-based IAM deployment is a trend in the identity-as-a-service (IDaaS) market. SaaS-based IAM solutions are on-demand software solutions that can be subscribed to through the pay-as-you-go pricing model.
However, data security issues are estimated to hinder the identity-as-a-service (IDaaS) market. Privacy and security of data are key concerns regarding the adoption of identity-as-a-service solutions.
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The global identity-as-a-service (IDaaS) market can be segmented based on component, end-use, enterprise size, and region. In terms of component, the market can be divided into software (on-premise, cloud (public cloud, private cloud), and hybrid) and services (managed services and professional services). Based on end-use, the market can be classified into BFSI, IT & telecom, government, manufacturing, energy & utilities, and colocation data centers. In terms of enterprise size, the market can be segmented into small & medium enterprises (SMEs) and large enterprises.
Based on region, the global identity-as-a-service (IDaaS) market can be classified into North America, South America, Europe, Asia Pacific, and Middle East & Africa. North America is expected to account for a major share of the global identity-as-a-service (IDaaS) market during the forecast period due to a rise in the number of enterprises and presence of a large number of vendors providing solutions to various industries in the region. Moreover, high adoption of digital technology by medium and large scale enterprises is likely to boost the identity-as-a-service (IDaaS) market. Asia Pacific is anticipated to be a rapidly expanding region of the identity-as-a-service (IDaaS) market from 2018 to 2026, owing to a rise in the adoption of security software in enterprises across the region. The market in developing regions such as Middle East & Africa (MEA) and South America are also expected to grow over the forecast period.