Identity as A Service Market is Becoming More Popular as a Result of Stringent Regulatory Obligations and Data Protection Rules, FMI Records a CAGR of 21.7% from 2021 to 2028 | Emergen Research

Integrated Identity as a Service (IDaaS) refers to the cloud-based delivery of identity and access management (IAM) services. IDaaS solutions enable businesses to manage and secure user identities across multiple applications and systems, without the need for on-premise hardware or software. The IDaaS market is gaining traction as organizations seek to reduce the complexity and cost of managing user identities, while ensuring compliance with regulatory requirements.

One of the key drivers of the IDaaS market is the growing adoption of cloud computing. With more organizations moving their applications and data to the cloud, the need for cloud-based IAM solutions is becoming increasingly important. IDaaS solutions enable businesses to manage user identities in the cloud, while providing a centralized view of user access across all cloud-based applications and systems.

Another driver of the IDaaS market is the increasing need for strong security measures. With the rise of cyber threats, businesses are looking for ways to secure their applications and data against unauthorized access. IDaaS solutions offer a range of security features, such as multi-factor authentication and identity verification, to help businesses protect their sensitive information.

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However, there are also some restraints that are limiting the growth of the IDaaS market. One of the main challenges is the complexity of integrating IDaaS solutions with legacy systems. Many businesses have invested heavily in on-premise IAM solutions, which can make it difficult to migrate to cloud-based IDaaS solutions. Additionally, concerns around data privacy and security are still a barrier for some organizations, particularly in industries such as healthcare and finance.

Despite these challenges, the IDaaS market is expected to continue growing at a rapid pace in the coming years. According to a report by Emergen Research, The global IDaaS market size reached USD 3.41 Billion in 2020 and is expected to register a CAGR of 21.7% during the forecast period, according to latest analysis by Emergen Research. The report cites factors such as the increasing need for compliance and the rise of bring-your-own-device (BYOD) policies as key drivers of the market.

Another statistic from the government organization NIST (National Institute of Standards and Technology) indicates that identity and access management (IAM) solutions, including IDaaS, are critical components of a comprehensive cybersecurity strategy. According to NIST, IAM solutions can help reduce the risk of data breaches by ensuring that only authorized users have access to sensitive information.

Major Companies and Competitive Landscape:
Google LLC, Microsoft Corporation, Capgemini SE, Oracle Corporation, International Business Machines Corporation, Salesforce.com, Inc., Okta, Inc., OneLogin, Inc., Jumio Corporation, and JumpCloud, Inc.

The Identity as a Service (IDaaS) market is highly competitive, with a range of vendors offering a variety of solutions to meet the needs of businesses across industries. The competitive landscape is dominated by large players.

Microsoft's Corporation is one of the leading IDaaS solutions in the market, providing businesses with a range of features such as single sign-on, multi-factor authentication, and identity protection. The company's strong focus on security and compliance has helped it to gain traction in industries such as healthcare and finance, where data privacy and security are top priorities.

Capgemini SE solutions are also highly regarded in the market, offering businesses a range of features such as identity governance, access management, and privileged access management. The company's focus on delivering end-to-end IAM solutions has helped it to establish a strong foothold in the market, particularly in industries such as manufacturing and retail.

Okta is another major player in the IDaaS market, providing businesses with a cloud-based IAM solution that includes features such as single sign-on, multi-factor authentication, and adaptive access policies. The company's strong focus on user experience and ease of integration has helped it to gain traction with businesses across industries, particularly those in the technology and financial services sectors.

Other notable players in the market include Ping Identity, OneLogin, and Jumio Corporation. Ping Identity offers a range of IAM solutions, including identity federation and access management, while OneLogin provides businesses with a cloud-based IAM solution that includes features such as single sign-on and multi-factor authentication. Jumio Corporation specializes in privileged access management, providing businesses with solutions to help manage access to critical systems and data.

Overall, the IDaaS market is highly competitive, with a range of vendors offering solutions designed to meet the needs of businesses across industries. While established players such as Microsoft, IBM, and Okta dominate the market, there are also a range of smaller vendors offering specialized solutions to meet the specific needs of businesses and industries. As the market continues to grow, it is likely that we will see further consolidation and competition among vendors, with an increasing focus on delivering comprehensive, end-to-end IAM solutions to meet the evolving needs of businesses.

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Segmentation Insights for Cloud Computing Market Report:

The global IDaaS market has been segmented by Emergen Research based on deployment, component, end-use, and region. The deployment outlook includes private cloud, public cloud, and hybrid cloud. Among these, the public cloud segment is expected to dominate the market in terms of revenue during the forecast period. This can be attributed to the increasing adoption of cloud-based solutions by businesses across industries due to their scalability and cost-effectiveness.

The component outlook includes password management, multifactor authentication, single sign-on, directory services, audit, compliance & governance, and provisioning. Among these, the multifactor authentication segment is expected to witness significant growth during the forecast period, due to the increasing need for enhanced security and the growing adoption of mobile devices.

The end-use outlook includes public sector, healthcare, IT & telecom, BFSI, education, manufacturing, energy & utilities, and others. Among these, the BFSI segment is expected to dominate the market in terms of revenue, due to the growing need for secure and compliant access to financial data and applications.

Geographically, the IDaaS market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the market in terms of revenue, due to the increasing adoption of cloud-based solutions and the presence of a large number of established players in the region.

Overall, the global IDaaS market is expected to witness significant growth during the forecast period, due to the increasing need for secure and compliant access to data and applications, the growing adoption of mobile devices, and the increasing adoption of cloud-based solutions by businesses across industries

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