IDaaS Market is expected to grow at a CAGR of 20.1% during the forecasted period | Evolve Business Intelligence

Key Highlights:
• The global IDaaS Market size was valued at USD 8.1 billion in 2023 growing at a CAGR of 20.1% from 2023 to 2033.
• North America dominated the market in 2023
• Asia Pacific is expected to grow at the highest CAGR from 2023 to 2033

As per the study initiated by Evolve Business Intelligence, the global IDaaS Market size accounted for USD 8.1 Billion in 2023, growing at a CAGR of 20.1% from 2023 to 2033. IDaaS stands for Identity as a Service. It is a cloud-based service that provides identity and access management (IAM) capabilities in a single, integrated solution. IDaaS allows organizations to manage and secure digital identities for users, including employees, customers, and partners, across various applications and systems.

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As organizations increasingly move their applications and infrastructure to the cloud, the need for cloud-based identity and access management solutions has grown. With the growing number of cybersecurity threats, there is an increased emphasis on securing access to systems and applications. IDaaS provides advanced security features, such as multi-factor authentication and access monitoring. The proliferation of personal devices in the workplace requires more robust identity management solutions to ensure secure access from various devices. Stringent regulations related to data privacy and security, such as GDPR (General Data Protection Regulation) and HIPAA (Health Insurance Portability and Accountability Act), drive the adoption of IDaaS to meet compliance requirements.

Key Players
Some of the major IDaaS Market players holding high market shares include Google LLC, Microsoft Corporation, Capgemini SE, and Oracle Corporation. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include International Business Machines Corporation, Salesforce.com, Inc., Okta, Inc., OneLogin, Inc., Jumio Corporation, and JumpCloud, Inc

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Segmental Analysis
Based on deployment, the IDaaS market is segmented into Private Cloud, Public Cloud, and Hybrid Cloud. The largest segment of the IDaaS market by deployment is Public Cloud. This is due to the many benefits of public cloud deployment, such as scalability, flexibility, and cost-effectiveness. Public cloud IDaaS solutions are particularly well-suited for small and medium-sized businesses (SMBs) that do not have the resources to manage their IT infrastructure.
Based on components, the IDaaS market is Password Management, Multifactor Authentication, Single Sign-On, Directory Services, Audit, Compliance and governance, and Provisioning. The largest segment of the IDaaS market by component is Single Sign-On (SSO). SSO allows users to access multiple applications with a single set of credentials. This can save users time and effort, and it can also improve security by reducing the number of passwords that users need to remember.
Based on End Use, the IDaaS market is the Public Sector, Healthcare, IT and telecom, BFSI, Education, Manufacturing, Energy and utilities, and Others. The largest segment of the IDaaS market by end-use is IT and telecom. This is because IT and telecom organizations have a large number of employees who need to access a variety of applications. IDaaS solutions can help these organizations manage access control and prevent unauthorized access to data.

Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)

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