Chicago, Dec. 13, 2023 (GLOBE NEWSWIRE) -- The global IDaaS Market size is projected to grow from USD 7.0 billion in 2023 to USD 21.4 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 25.0% during the forecast period, according to a new report by MarketsandMarkets™. The growth of the IDaaS market is being driven by several factors. These include government initiatives and regulations supporting digital identity transformation and adopting advanced authentication techniques across verticals.
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IDaaS Market Dynamics:
Drivers:
- Government initiatives and regulations to support digital identity transformation.
- Need for effective compliance management
- Rise in identity and authentication threats.
Restraints:
- Reluctance of organizations in adopting cloud-based security.
- Lack of data security
Opportunities:
- Rising focus of organizations on enhancing user experience.
- Integration of AI, ML, and blockchain technologies to enhance digital identities
- Adoption of advance authentication techniques across verticals.
List of Key Players in IDaaS Market:
- Okta (US)
- Microsoft (US)
- Thales (France)
- Ping Identity (US)
- IBM (US)
- Atos (France)
- Oracle (US)
- Salesforce (US)
- Google (US)
- CyberArk (US)
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The promising growth of the IDaaS market can be attributed to various factors, including the Integration of AI, ML, and big data technologies in developing IDaaS offerings. IDaaS solution vendors can apply ML-based analytics to large volumes of identity-related data and access activities. It helps to reduce the identity attack surface by accurately measuring and reporting on a user, account, application, department, and organizational risk posture.
Trend: Artificial Intelligence/Machine Learning
Integrating AI, ML, and blockchain technologies is a trending concept. Designed computerized systems are replacing human efforts and minimizing potential risks. Blockchain technology is evolving in every sector. Decentralized identity solutions are provided with the help of blockchain technology. AI and ML are playing a pivotal role in enhancing digital security by enabling predictive threat analysis and rapid response. They can identify patterns and anomalies within vast datasets, swiftly detecting unusual activities that might indicate a security breach. The proactive approach allows businesses to address vulnerabilities before they can be exploited.
By component, the provisioning segment accounts for a larger market size.
Identity provisioning is an essential component of IAM. It creates, maintains, and destroys user identities (accounts) in line with identity lifecycle stages. Identity provisioning maintains control over user accounts and ensures sufficient access to all resources on-site or in the cloud. Centralizing the process of establishing digital identities for every anchor point in the digital ecosystem and assigning rights reduces the administration of identities. It speeds up onboarding new users, organizations' systems, and devices. The most important factor in identity provisioning is the ability to move away from identity silos where each system or application has its rights. It also makes de-provisioning quicker and more effective by only deactivating one identity to ensure all access rights are revoked.
By deployment mode, public cloud segment accounts for a larger market size.
The services offered over the public deployment type are free or under a subscription model. The advantages of using the public cloud include simplicity and ease of deployment. Moreover, the initial investment required for the deployment is minimal, and no responsibilities are involved in managing the infrastructure. Organizations can share the same hardware, storage, and network devices in a public cloud with other organizations or “tenants.” It can access services and manage its accounts using a web browser. Public cloud deployments frequently provide web-based email, online office applications, storage and testing, and development environments. Public clouds are mainly preferred by entities that do not need the infrastructure and security offered by private clouds. However, enterprises can utilize public clouds to make their operations more efficient.
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