Vancouver, Oct. 23, 2023 (GLOBE NEWSWIRE) -- 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. Increasing demand for digital payments is one of the key factors expected to continue to drive global IDaaS market revenue growth. In addition, increasing demand for cloud-based security solutions is expected to propel global IDaaS market revenue growth over the forecast period. Furthermore, rising investment on security solutions by government entities and enterprises is expected to boost growth of the market going ahead.
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However, complexities associated with application of identity as a service solution is expected to hamper growth of the global IDaaS market to a certain extent over the forecast period.
Scope of Research
| Report Details | Outcome |
| Market size in 2020 | USD 3.41 Billion |
| CAGR (2023–2032) | 21.7% |
| Revenue forecast in 2032 | USD 35.93 Billion |
| Base year for estimation | 2020 |
| Historical data | 2018–2019 |
| Forecast period | 2023–2032 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Deployment, Component, End-use, and Region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
| Key companies profiled | Google LLC, Microsoft Corporation, Capgemini SE, Oracle Corporation, International Business Machines Corporation, Salesforce.com, Inc., Okta, Inc., OneLogin, Inc., Jumio Corporation, and JumpCloud, Inc. |
| Customization scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global IDaaS market is fairly fragmented, with a number of large and medium-sized players accounting for a major revenue share. Key players are deploying various strategies, entering into mergers and acquisitions, strategic agreements, and contracts, and adopting more advanced technologies in IDaaS. Some prominent players operating in the IDaaS market are:
- Google LLC
- Microsoft Corporation
- Capgemini SE
- Oracle Corporation
- International Business Machines Corporation
- Salesforce.com, Inc.
- Okta, Inc.
- OneLogin, Inc.
- Jumio Corporation
- JumpCloud, Inc.
Strategic Development
In March 2021, Auth0, Inc. was acquired by Okta, Inc. Through this acquisition Okta will strengthen its position in the identity as a service market.
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Some Key Highlights From the Report
- Rising deployment of hybrid cloud-based IDaaS by end-users to get better support for remote workforce is driving revenue growth of the hybrid cloud segment, which is expected to register a significantly rapid CAGR over the forecast period.
- Multifactor authentication segment is expected to register significant revenue growth over the forecast period due to increasingly stringent regulations and compliance for Internet banking.
- Increasing adoption of IDaaS to increase productivity, ensure compliance, and decrease costs involved in managing IT infrastructure is driving growth of the BFSI segment, which is expected to register significant growth in terms of revenue during the forecast period.
- Asia Pacific is expected to register fastest revenue growth rate during the forecast period due to rising adoption of cloud-based services across SMEs and large enterprise in countries in the region.
- In July 2019, Google LLC announced an extension of the strategic partnership with Atos SE. According to the deal, both companies will offer identity management, access management, compliance, and administration services to clients across various ecosystems.
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Emergen Research has segmented the global IDaaS market on the basis of deployment, component, end-use, and region:
- Deployment Outlook (Revenue, USD Billion; 2019–2032)
- Private Cloud
- Public Cloud
- Hybrid Cloud
- Component Outlook (Revenue, USD Billion; 2019–2032)
- Password Management
- Multifactor Authentication
- Single Sign-On
- Directory Services
- Audit, Compliance & Governance
- Provisioning
- End-use Outlook (Revenue, USD Billion; 2019–2032)
- Public Sector
- Healthcare
- IT & Telecom
- BFSI
- Education
- Manufacturing
- Energy & Utilities
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
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