New York, US, Feb. 09, 2023 (GLOBE NEWSWIRE) -- The IDaaS market is growing rapidly with the rising demand for the latest security & authentication technologies in various information-sensitive industries. Besides, the rising uptake of IDaaS in IT & telecom and banking & finance sectors creates substantial market demand. The growing adoption of cloud services to channel identity access management functions boost market sales.
Moreover, the growing integration of IDaaS, such as multifactor authentication, access management, and password management services, escalates the market value. According to Market Research Future (MRFR), the global IDaaS market is poised to create a valuation of USD 16.8 BN by 2030, growing at a 24.7 % CAGR throughout the review period (2022-2030).
Key Players: -
- Microsoft (US)
- Ping Identity (US)
- IBM (US)
- Oracle (US)
- Google (US)
- SailPoint (US)
- Ilantus (US)
- LoginRadius (Canada)
- Delinea (US)
- Optimal IdM (US)
- HCL (India)
- Capgemini (France)
- Broadcom (US
- Salesforce (US)
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IDaaS Market Report Scope:
|The revenue forecast in 2030||$16.8 billion|
|Growth Rate||CAGR of 24.7% from 2022 to 2030|
|Key Market Driver||Increasing number of identity and authentication frauds|
In banking, customers increasingly demand seamless experiences and accentuate securing their every interaction. In addition, the rising need to support a hybrid workforce amid growing pandemic threats accelerates the zero-trust framework implementation across enterprise and government environments.
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IDaaS framework is based on an identity-first security approach, which helps ensure identity and access privileges with strong authentication. Adopting IDaaS also reduces the complexity of managing user access to client-facing applications.
IDaaS Market – Segments
The report is segmented into component types, deployment modes, verticals, and regions. The component type segment is sub-segmented into single sign-on, multifactor authentication, provisioning, password management, directory services, audit, and compliance & governance. The deployment mode segment is sub-segmented into public, private, and hybrid. The vertical segment is sub-segmented into BFSI, IT and ITeS, energy & utilities, government, manufacturing, healthcare, retail & consumer goods, and others.
Global IDaaS Market – Regional Analysis
North America dominates the global IDaaS market due to the rise in security concerns and data breaches. Besides, the rising number of cyberattacks to access private consumer data and the growing adoption of cloud applications substantiate the IDaaS market size. Technological advances and growth in the end-use vertical segment create several market opportunities.
Also, the rapid adoption of cloud and mobile applications in banking, IT & telecom, government, energy & utility services drive the regional market. Moreover, the rising emphasis on using IDaaS to access government IT infrastructure by many federal government organizations boosts market revenues.
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IDaaS Market – Competitive Analysis
The IDaaS market is highly competitive and fragmented due to numerous well-established players. To gain a larger competitive share, innovation, mergers & acquisitions, and brand reinforcement remain key trends for these players. The market is likely to witness intensified competition with increased R&D innovations and M&A.
Industry/ Innovation/ Related News:
Dec. 13, 2022 --- Entrust, a leading global provider of trusted payment solutions, identities, and digital infrastructure, announced the availability of its cloud-based identity and access management (IAM) solution in AWS Marketplace. This will allow organizations to accelerate the adoption and deployment of cloud-based identity and access management.
Entrust IDaaS offers a cloud-based solution, including multifactor authentication (MFA), password less login, and risk-based adaptive authentication to support the implementation of a zero-trust approach to security.
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