Identity and Access Management-as-a-service (IDaaS) Market Size, Share, Growth, and Industry Analysis, By Type (Cloud, Hybrid and On-Premise), By Application (BFSI, Oil & Gas, Telecom & IT, Education, Healthcare, Public Sector & Utilities, Manufacturing and Others) Regional Forecast to 2032

Updated On: 22 April 2024

Identity and Access Management-as-a-service (IDaaS) Market REPORT OVERVIEW

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The global Identity and Access Management-as-a-service (IDaaS) market size was USD 21430 million in 2022 and market is projected to touch USD 86663.2 million by 2032, exhibiting a CAGR of 15% during the forecast period.

The COVID-19 pandemic has had a positive impact on the IDaaS market. The pandemic has accelerated the digital transformation of businesses, and this has led to an increased demand for IDaaS solutions. IDaaS solutions can help businesses to improve their security posture and manage access to their systems and applications more securely. According to a report by MarketsandMarkets, the global IDaaS market is expected to grow from USD 5.1 billion in 2022 to USD 7.2 billion by 2027. This growth is being driven by the factors mentioned above.

The IDaaS market has a number of advantages, including cost-effectiveness, scalability, security, compliance, ease of use, reduced IT overhead, improved agility, and improved user experience. IDaaS solutions are typically more cost-effective than traditional on-premises IAM solutions, scalable, and can help to improve security by providing features such as single sign-on, multi-factor authentication, and access control. They can also help businesses to comply with regulations such as the General Data Protection Regulation (GDPR). IDaaS solutions are typically easy to use, which can save businesses time and money on training. They can also help to reduce IT overhead by offloading the management of IAM to a third-party provider.

COVID-19 Impact: Imposed Restrictions in the Economy which led to a decline in demand for Identity and Access Management-as-a-service (IDaaS) Market

The COVID-19 pandemic has had a positive impact on the IDaaS market. The pandemic has accelerated the digital transformation of businesses, and this has led to an increased demand for IDaaS solutions. IDaaS solutions can help businesses to improve their security posture and manage access to their systems and applications more securely. According to a report by MarketsandMarkets, the global IDaaS market is expected to grow from USD 5.1 billion in 2022 to USD 7.2 billion by 2027. This growth is being driven by the factors mentioned above. The pandemic has led to an increased demand for cloud-based solutions, as businesses have moved their operations to the cloud. The pandemic has also increased the focus on security, as businesses are now more aware of the risks associated with cyberattacks. IDaaS solutions can help businesses to improve their security posture by providing features such as single sign-on, multi-factor authentication, and access control. The pandemic has also led to the widespread adoption of remote work. This has created new challenges for businesses, as they need to find ways to securely manage access to their systems and applications for remote workers. IDaaS solutions can help businesses to address these challenges by providing features such as remote access management and privileged access management. Overall, the COVID-19 pandemic has had a positive impact on the IDaaS market. The pandemic has accelerated the digital transformation of businesses, and this has led to an increased demand for IDaaS solutions. Idaas solutions can help businesses to improve their security posture and manage access to their systems and applications more securely.

LATEST TRENDS

"Higher Standards of Performance by Increase in Infrastructure Spending to Grow Market Potentially"

The IDaaS market is constantly evolving, and there are a number of latest trends that are emerging. Some of the most notable trends include the rise of cloud-based IDaaS solutions, the increasing adoption of multi-factor authentication (MFA), the growing use of AI and machine learning in IDaaS, the increasing focus on compliance, and the growing adoption of BYOD. Cloud-based IDaaS solutions are becoming increasingly popular, as they offer a number of advantages over traditional on-premises solutions. Cloud-based solutions are typically more scalable, cost-effective, and easier to manage. MFA is becoming increasingly common, as it provides an additional layer of security for users. MFA requires users to provide two or more pieces of identification, such as a password and a code from their phone, to access a system or application. AI and machine learning are being increasingly used in IDaaS solutions to improve security and user experience. For example, AI can be used to identify suspicious login attempts or to personalize the user experience. Businesses are increasingly focused on compliance with regulations such as the General Data Protection Regulation (GDPR). IDaaS solutions can help businesses to comply with these regulations by providing features such as user provisioning and access control. BYOD is becoming increasingly common, as employees are using their personal devices for work. IDaaS solutions can help businesses to manage BYOD devices and to ensure that they are secure.

Identity and Access Management-as-a-service (IDaaS) Market SEGMENTATION

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• By Type

Based on type the Identity and Access Management-as-a-service (IDaaS) Market is classified as Cloud, Hybrid and On-Premise.

• By Application

Based on application Identity and Access Management-as-a-service (IDaaS) Market is classified as BFSI, Oil & Gas, Telecom & IT, Education, Healthcare, Public Sector & Utilities, Manufacturing and Others.

DRIVING FACTORS

"The increasing adoption of cloud computing: "

Cloud computing is becoming increasingly popular, and this is driving the demand for IDaaS solutions. Cloud-based IDaaS solutions offer a number of advantages over traditional on-premises solutions, including scalability, cost-effectiveness, and ease of management.

"The growing need for security:"

Businesses are increasingly concerned about security, and this is driving the demand for IDaaS solutions. IDaaS solutions can help businesses to improve their security posture by providing features such as single sign-on, multi-factor authentication, and access control.

RESTRAINING FACTORS

The IDaaS market is expected to continue to grow in the coming years, but there are some restraining factors that could slow down the growth of the market. These factors include high cost, security concerns, complexity, lack of awareness, competition, lack of standardization, lack of skilled IT professionals, and lack of trust. High cost can be a restraining factor for some businesses, especially small businesses. Security concerns are another restraining factor, as there is always the risk that an IDaaS provider could be hacked, which could compromise customer data. IDaaS solutions can also be complex to implement and manage, which can be a restraining factor for some businesses. Lack of awareness of the benefits of IDaaS solutions can also be a restraining factor, as some businesses may not be aware of how IDaaS solutions can help them improve their security posture and manage access to their systems and applications. Competition in the IDaaS market is also increasing, which can make it difficult for new entrants to compete.

Identity and Access Management-as-a-service (IDaaS) Market REGIONAL INSIGHTS

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"North America Region to Dominate the Market with Extensive Utilization and Multiplying Manufacturers"

The IDaaS market is expected to continue to grow in the coming years. The regional insights of the market show that the market is expected to grow at a faster rate in Asia Pacific and the Middle East and Africa than in North America and Europe. This is due to the rapid growth of the internet economy in Asia Pacific and the Middle East and Africa, as well as the increasing adoption of cloud computing and BYOD in these regions. North America is the largest market for IDaaS, accounting for the largest share of the global market. This is due to the increasing adoption of cloud computing, the growing need for security, and the increasing adoption of BYOD in the region. Europe is the second-largest market for IDaaS, and it is expected to grow at a faster rate than North America in the coming years. This is due to the increasing focus on compliance in the region, as well as the growing adoption of cloud computing and BYOD.

KEY INDUSTRY PLAYERS

"Financial Players to Contribute Towards Expansion of Market"

The IDaaS market is highly competitive, with a number of key industry players offering a wide range of features. Some of the leading providers in the market include Okta, Ping Identity, Microsoft Azure Active Directory, Amazon Cognito, and OneLogin. These providers offer a variety of solutions, including single sign-on, multi-factor authentication, user provisioning, access control, and identity governance. The market is expected to continue to grow in the coming years, as businesses look for ways to improve their security posture and manage access to their systems and applications.

List of Market Players Profiled

• Broadcom (U.S)
• IBM (U.S)
• Microsoft (U.S)
• Ping Identity (U.S)
• Salesforce.com (U.S)

REPORT COVERAGE

The SWOT analysis and information on future developments are covered in the study. The research report includes a study of a number of factors that promote market growth. This section also covers the range of numerous market categories and applications that could potentially affect the market in the future. The specifics are based on current trends and historical turning points. The state of the market's components and its potential growth areas over the following years. The paper discusses market segmentation information, including subjective and quantitative research, as well as the impact of financial and strategy opinions. Additionally, the research disseminates data on national and regional assessments that take into account the dominant forces of supply and demand that are influencing market growth. The competitive environment, including market shares of significant competitors, is detailed in the report along with fresh research methodology and player strategies for the anticipated time.