The Identity as a Service Market Size is projected to grow from USD 2.5 billion in 2019 to USD 6.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 21.1% during the forecast period. The major factors driving the growth of the IDaaS market include the growing demand for cloud-based security solutions and services, and obligations to follow regulatory mandates and data protection laws.
By deployment type, the hybrid cloud segment to grow at the highest CAGR during the forecast period
Several benefits offered to enterprises to lead the hybrid cloud in gaining huge traction. The major factors that are expected to drive the growth of the hybrid cloud segment include the growing demand for organizations for agile, scalable, and cost-efficient computing; rising need of standards for interoperability between cloud services and existing systems; increasing demand to avoid vendor lock-in; and growing number of digital services and their applications.
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By vertical, the public sector segment to grow at the highest rate during the forecast period
Cyber attackers always target government agencies to gain access to confidential government data. Governments in the emerging economies are deploying web and mobile applications to serve their citizens efficiently. Owing to this, the public sector and government organizations can handle data and consumer identities of a critical nature more efficiently. These applications are becoming the prime targets for the cybercriminals to access sensitive data. Identity frauds in the government/public sector vertical include misappropriation of assets, identity thefts, bribery and corruption, accounting frauds, data thefts, and money laundering. The incidents of identity thefts to access confidential government data are increased, which is resulting in the rise in the adoption of IDaaS solutions in government agencies.
Major IDaaS vendors include as Okta, Inc. (US), IDaptive, LLC (US), Ping Identity (US), OneLogin (US), CA Technologies (US), SailPoint Technologies (US), Microsoft Corporation (US), Oracle Corporation (US), IBM Corporation (US), Google (US), Salesforce (US), HCL (India), Capgemini (France), Gemalto (Netherlands), Simeio Solutions (US), Jumio (US), Connectis (Netherlands), Auth0 (US), One Identity (US), and JumpCloud (US). These market players have adopted various growth strategies, such as partnerships, agreements, and collaborations, and new product launches to expand their presence in the IDaaS market. Partnerships, collaborations, and agreements have been the most adopted strategies by major players from 2017 to 2019, which helped companies innovate their offerings and broaden their customer base.
Okta (US) is one of the leading providers of IDaaS, and identity and access management (IAM) solutions and services. It offers a robust set of solutions and services to help organizations with cloud-based identity management. The company has created a strong base in the IDaaS market by adopting different growth strategies, including new product launches, business expansions, and partnerships and acquisitions. Okta is also taking initiatives to invest funds in startups to boost innovations in cloud-based identity management products and solutions. For instance, Okta invested USD 50 million in Okta Ventures to encourage business ideas in the IDaaS market. Currently, Okta is focused on strengthening both organic and inorganic business growth strategies. As a part of an organic growth strategy, the company is taking constant effort to enhance its product portfolio by adding improved features. The enhancement made Okta a leading identity resource for software development and increased the company’s presence in the customer identity space. Moreover, as a part of the inorganic growth strategy in March 2019, the company acquired Azuqua, a provider of cloud-based application, to offer an enhanced flow of identities between applications and services to its customers.
Ping Identity (US) is one of the leading providers in identity-defined security. It is an established innovator in the market for identity federation and cloud IAM. The company is highly engaged in standards initiatives, driving the development of standards in the IAM and IDaaS market space. PingOne Cloud is the IDaaS solution that Ping Identity offers in the market. This solution provides both identity federation and directory service capabilities.
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Ping Identity offers robust cloud-based offerings to provide enhanced identity management solutions. Ping Identity is rapidly evolving and expanding its footprint in the IDaaS market by adopting different business tactics. It is focused on leveraging cutting-edge technologies, such as artificial intelligence (AI) and machine learning (ML), to differentiate its offerings in the IDaaS market. Ping Identity is evolving rapidly by strengthening organic and inorganic growth strategies. In recent times, the company has been emphasizing on launching new products, solutions, and frameworks to enhance its deployment abilities in the market and offer the best-user experience. It also emphasizes on business expansions, partnerships, and acquisitions to expand its identity management capabilities in the IDaaS market.
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