The identity as a service market is experiencing remarkable growth, reaching unprecedented levels. It is projected to surge to a staggering US$135.0 billion by 2033, with a robust compound annual growth rate (CAGR) of 30.4% from 2023 onwards.
Identity as a service embeds Identity and Access Management (IAM) capabilities based on standards like SAML, OpenID, 0Auth, and SW-Federation within the organization’s applications, which may otherwise cost an organization a significant amount to stay up with the standards. Furthermore, it provides developers with a plug-in approach that includes the necessary pre-existing API, saving time and money on in-house development.
Identity as a service analytics and intelligence capabilities assist enterprises in improving and identifying irregularities with access credentials within multidimensional relationships between individuals, their roles and responsibilities, data usage, and job function.
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Emerging Trends in Identity as a Service Market:
Blockchain provides security, transparency, and other benefits to firms in a variety of industries. Through its decentralized network, the technology also provides potential possibilities for identity as a service market.
The significant move to digital platforms, as well as the increased threat of data breaches, are likely to drive demand for blockchain technology in identity management. Identity fraud schemes caused US$ 43 billion in damages in 2021, according to the Identity Fraud Study.
Key Takeaways from the Identity As A Service Market Report:
- Growing regulatory demands and data protection legislation, increased demand for cloud-based security services and solutions, and increased use of IAM solutions for business facilitation are key factors driving the market expansion.
- The identity as a Service market is expected to record a CAGR of 30.4% during the forecast period 2023 to 2033.
- North America dominated the identity as a service market.
Key Developments:
- In June 2022, IBM improved its product, IBM Security Verify Governance V10.0.1 Fix Pack 1, to provide companies with a single platform for investigating, defining, and managing access risks. This solution employs business-centric rules, actions, and procedures to enable line-of-business managers, auditors, and risk managers to regulate access and analyze regulatory compliance across company applications and services.
- Microsoft Entra, a new solution, was announced in May 2022. Microsoft Entra Permissions Management is a solution designed to provide visibility of permissions to users and workload identities. It enables security teams to identify unused and excessive permissions more effectively, thereby enforcing the notion of least privilege and maintaining a top-down view of identities across all cloud services, including Microsoft Azure, Amazon Web Services, and Google Cloud Platform.
- Ping Identity released a new product called PingOne DaVinci in February 2022. It is a vendor-neutral platform that enables enterprises to mix and coordinate identity services from several vendors. It includes over 100 pre-built connectors for various identity, IT, and automation services. It simplifies the development of digital user journeys across multiple apps and ecosystems by speeding up the integration and deployment of identity services.
- Okta improved its product, Okta Workflows, in October 2021. Beyond Lifecycle Management capabilities, Okta Workflows has added features that serve a broader set of identity automation use cases, such as sophisticated security orchestration and DevOps. The new functionalities give customers the ability to accelerate innovation and automate identity procedures.
Key Companies Operating in the Market are:
- Okta
- Ping Identity
- Idaptive
- Microsoft
- Oracle
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Identity as a Service Market Segmentation:
By Access Type:
- Single Sign-on
- Multi-factor Authentication
- Compliance Management
- Directory Services
- Others
By Enterprise Size:
- Small & Medium Enterprises
- Large Enterprises
By Deployment:
- Public
- Private
- Hybrid
By Service Type:
- On-site
- In-house
By Application:
- Document Verification
- Authentication/identification
- Screening
By Industry:
- Government
- Retail & Consumer Electronics
- Transportation & Logistics
- Media & Entertainment
- IT & Telecommunication
- BFSI
- Energy & Utility
- Healthcare
- Automotive
- Others
By Region:
- North America
- South America
- Europe
- Asia Pacific
- The Middle East and Africa
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