Identity as a Service Market is Expected to be the Fastest Growing Over 2032

Market Overview

Market Research Future (MRFR) announces the publication of its half-cooked research report—Global IDaaS Market, 2024-2032.

According to Market Research Future, the global IDaaS market has been segmented based on services, organization size, deployment, vertical, and region/country.

The Identity as a Service Market is projected to grow from USD 7.79 billion in 2024 to USD 34.33 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 20.37% during the forecast period (2024 - 2032). 

Identity-as-a-service (IDaaS) is suitable for industries and enterprises as it provides cloud features such as portability and pay-per-use service. The enterprises are becoming aware of the role of digital identity management due to the rapid increase in the digital workforce. As compared to traditional identity and access management (IAM) systems, which are devised and managed in-house, IDaaS gives enterprises advanced IAM capabilities without dealing with complex underlying infrastructure, policies, and practices necessary to maintain regulatory compliance and high standards of security.

By services, the global IDaaS market has been divided into identity governance & administration, access, and intelligence. The identity governance & administration segment is expected to have a larger market share, while the intelligence segment is projected to register the highest CAGR during the forecast period.

Based on organization size, the market has been segmented into large enterprise and small- and medium-sized enterprise (SME). The large enterprise segment is expected to have a greater market size during the review period. Large organizations extensively deploy IDaaS and SMEs are expected to register the higher CAGR in the forecast period.

Based on deployment, the global IDaaS market has been divided into private cloud, public cloud, and hybrid. The hybrid cloud deployment is expected to exhibit the highest CAGR in the forecast period.

By vertical, the global IDaaS market has been divided into banking, financial services, and insurance (BFSI), IT and telecommunication, retail and CPG, energy and utilities, manufacturing, healthcare and life sciences, transportation, government and defense, and others. The BFSI vertical is expected to be the largest segment and is expected to record the highest CAGR during the forecast period. Use of digital payment is increasing in the BFSI sector. This, in turn, has resulted in a growing need for security for the consumers as well as employees and to protect client data through IDaaS.

By region, the global IDaaS market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. North America is expected to be the leading regional market during the forecast period.

Key Players

The key players in the global IDaaS market are include Avatier (US), Okta, Inc. (US), Microsoft Corporation, (US), OneLogin, Inc (US), Fischer Identity (US), Centrify Corporation (US), Oracle Corporation (US), Microsoft Corporation (US), iWelcome (Netherlands), Ping Identity (US), LoginRadius (Canada), VMWare (US), IDaptive, LLC. (US), empowerID (US), and Ubisecure, Inc. (Finland). These are identified based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise.

The other players in the IDaaS market are Sailpoint (US), Bitium, Inc. (US), Optimal IdM(US), and others.

Regional Analysis

The global IDaaS market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. North America is expected to be the largest market in terms of market share, followed by Europe during the forecast period. The US is the leading country-level market, as it is the most technologically advanced country with a large number of enterprises adopting IDaaS across verticals. The market in Asia-Pacific is expected to register the highest CAGR in the forecast period.