IDaaS Market

Growing blockchain management is driving the market growth

Market CAGR for IDaaS is being driven by the rising blockchain management. Blockchain provides security, transparency, and other benefits to firms in various industries. Through its decentralized network, the system also provides the intriguing potential for identification as a service. The drastic transition to digital platforms and the increased risk of data breaches are expected to boost demand for blockchain technology in identity management. According to the 2021 Identity Theft Study study, identity theft schemes caused USD 43 billion in damages in 2021. The solution provides traceable digital identity security and encrypted and immutable data maintenance cryptographic security. 

It also amplifies the weaknesses of weak password protection. The analytical data issues involving Facebook and Google can be recognized by using blockchain-based identity management. Self-Governing Control and total ownership of one's data may help with identity and technology. Similarly, blockchain-based non-custodial logins can control users' data. For example, MetaMask provides a blockchain-based application for secure login, token wallet, and digital payments while protecting the user's data. As a result, there is greater control over personal data to support blockchain-based identification as a service.

The rising popularity of the Bring Your Own Device (BYOD) trend in most telecoms and information technology organisations will aid in the development of the sector. When external devices breach a company's network, IT departments strive to protect their organisations' digital assets. Furthermore, the penetration of multi-cloud computing systems in the current organizational environment, particularly in telecommunications and IT firms, is increasing considerably. 

Thus, driving the IDaaS market revenue.

The Global IDaaS Market Overview Industry experiences a notable increase in demand for cloud-based solutions. Organizations are progressively migrating to cloud infrastructures, seeking enhanced scalability and flexibility. This shift is driven by the need for efficient identity management and security protocols. As of 2024, the market is projected to reach 4.66 USD Billion, reflecting a growing preference for cloud solutions. Companies are recognizing the advantages of IDaaS in streamlining operations and reducing costs associated with traditional identity management systems. This trend is expected to continue, as businesses increasingly prioritize digital transformation initiatives.

By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American IDaaS market area will dominate this market; the increasing amount of cyberattacks to access personal customer data, expanding cloud application use, the developing BYOD trend, and changing workforce demands to fulfill regulatory standards are driving organizations in North America to embrace IDaaS solutions.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Australia, Japan, India, South Korea, and Brazil.

Figure 3: IDAAS MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

The Europe IDaaS market has the second-largest market share. The new cloud-based solution will increase demand for cloud-based identity management services to eliminate fraudulent logins and authentications in Europe. Furthermore, the German IDaaS market dominated, while the UK IDaaS market grew fastest in Europe.

From 2023 to 2032, the Asia-Pacific IDaaS Market will develop at the quickest CAGR. Organizations in the region are migrating and implementing mobile, cloud, and next-generation technologies. To reduce the risk of a data breach, it is necessary to protect apps, authenticate users, and maintain control over business-critical information. Furthermore, China's IDaaS market had the greatest market share, while India's IDaaS market was the fastest expanding in the Asia-Pacific region.

Leading market companies are making significant R&D investments to diversify their product offerings, which will drive the IDaaS market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants also engage in several strategic actions to increase their worldwide presence. The market for IDaaS industry is becoming more competitive. Therefore, it needs to offer reasonably priced products to grow and thrive.

Manufacturing locally to reduce operating costs is one of the primary business strategies manufacturers employ in the worldwide IDaaS industry to assist customers and expand the market sector. The market for IDaaS industry has recently provided some of the most important benefits. Major players in the IDaaS market, including General Mills Inc., Amway, Conagra Brands Inc., Cargill Incorporated, Abbott Laboratories, Kraft Foods Group Inc., and others, are attempting to increase market demand by investing in research and development operations.

Ping Identity provides intelligent identity solutions for businesses. Companies may achieve Zero Trust identity-defined security and more personalized, simplified user experiences with our help. Customers, employees, and partners may use the PingOne Cloud Platform to access cloud, mobile, SaaS, and on-premises applications throughout the hybrid organization. We are chosen by more than half of the Fortune 100 for our identity expertise, open standards, and relationships with firms such as Microsoft and Amazon. 

Through multi-factor authentication, single sign-on, access control, intelligent API security, directory, and data governance capabilities, they deliver adaptable identity solutions that speed digital business efforts, delight customers, and safeguard the company. In February 2021, Ping Identity has introduced the PingOne DaVinci. It is a vendor-neutral platform that enables enterprises to mix and coordinate identity services from several vendors. It has over 100 pre-built connectors for identity, IT, and automation services. It simplifies the development of digital user journeys across many apps and ecosystems by speeding up the integration and deployment of identity services.

Okta, Inc. (previously Saasure Inc.) is a San Francisco-based identity and access management startup. It offers cloud software that assists businesses in managing and securing user authentication into applications and allows developers to implement identity controls into apps, websites, online services, and devices. Okta offers ten products: Single Sign-On, Universal Directory, Advanced Server Access (previously ScaleFT), API Access Management, Authentication, User Management, B2B Integration, Multi-factor Authentication, Lifecycle Management, and Access Gateway.Okta offers six services, one of which is a single sign-on service that allows customers to enter into many systems via a single centralized procedure.

In October 2021, Okta improved its product, Okta Workflows. Beyond Lifecycle Management capabilities, Okta Workflows has introduced features that serve a broader set of identity automation use cases, such as sophisticated security orchestration and DevOps. The new functionalities allow clients to accelerate innovation and automate identity procedures.