New York – The global IDaaS market size is estimated to be USD 5.6 billion in 2022 and is projected to reach USD 16.8 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 24.7% during the forecast period. Some factors driving the market growth include government initiatives and regulations supporting digital identity transformation, government regulations and the need for compliance, and the rise in identity and authentication frauds.

However, Businesses’ reluctance to adopt cloud-based security and lack of information security of consumer data is expected to hinder market growth.

By Organization size, SMEs to grow at the highest CAGR during the forecasted period

Small and medium-sized businesses (SMEs) from a variety of industries are going through a digital transformation and using cloud computing to achieve low operational costs, increase mobility, capital expenditure advantages, and get rid of on-premises technology. Intruders use automated techniques to attack SMEs’ networks in order to take advantage of their weak security infrastructures.

Therefore, in order to save money, time, and resources, SMEs are seeking cybersecurity solutions like IDaaS, which may shield their company from cybersecurity damage. Additionally, governments are acting to safeguard SMEs in their own nations.

SMEs are vulnerable to new security problems as they implement digitalization at an increasing rate. As a result, the IT departments of SMEs make investments in implementing advanced security solutions like IDaaS.

Thus, the SMEs are to grow at the highest CAGR during the forecasted period.

By Vertical, the BFSI vertical account for a larger market size during the forecasted period.

By incorporating the use of cutting-edge technologies like AI, machine learning, cloud computing, and blockchain, the BFSI sector is undergoing technological advancement. Customers are searching for convenience in services like e-banking and mobility which is driving digitalization in the BFSI sector.

Although it has proven to be incredibly easy for consumers, this has also led to an increase in ransomware, identity fraud, data theft, and other cybercrime. Thus, in order to protect its system from cyberattacks and secure its clients’ sensitive data, the BFSI vertical is increasingly adopting security solutions like IDaaS.

This has led the BFSI vertical to account for a larger market size during the forecasted period.

By Organization size, large enterprises to grow at the highest Market size during the forecasted period

Large enterprises are more likely to adopt IDaaS solutions as a result of huge budgets implementing top-notch security solutions and the strong demand for real-time auditing and monitoring of the growing IoT traffic. Due to a surge in identity theft and data breaches, large organizations are at high risk of any cyber attack. Therefore to protect their brand image and to maintain the trust of their long-term clients it has become crucial for them to implement cybersecurity solutions like IDaaS at a rapid rate. The IT department in large enterprises has a lot of responsibilities other than managing the organization’s security and therefore IDaaS solutions come to the rescue as they reduce the burden of responsibilities including compliance, policies, and governance. This in turn helps large enterprises to also concentrate on their other responsibilities efficiently. Thus, large enterprises are anticipated to grow at
the highest market size during the forecasted period.

Breakdown of primaries:
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the SOC as a Service market.

  • By company type: Tier 1: 25%, Tier 2: 40%, and Tier 3: 35%
  • By designation: C-level: 30%, Directors: 35% and others: 35%
  • By region: North America: 15%, APAC: 30%, MEA: 10%, Europe: 25%, Latin America: 20%

Major vendors in the global IDaaS market include Okta (US), CyberArk (US), Thales (France), Microsoft (US), Ping Identity (US), OneLogin (US), IBM (US), Oracle (US), Google (US), and SailPoint (US), JumpCloud (US), SecureAuth (US), Auth0 (US), OpenText (Canada), Ilantus (US), LoginRadius (Canada), Delinea (US), Optimal IdM (US), Fischer Identity (US), Atos (France), Avatier (US), Simeio Solutions (US), HCL (India), Capgemini (France), Broadcom (US), Salesforce (US), Jumio (US), Signicat (Norway), Ubisecure (UK), and EmpowerID (US).
The study includes an in-depth competitive analysis of the key players in the IDaaS market, with their company profiles, recent developments, and key market strategies.

Research coverage
The report segment the IDaaS market and forecast its size, by Component (Provisioning, Single Sign-On, Advanced authentication, Audit, Compliance, and Governance, Directory service, and Password management), Organization Size (SMEs and Large enterprises), Deployment Type (Public Cloud, Private Cloud, and Hybrid Cloud), Vertical (BFSI, IT and ITeS, energy and utilities, government, manufacturing, healthcare, retail and consumer goods and other verticals), and Region (North America, Europe, Middle East, and Africa, Asia Pacific, and Latin America).
The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key benefits of buying the report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall IDaaS market and the subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies.

Source: ReportLinker