U.S. Identity As A Service (IdaaS) Market, By Access Type (Single Sign-On, Multi-Factor Authentication, Directory Services, Compliance Management, Provisioning, Password Management, And Others), Deployment (Hybrid, Public, And Private), Service Type (On-Site And In-House), Enterprise Size (Large Enterprise And Small And Medium Enterprises), Function (Authentication/Identification, Document Verification, And Screening), End-Use (BFSI, Government, Healthcare, IT And Telecom, Manufacturing, Retail, Aerospace And Defense, And Others), Industry Trends And Forecast To 2028.
Market Analysis and Insights: U.S. Identity as a Service (IDaaS) Market
U.S. Identity as a Service (IDaaS) market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with a CAGR of 15.7% in the forecast period of 2021 to 2028 and is expected to reach USD 4,331.30 million by 2028. Increasing fraudulent activities and identity theft is acting as a major factor for the growth of the market.
Identity as a service (IDaaS) comprises a SaaS-based identity and access management offering, which allows organizations to use single sign-on authentication, and access controls to provide secure access to the growing number of software and SaaS applications. These Identity as a service (IDaaS) methods allow all users, customers, employees, and third parties to more securely access sensitive information both on and off-premises. IDaaS solutions help businesses to reduce risk, avoid IT infrastructure cost and complexity, to avoid fraud and money laundering concerns, improve customer experience and accelerate digital transformation initiatives. IDaaS could be used for a number of different applications. IDaaS is an essential requirement in many business processes and procedures.
Some of the factors which are expected to drive the U.S. Identity as a Service (IDaaS) market are increasing demand for cloud-based security solutions and services due to concerns regarding data security. However, the high capital investment required for the implementation of Identity as a service solution is restraining the U.S. Identity as a Service (IDaaS) market growth.
Increasing BYOD trends across enterprises and the growing adoption of digital payment methods are some of the factors which are opening lucrative opportunities for the market. On the other hand, a lack of technical expertise may act as a major challenge for market growth.
This U.S. Identity as a service (IDaaS) market report provides details of market share, new developments, and product pipeline analysis, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario, contact us for an Analyst Brief. Our team will help you create a revenue impact solution to achieve your desired goal.
U.S. Identity as a Service (IDaaS) market is segmented on the basis of access type, deployment, service type, enterprise size, function, and end-use. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of access type, the Identity as a service (IDaaS) market is segmented into single sign-on, multi-factor authentication, compliance management, directory services, provisioning, password management, and others. In 2021, single sign-on is expected to dominate the U.S. identity as a service (IDaaS) market, as it is a very basic need of organizations so that users can log in seamlessly across multiple applications and websites. It further results in increasing employee productivity and streamlining the user experience.
- On the basis of deployment, the U.S. Identity as a service (IDaaS) market has been segmented into public, private, and hybrid. In 2021, the hybrid segment is expected to dominate the U.S. identity as a service (IDaaS) market due to the growth attributed to factors such as flexibility toward managing workload operations, improved scalability, managing multiple vendors, improved security, and agility, and better support for a remote workforce.
- On the basis of service type, the U.S. Identity as a service (IDaaS) market has been segmented into on-site and in-house. In 2021, on-site is expected to dominate the U.S. identity as a service (IDaaS) market mainly because of the factors such as controlled costs, consistent support from a third party, quick resolution of issues, and improved productivity and efficiency of the company.
- On the basis of enterprise size, the U.S. Identity as a service (IDaaS) market has been segmented into large enterprises and small & medium enterprises. In 2021, the large enterprise is expected to dominate the U.S. identity as a service (IDaaS) market due to increased dependency on digitalized environment, high need for efficient and secured management of data and access controls, prevention against data theft and data breach, and huge adoption of cloud services.
- On the basis of function, the U.S. Identity as a service (IDaaS) market has been segmented into document verification, authentication/identification, and screening. In 2021, authentication/verification is expected to dominate the U.S. identity as a service (IDaaS) market owing to the prime focus of IDaaS solutions toward identification and authentication and better management of access control operations.
- On the basis of end-use, the U.S. Identity as a service (IDaaS) market has been segmented into BFSI, IT & telecom, healthcare, aerospace & defense, government, retail, manufacturing, and others. In 2021, BFSI is expected to dominate the U.S. identity as a service (IDaaS) market mainly due to the strong dominance of the BFSI sector in the country, surging need for secured operations, authentication, and access management across banks and other financial institutions enabling customers to securely access all financial information, and rapid focus shift toward digital transformation.
Identity as a Service (IDaaS) Market Country Level Analysis
U.S. Identity as a Service (IDaaS) market is segmented on the basis of access type, deployment, service type, enterprise size, function, and end-use.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts, and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Europe brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of sales channels are considered while providing forecast analysis of the country data.
Rise In Need To Improve Efficiency And Productivity Is Expected To Drive The Market Growth
U.S. Identity as a Service (IDaaS) market also provides you with detailed market analysis for country growth in the industry with sales, components sales, the impact of technological development in Identity as a service (IDaaS), and changes in regulatory scenarios with their support for the Identity as a service (IDaaS) market. The data is available for the historic period 2010 to 2019.
Competitive Landscape and U.S. Identity as a Service (IDaaS) Market Share Analysis
U.S. Identity as a Service (IDaaS) market competitive landscape provides details by a competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, U.S. presence, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies' focus related to U.S. Identity as a Service (IDaaS) market.
Some of the major players operating in the U.S. Identity as a Service (IDaaS) market are Broadcom, Centrify Corporation, Ilantus Technologies Private Limited, Exostar, JumpCloud Inc, OneLogin, Inc, Oracle, Salesforce.com, Inc, Thales Group, One Identity LLC, IBM Corporation, Okta, Ping Identity, Microsoft, Happiest Minds, and Capgemini among others.
Many product developments are also initiated by the companies worldwide, which are also accelerating the growth of the U.S. Identity as a Service (IDaaS) market.
- In June 2021, Exostar announced the launch of the Exostar Platform. The Exostar Platform features multiple modules such as onboarding, secure access through identity proofing, credential issuance, multi-factor authentication, and others. This will help the company to enhance its offerings and to grow in the market
- In March 2021, Okta announced the acquisition of Auth0 for approximately USD 6.5 billion. Under this acquisition, Auth0 will continue to operate as an independent business within Okta, although the vendors' platforms will be integrated over time. Okta and Auth0 address a broad set of identity use cases. This will help the company grow in the market
Partnership, joint ventures, and other strategies enhance the company's market share with increased coverage and presence. It also provides the benefit for an organization to improve their offering for Identity as a service (IDaaS) through an expanded range of sizes.