Integration of systems that primarily offer cloud-based identity management solutions is known as identity as a service. Additionally, it permits data collection and is used in public, private, and hybrid networks.
New York, Sept. 28, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Identity as a Service Market Size, Share & Industry Trends Analysis Report By Component Type, By End User, By Regional Outlook and Forecast, 2022 – 2028" - https://www.reportlinker.com/p06322070/?utm_source=GNW
It has spread throughout many businesses that need to monitor and manage data that contains sensitive information, user identities, and aids in understanding or improving end-user behavior. Delivering the relevant software applications, file access, and other resources to an authorized employee at the proper time is the primary goal of IDaaS.
Provisioning, sophisticated authentication, single sign-on, directory services, password management, as well as other factors are some of the market drivers. One of the key components of the Identity As A Service Market is multi-factor authentication, which includes biometrics. It is regarded as a significant factor in validating the users’ identities and requires verification from many sources. The expansion of IDaaS is not just limited to commercial businesses; it is also being used by government organizations.
The information technology X-as-a-service model is simple to comprehend. It indicates that a feature is being provided to a business remotely by a third-party source as opposed to being controlled locally and only by internal staff. Similar services can be offered for identity, security, and other aspects. An identity service’s objective is to confirm users are who they say they are and grant them appropriate access to data, files, and other resources at the appropriate times.
COVID-19 Impact Analysis
The COVID-19 pandemic significantly impacted the global economy. A significant number of businesses, irrespective of their size, were demolished due to the abrupt emergence of the COVID-19 pandemic. In addition, the supply chain restrictions also played a major role in impeding the growth of several businesses. The Identity As A Service Market was also majorly disrupted by the pandemic in the initial period of the lockdown. The companies were under temporary closure due to the pandemic, which compelled them to stop all their operations. This industrial closure majorly impacted the identity as a service market.
Market Growth Factor
Growing Implementation of The Hybrid Cloud IDaas
The cloud is among the most widely used technologies in the modern period. The number of businesses using the cloud is expanding very quickly. The key benefit of a hybrid cloud is flexibility. A key component of a digital business is the need for quick adaptability and course corrections. A business may decide to combine public clouds, private clouds, and on-premises capabilities to gain the agility needed for a competitive edge.
Rise in Social Engineering Schemes, Cyberattacks, And Phishing Attempts
The increase in the number of criminal activities, social engineering, cyber-attacks of sensitive information theft, as well as other cyber disparities makes it crucial to have a strong data management and proprietary management software that drive the need for IDaaS. In addition, since it houses sensitive data and is the most sought-after target for cyberattacks, the public sector industry is embracing IDaaS more and more. IDaaS is being used more frequently in the BFSI sector to safeguard and secure informed consumer data. The ability to fully control and own one’s data has advantages for both technology and the Self-Sovereign Identity. The blockchain-based non-custodial logins can also manage user data.
Market Restraining Factor
Threats and Risks Related to The Security of Customers
Identity along with access management systems are very important and should be adequately secured, whether or not businesses are aware of this. Tools for identity and access control are what prevent unauthorized individuals from accessing sensitive data. Although security dangers have always existed, security vulnerabilities have grown increasingly obvious in the wake of the coronavirus pandemic. Therefore, it is essential for businesses to increase the security of both their identity and access management system and their data.
Component Type Outlook
On the basis of Component, the Identity As A Service Market is segmented into Single Sign-On, Multifactor Authentication, Provisioning, Password Management, Directory Services, and Audit, Compliance & Governance. In 2021, the multifactor authentication segment garnered a significant revenue share of the identity as a service market. The IDaaS service includes all required tools for password management as well as authentication, including multifactor authentication, as this is a core component of identity and access management.
End User Outlook
By End-user, the Identity As A Service Market is segregated into BFSI, Telecom and IT, Education, Healthcare, Manufacturing, and Public Sector. In 2021, the healthcare segment witnessed a promising revenue share of the identity as a service market. The growth of the segment is rapidly surging as a result of critical information that is stored inside the systems and databases of healthcare facilities. In order to protect such information from cyber-attacks, the demand for Identity As A Service Market is rising in the healthcare industry, and hence, the growth of the segment is flourishing.
Region-wise, the Identity As A Service Market is analyzed across North America, Europe, Asia-pacific, and LAMEA. In 2021, North America accounted for the largest revenue share of the identity as a service market. Due to the increasing number of security threats and data breaches, North America is the region that uses cybersecurity solutions the most. Organizations in North America are adopting IDaaS solutions as a result of the increased number of cyberattacks aimed at gaining access to private customer data, expanding the use of cloud applications, increasing the BYOD trend, and changing workforce requirements to comply with regulatory standards.
The major strategies followed by the market participants are Acquisitions. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation and Google LLC is the forerunners in the Identity as a Service Market. Companies such as IBM Corporation, Okta, Inc. and Ping Identity Holding Corp. are some of the key innovators in Identity as a Service Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Google LLC, Microsoft Corporation, Oracle Corporation, Salesforce.com, Inc., Broadcom, Inc. (CA Technologies, Inc.), Ping Identity Holding Corp. (Vista Equity Partners), Okta, Inc., CyberArk Software Ltd. and OneLogin, Inc. (Quest Software Inc.)
Recent Strategies deployed in Identity As A Service Market
Partnerships, Collaborations & Agreements
Aug-2022: Okta partnered with Nextgen Group, specialists in enterprise software and cloud. Under this partnership, Nextgen Group secured distribution rights for Okta’s identity cloud solutions in Singapore, Malaysia, and Indonesia, building on existing partnerships in Australia and New Zealand. This partnership also allowed Okta to satisfy the business transformation needs of a wider pool of enterprise customers through Nextgen’s channel services model.
Jul-2022: Ping Identity formed a partnership with Daon, a global leader in identity assurance technology. From this partnership, Ping Identity availed its customers a unified identity experience across all engagement channels and throughout all stages of the customer’s identity lifecycle by using Daon’s expansive biometric authentication offering.
Mar-2022: Okta formed an agreement with Ingram Micro, an American distributor of information technology products and services. From this agreement, Okta’s relationship with Ingram Micro expanded throughout the Americas. This agreement also set the stage to extend the go-to-market relationships to more than 40 countries across all regions of the world including Europe and the Asia Pacific.
Feb-2022: Ping Identity came into an agreement with Carahsoft, the trusted government IT solutions provider. Under this agreement, Ping Identity helped in modernizing the nation’s cybersecurity defenses with advanced identity, credential, and access management (ICAM) capabilities. The agreement would help strengthen national cybersecurity defenses in a number of different ways.
Aug-2021: Google Cloud came into a partnership with LiveRamp, the leading data connectivity platform. This partnership would enable identity in the cloud as an infrastructural upgrade for consumers. With this partnership, consumers would have access LiveRamp’s identity capabilities through API via the Google Cloud Marketplace to build a unified view of the consumer inside their data environment. This partnership aimed to enable consumers to make data actionable, unlocking new use cases and ensuring they maximize their cloud data investment.
Jun-2021: Oracle entered into a partnership with Deutsche Bank, one of the world’s largest financial services organizations. This partnership aimed at modernizing the bank’s database technology & accelerates its digital transformation. The partnership would see Deutsche Bank upgrade its existing database systems and migrate the bulk of its Oracle Database estate to Oracle Exadata Cloud@Customer, an on-premises deployment option of the Oracle Exadata Cloud Service, to support applications that either would not move to the public cloud or may in the future.
Product Launches and Product Expansions
Jun-2022: Microsoft introduced Azure Active Directory, Microsoft Entra Permissions Management, and Microsoft Entra Verified ID, a new product family of Microsoft Entra. This launch focused on verifying all types of identities and securing, manage, and govern their access to any resource.
Mar-2022: Google Cloud expanded Contact Center AI, its existing Contact Center AI Platform. This expansion would offer an out-of-box, end-to-end solution for the contact center. This expansion would bring together the advantages of AI, cloud scalability, multi-experience capabilities, and tight integration with consumer relationship management (CRM) platforms to unify sales, marketing, and support teams around data across the customer journey.
Feb-2022: Ping Identity unveiled PingOne DaVinci, a new no-code identity orchestration service that enables organizations to design better user experiences with drag-and-drop simplicity. This service is based on PingOne Cloud Platform and DaVinci, which features a library of 100+ out-of-the-box connectors for a range of identity, IT, and automation services.
Dec-2021: Ping Identity launched PingOne Authorize. The new technology introduces cloud-based dynamic authorization capabilities for the enterprise identity security market. This technology extends the PingOne Cloud Platform’s cybersecurity protection, beyond authenticating users to controlling what users can see and do within applications. This allows organizations to better reduce fraud, comply with privacy regulations, and improve the user experience.
Aug-2021: Google launched Google Identity Services, a new family of Identity APIs. With the new Google Identity Services, the company combined Google’s industry-leading security with the ultimate convenience of easy sign-in to deliver an experience that keeps users safe, while facilitating new user acquisition & seamless sign-in for returning users.
Apr-2021: IBM released IBM Spectrum Fusion, a new container-native software-defined storage (SDS) solution. The IBM Spectrum Fusion would be designed to fuse IBM’s general parallel file system technology & its data protection software to give businesses and their applications a simple and less complex approach to accessing data seamlessly within the data center, at the edge, and across hybrid cloud environments.
Feb-2021: Ping Identity introduced PingOne Verify, a new cloud service. This service helps enterprises make it easy for customers to verify their identity for rapid account onboarding, authentication, and fraud prevention.
Oct-2020: Okta launched Okta Customer Identity Workflows. This new product enables product builders and IT professionals to automate the most complex digital transformation identity processes. Customer Identity Workflows make user identity extensible across the entire software stack with low-code options for developers through Okta Hooks or using drag-and-drop tooling for non-technical business units.
Acquisitions and Mergers
Mar-2022: Google completed the acquisition of Mandiant, a publicly traded American cybersecurity firm. This acquisition would bolster Google Cloud’s defense in the race with competitors AWS and Microsoft.
Mar-2022: Microsoft took over Nuance Communications, a leader in conversational AI & ambient intelligence across industries including healthcare, financial services, retail, and telecommunications. Microsoft and Nuance would allow organizations across industries to accelerate their business goals with security-focused, cloud-based solutions infused with powerful, vertically optimized AI.
Jan-2022: Google Cloud took over Siemplify, a provider of security orchestration, automation, and response (SOAR) technologies. This acquisition would assist the cloud platform with advancing invisible security and democratizing security operations for every organization.
Sep-2021: Ping Identity acquired Singular Key, a leader in no-code identity and security orchestration. Through this acquisition, Ping Identity optimized end-to-end user journeys across third-party and Ping systems for its current and future customers by making the Singular Key services available through the PingOne Cloud Platform.
Jun-2021: Microsoft completed the acquisition of CloudKnox Security, an access management (IAM) startup. This acquisition would help organizations enforce least-privilege principles to reduce risk & help prevent security breaches. This acquisition would allow Microsoft Azure Active Directory (Azure AD) consumers with granular visibility, continuous monitoring, and automated remediation for hybrid and multi-cloud permissions.
Mar-2021: Okta acquired Auth0, a leading identity platform for application teams. Through this acquisition, the companies aimed at addressing a broad set of identity use cases as the acquisition accelerated the companies’ shared vision of enabling everyone to safely use any technology. The result of this acquisition would help organizations to have greater choices in selecting the identity solution for their unique needs.
Jan-2021: IBM acquired Taos Mountain, an IT firm that helps companies shift software and data online. Through this acquisition, Taos aimed to add the deep expertise, public cloud partnerships, and innovative solutions needed to drive the growth and adoption of IBM’s hybrid cloud platform throughout the Americas. The platform would give enterprises the freedom to choose from multiple providers to best meet their business and IT needs.
May-2020: CyberArk took over Santa Clara, California-based IDaptive Holdings. Through the acquisition, CyberArk and Adaptive aimed to deliver a comprehensive Artificial Intelligence (AI)-based, security-first approach to managing identities that is adaptive and context-aware.
Feb-2020: Google Cloud completed the acquisition of Looker Data Sciences, a privately-held data analytics firm. Through this acquisition, Google Cloud and Looker share a common philosophy around delivering open solutions and supporting consumers wherever they are be it on Google Cloud, in other public clouds, or on-premises. The acquisition would add a new analytics tool for Google Cloud’s customers.
Scope of the Study
Market Segments covered in the Report:
By Component Type
• Multifactor Authentication
• Single Sign-On
• Password Management
• Directory Services
• Audit, Compliance & Governance
By End User
• Public Sector
• Telecom & IT
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• IBM Corporation
• Google LLC
• Microsoft Corporation
• Oracle Corporation
• Salesforce.com, Inc.
• Broadcom, Inc. (CA Technologies, Inc.)
• Ping Identity Holding Corp. (Vista Equity Partners)
• Okta, Inc.
• CyberArk Software Ltd.
• OneLogin, Inc. (Quest Software Inc.)
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