IDaaS Market Forecast In-Depth Analysis & Global Forecast to 2032

The Growing Need for IDaaS in Modern Identity Management

Identity-as-a-Service (IDaaS) refers to cloud-based identity and access management (IAM) solutions delivered over the internet. IDaaS provides centralized management of users' digital identities and enables single sign-on (SSO) for secure access across applications and devices.

The global IDaaS market is forecast to grow from $3.74 billion in 2023 to $21.87 billion by 2032, exhibiting a CAGR of 24.70%. This explosive growth is driven by the greater convenience, security, and scalability offered by IDaaS solutions compared to traditional on-premise IAM software.

Benefits Driving IDaaS Adoption

Organizations are prioritizing IDaaS adoption to reap the following key benefits:

• Improved user experience - SSO provides easy access across cloud apps/portals using one set of credentials
• Enhanced security - Centrally manages identities and controls access rights from a single platform
• Increased productivity - Automates manual identity processes saving IT time and costs
• Greater scalability - Cloud-based, pay as you go model handles growing users and applications
• Regulatory compliance - Helps meet security mandates through access controls and audit logs

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Major IDaaS Market Trends

The top trends shaping IDaaS market growth include:

• Rising cloud adoption driving demand for cloud-based IAM
• Growth in remote work spurring need for enhanced identity security
• Increasing cyber threats requiring robust access controls and authentication
• Integration of emerging technologies like AI, ML, and biometrics into IAM
• Growing regulatory complexity around data privacy and user access control

While large enterprises currently dominate adoption, small and mid-sized businesses (SMBs) are an emerging high growth segment. SMBs often lack robust IAM capabilities internally so IDaaS provides a flexible and affordable solution to modernize identity management.

Leading IDaaS Providers

Major IDaaS vendors include Microsoft, Google Cloud, Okta, IBM, and Amazon Web Services. These providers offer capabilities like:

• Cloud directory for storing identity profiles and credentials
• Single sign-on and multi-factor authentication
• Access management to applications and infrastructure
• Reporting, monitoring, and risk analytics
• Expert managed services for deployment and maintenance

As digital transformation accelerates across sectors, IDaaS will play a pivotal role in securing an increasingly complex IT ecosystem. IDaaS allows organizations to enhance identity security, meet compliance needs, and deliver seamless user experiences - all from the cloud.

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