Identity as a Service Market Size

Identity as a Service (IDaaS) Market Analysis

The market for the Identity as a Service is expected to register a CAGR of 18% over the forecast period (2021 - 2026).

• Over the years, with the growing number of data breaches, organization's preference for cloud infrastructure, OSs such as Windows OS, macOS gaining traction at the enterprise level has rendered the coupling of web application SSO and AD less effective and has evidently resulted in the advent of Identity-as-service platforms that help the organizations to forgo about managing deployment, security, configuration, and maintenance in-house
• The IDaaS embeds the Identity and Access Management ( IAM) capabilities build on standards such as SAML, OpenID, 0Auth, SW-Federation into organization' applications which would otherwise cost a considerable amount to the organization to keep up with the standards. Additionally, it offers a plug-in model to developers with all necessary pre-existing API installed which reduces time and money spent on in-house development.
• The Analytics and Intelligence capabilities of IDaas help organizations to enhance and identify the anomalies with the access privileges within multifaceted relationships between users, their roles and responsibilities, data usage, job function.
• Also, the potential of Blockchain could open up new business opportunities for the vendors and end-users by further enhancing the trust and security as it avoids centralized network and single point of failure. the decentralized nature of blockchain avoids maintaining large consolidated pools of data that are the primary target for hackers by implementing distributed ledgers that can maintain the chains of data without compromising the security
• Additionally, Compliance acts such as EU ' s General Data Protection Regulation Act, that ensures key attributes including analysis of personal data, access rights, data breaches, impact assessment among others is all global businesses that maintain and process data of EU citizen, Addiontionalyl other similar regulation such as California Consumer Privacy Act (CCPA) are on the rise.
• For instance, Organizations that are reluctant to comply with data compliance and do not have adequate security measures in managing consumer data could be fine up to EUR 20 million or 4% of total annual turnover. These compliance force the organizations to follow and adopt service as IDaas and thereby fosters the growth of the market
• Furthermore, due to the recent outbreak of global pandemic COVID-19 and announcement of lockdown, organizations had to shift their business operations over the cloud by enabling access to employee from home making them vulnerable to cyberattacks. For instance, on April 19, 2020, Cognizant Technology Solutions Corporation reported that it was hit by ransomware attack by a group called Maze, the attackers threaten the company to leak company information if they opt no to pay their ransom