Powered by SaaS Industry
At a Glance
Gartner defines Identity and Access Management (IAM) as a discipline that ensures that the right individuals access the right resources for the right reasons. Market estimates state that it would touch $24.2B in 2025. IAM for the security of cloud resources is also growing in necessity with increasing cyberattacks and growing cloud adoption across organizations today
The increasing number of cyberattacks, their complexities, the surging adoption of cloud and SaaS models, virtual desktops, the requirement for centralized security management solutions and much more have led to the increased demand for Identity and Access Management (IAM) market today.
The IAM service constitutes a set of permission policies that control access for users to resources on the cloud. According to Gartner, IAM is a discipline that ensures that the right individuals access the right resources at the right time for the right reasons. Additionally, reports state that as workforces have evolved to a mobile-first strategy, supporting user access from numerous locations and devices, new sets of risks can lead to repercussions if not managed appropriately. Organizations are encountered with the task of implementing an effective IAM program, which manages risk and addresses operational efficiencies.
“IAM addresses the mission-critical need to ensure appropriate access to resources across increasingly heterogeneous technology environments, and to meet increasingly rigorous compliance requirements,” Gartner states.
A Markets and Markets research indicates that the global IAM market would grow from $12.3 billion in 2020 to $24.2 billion by 2025, growing at a Compound Annual Growth Rate (CAGR) of 14.5 percent. One interesting angle the study enunciates is the rising popularity of cloud-deployed IAM solutions. It also stresses that hybrid cloud deployments of IAM solutions, which can be deployed on-premise but accessed on the cloud, have paved the way for IAM service providers to grow in their markets.
A report from TechTarget states that for security practitioners, not prioritizing IAM on the cloud can have dire consequences. Applications on the cloud must keep track of who users are and authorize, authenticate and securely differentiate them.
Today, technological tools have evolved to keep a tab on the necessities of IAM on the cloud. Reports state that an IAM service is handled as authentication-as-a-service (AaaS) or identity-as-a-service (IDaaS) in the cloud, both of which essentially involves an external service provider to the deployed application. This vendor or the service provider takes on the burden of authenticating and registering users and managing their information. The benefits are many.
For instance, outsourcing identity management services in the cloud to third parties relieves companies from the responsibilities of tracking their data like passwords, which can get compromised. Additionally, delegating IAM in the cloud to third-party service providers, saves time for developers in an organization who would have lesser code to write. It also gives them more time to market advantages and rapidly onboard future application extensions or new application services.
Also, while delegating these services, it is vital for organizations to thoroughly comprehend the context in which the IDaaS and AaaS systems are used, gather necessary requirements, perform architectural planning and integration-related due diligence before engaging with third party service providers. This can save them time and energy. Business leaders should identify if they need, or will need in the future, to integrate with legacy applications and consider the logistics of cloud or on-premises implementation.
An article on jumpcloud, a provider of an open directory platform for secure access across devices, IAM options for today’s IT world is constantly evolving. Of the many options available to maintain a safe, centralized IT environment, SaaS IAM is one.
“This modern, comprehensive approach to SaaS identity and access management centralizes access to all of the resources your users need access to and provides IT with the control and widespread visibility needed to protect their organization’s digital kingdom, ” jumpcloud elucidates.
The aforementioned Markets research states that the major vendors operating in the IAM space today include IBM, Microsoft, Salesforce, Oracle, Broadcom, Okta, Ping Identity, ForgeRock, HID, Global Ubisecure, among others. The North American market is expected to reap the maximum benefits of the projected growth, with the verification segment topping in terms of the growth rate in the IAM space.
It will be noteworthy to observe how the existing and evolving trends shape the future of IAM.