Why Identity Access Management Is The Need Of The Hour For Your Business?

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Identity access management (IAM) is a key component of an organization's digital transformation strategy. It enables organizations to protect their data and assets from cybersecurity threats by providing controls, processes, and policies that ensure the rights of users are protected.

What is identity and access management?

Identity and access management (IAM) is the process of managing user access to resources. It's a subset of identity and access management, which is also known as IAM. The term "access" refers to how you can get something—in this case, your identity—and what type of access you have: read-only or write-only.

The concept of IAM is based on two key ideas: firstly, that there are two different types of knowledge; secondly, that we need more than one way we can share information between systems so they can work together effectively.

According to a Gartner Research report, the global IAM market size grew from $5.04 billion in 2015 to $5.25 billion in 2016.

The market is forecast to grow to 34.52 billion USD by 2028, which means that it's growing at a fast pace and is one of the most lucrative areas in information security today. Source: Fortune Business Insights.

With this being said, businesses need to make sure they're able to protect their users' identities because if they don't do so then they're going against their interest while also exposing themselves as well as their business partners (or even customers) who may not want any harm coming towards them due to identity theft issues caused by hacking attacks against companies like yours.

The report forecasts the global IAM market size to reach nearly $ 34.52 billion by 2028.

Several factors contribute to this growth which includes:

  • The adoption of cloud-based computing and storage services (CICS), allows organizations to store and access information remotely. This has led to more efficient use of resources across an enterprise's networked infrastructure—and therefore greater security threat prevention capabilities.
  • A focus on improving data center efficiency through automation software that can help organizations manage user access rights while reducing costs and risk exposure associated with human error or inadequate oversight from IT teams who administer these permissions manually.

Key reasons for the growth of the global IAM market are increasing demand for cloud-based, mobile and social technologies, SaaS applications, identity access management as a service, and identity governance and administration.

The global IAM market has grown from $6.5 billion in 2016 to $7.2 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 5%. The primary drivers for growth are increasing demand for cloud-based, mobile and social technologies, SaaS applications, identity access management as a service, and identity governance and administration.

The use of cloud-based, mobile and social technologies is increasing due to the rise of digital transformation initiatives across industries such as banking & finance; healthcare; retail/business enterprise automation, etc., which require organizations to develop new ways of doing business. This has resulted in the need for an effective way to manage employee accounts while also maintaining regulatory compliance requirements such as Sarbanes Oxley Act Section 404 certification or GDPR Privacy Impact Assessment assessment compliance requirements at various levels within an organization such as company level or department level (e.g. finance).

Another significant factor that is likely to drive global IAM market growth is the increasing security concerns within organizations following large-scale data breaches over the past few years.

Another significant factor that is likely to drive global IAM market growth is the increasing security concerns within organizations following large-scale data breaches over the past few years. As a result, organizations are investing in identity access management solutions to ensure that their employees' credentials are only used for authorized purposes and not abused by cybercriminals or other malicious parties who may be looking for ways to infiltrate them.

Identity access management (IAM) is a key element of information security because it helps prevent unauthorized access to sensitive data by controlling who can access it and how they do so. For example, if an employee has his/her login details stolen from work computers he/she uses at home then other people could log into those accounts using this stolen password—this would mean that someone else could steal personal items such as bank statements and credit card numbers while they were being processed online! By implementing strong measures such as multifactor authentication (MFA), companies can ensure no unauthorized users have full control over their systems which means fewer risks associated with having sensitive information stored unprotected on servers where anyone could get hold of it without authorization."

The growing number of cyber threats such as data breaches, insider threats, and socially engineered attacks also supports the growth of the global identity access management market.

The growing number of cyber threats such as data breaches, insider threats, and socially engineered attacks also supports the growth of the global identity access management market. This can be attributed to the fact that many organizations have failed to adopt proper security measures for storing their sensitive information.

The increasing number of cyber-attacks has led to data breaches in various industries across the globe which poses a threat not just on an individual level but also on an organizational level as well. Organizations need to protect themselves from these threats by adopting appropriate security measures such as proper authentication processes before allowing access to their systems or networks.

Micro services are small and modular applications that can be developed and deployed independently of one another. They are also known as "serviceless" or "spidey" apps because each microservice has only one responsibility and does not rely on other services to do its job. In contrast, APIs are endpoints that expose functionality to external applications or services through an interface definition language (IDL).

Hybrid/multi-cloud architectures combine both microservices with traditional platforms such as those based on monolithic architecture—such as cloud-native technologies like containers or Kubernetes—to deliver better performance through horizontal scaling capabilities while reducing operational costs by allowing multiple servers behind a single firewall without having to manage them individually. This can be done through automated provisioning using open source tools.

For example, mobile device usage continues to increase across the globe; but with it comes to an increase in attacks on mobile devices such as banking Trojans and ransomware such as WannaCry.

For example, mobile device usage continues to increase across the globe; but with it comes to an increase in attacks on mobile devices such as banking Trojans and ransomware such as WannaCry. This is because of the increased popularity of smartphones and tablets.

With this high demand for security on mobile devices comes an increased need for effective identity access management (IAM) solutions that ensure your users' identities stay secure while they use these devices. These solutions must be easy-to-use, affordable, and meet all regulatory requirements around data protection.

Not having a robust IAM strategy can prevent an organization from achieving its business objectives and cause significant losses.

An IAM strategy is a critical part of the security infrastructure. Without an effective IAM strategy, an organization can be at risk of leaving itself vulnerable to cyberattacks, which could cause significant losses.

IAM has become increasingly important because it helps organizations safeguard sensitive data while increasing productivity and efficiency, reducing costs associated with lost time due to security breaches and data loss prevention (DLP), improving customer experiences through personalization, providing better compliance reporting capabilities for regulated industries such as healthcare or financial services companies that must comply with regulatory requirements around privacy protection policies -- all while boosting employee productivity.

Conclusion

The research by “Fortune Business Insights” predicts that the market for IAM continues to see growth in the coming years. The factors driving this growth include increasing security concerns of the enterprises and the need for regulatory compliance. On the other hand, the access provisioning and cloud segments are expected to fuel this growth.

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