The Identity and Access Management (IAM) industry witnessed a significant uptick with the advent of Covid-19, the subsequent adoption of remote workspaces, and the risk that the paradigm shift entails. In fact, many reports project that IAM’s global market size will nearly double to over $24 billion by 2025 from $12.3 billion in 2020.
While the need for cutting-edge IAM systems is in abundance, the innovation within the space is quite compelling. Today, decision-makers understand the value of remaining flexible and adapting to changing business environment at scale. As such, they are on the constant lookout for cutting-edge IAM systems that can enable them to become efficient and enhance user and customer experience. To this end, there is an increasing number of innovative IAM solution providers that offer purpose-fit products.
For instance, given that many companies rely on public and third-party cloud services, cloud identity and access management need to be taken seriously. As such, IAM solution providers introduced the idea of user access management software or UAM—which is essentially a more nuanced derivative of IAM. UAM systems offer a secure digital entity across numerous apps and devices regardless of location (on-premise or cloud-based). It helps administrators manage access to resources and services for all users across a system. Biometrics is another area that’s gaining tremendous traction. Given that modern-day cybercriminals know how to leverage machine learning and artificial intelligence, decrypting passwords has now become a child’s play. As such biometric tools like fingerprinting, retinal scans, and face recognition are on the rise.
Furthermore, customer identity and access management systems or CIAM help companies prioritize their customer’s security and privacy. These systems typically use single sign-on or multi-factor authentication tools while letting users manage their app preferences, which adds value from an experienced perspective. In 2021, automation, IoT, privileged access management, blockchain, zero-trust products will also witness incremental growth due to increased adoption.
To help organizations select the best IAM solution, we present to you Enterprise Security Magazine’s“Top 10 Identity and Access Management Solution Providers - 2021.”