High-end security services by Cloud IAM providers to boost market growth

What is Cloud IAM?

Identity and Access Management (IAM) is fast gaining traction across enterprises, offering fast and secure access to resources to workers and employees, who want to access company’s resources from anywhere and anytime, as per the need, offering competitive edge to the companies. Identity and access management (IAM) ensures the right individuals have access to the right resources and at the right times across various heterogeneous technology environments. Cloud identity and access management (IAM) is an approach is significant advancement to traditionally used on-premises IAM software and other traditional IT security environments since IAM solutions are offered over the cloud. Market solutions offers a neat and consistent access control interface for all cloud platform services, and includes features such as user provisioning, multi-factor authentication, access management, directory services, single sign-on (SSO), and password management. The technology providers allow the clients to define security for all critical applications, further allowing to define roles and grant permissions to users to access resources at various levels.

Benefits to organizations & Advantages over Traditional IAM

Several organizations use cloud IAM to boost customer engagement, enhance acquisition and increase retention. A well-designed cloud IAM system may be imminent in an organization since it can reduce the cost incurred due to cyber-attacks. Features such as single sign-on, multifactor authentication, social login, and several more features increase the utility and benefits of the technology to organizations of all size. Multifactor authentication help the organization to add extra layers of security to its sensitive data and critical apps. A major problem in traditional and poorly-built IAM solution is maintaining compliance of processes and procedures. For instance, permissions may be granted for a certain duration based on employees’ needs and tasks but are rarely revoked when no longer needed, thus creating unwanted user privileges rights issue that IT department have to grapple with. The services help companies to fulfill the mission of securing connections across all users, all devices, and various applications. These help enterprises achieve integrity across their entire app portfolios. 

Key Drivers

Enterprise and organizations are increasingly adopting cloud IAM service compared to the traditional IAM services owing to cost-efficiency. The rapid reduction in cost of network bandwidth and storage leads to cost-efficiency. As per a recent report by Allied Market Research titled “World Cloud Identity Access Management (IAM) Market - Opportunities and Forecast, 2014 – 2020”, it has been estimated enterprises can save over 35% of the total cost incurred annually by migrating to these services. These costs can be due to inability of complexities of cyber-attacks and the costs involved in recovery of data losses. Furthermore, effective BYOD policies in place in organizations, especially in IT & telecom sector, fast adoption of various cloud services across regions, centralized security and management and favorable government compliances, are the key factors fostering the market growth. 

Trends & Recent Development 

Making acquisitions is a dominant strategy to consolidate their technical expertise and grow in the market. For instance, last year EMC Corporation acquired Virtustream, cloud computing management software and a global infrastructure-as-a-service (IaaS) provider, to expand its product portfolio and consolidate its presence in cloud computing domain.  Recently this month, EMC has made another strategic technology partnership Ernst & Young that will enable numerous services to clients such as enterprise mobility management, hybrid cloud management, governance risk and compliance. Offering identity access management monitoring (IAM) for single sign-on, utilizing real-time monitoring technologies is a key feature of the partnership. A prominent trend gaining traction in major providers is that of offering security monitoring services, which was earlier not considered as a significant issue in traditional IAMs. As per the report, the global cloud IAM market would garner revenue of $2.8 billion by 2020, registering a CAGR of 26.2% during the forecast period 2015 – 2020. 

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