In today’s digital age, ensuring the security of business data and systems is more important than ever. Identity and Access Management (IAM) plays a crucial role in this endeavor, controlling access to sensitive information and resources within organizations. As we navigate the ever-changing landscape of cybersecurity, it is important to stay updated on the latest trends and developments in IAM.
Additionally, the industry is continuing to see the evolution of remote, dynamic & hybrid work environments which creates even more demand for security and accessibility. As a result, we’ve noticed an increasing demand for new products which support this type of environment, while maintaining the same or even increasing the security standards as it did in the traditional office environment.
Identity management is a framework of policies and technologies to ensure that the right users have the appropriate access to technology resources, at the right time. IDPs (Identity Provider) systems fall under the overarching umbrellas of IT security and data management.
In the past year, there has been a huge shift in the IAM industry to start incorporating Machine Identities and Machine Groups into the overall Identity-centric approach. This is a result of companies looking to prepare for the next generation of technology and ensure they do not fall behind. AI is playing a huge role in this as you might expect, despite its critics.
Trends in IAM for 2024
As we analyzed some of our Computer Generated Solutions’ (CGS) clients and partners, the overall industry objectives are driven to the following:
Short-term Objectives:
- Adapting to the rise of AI and Machine technology
- Adapting and strengthening existing security models
- Empowering Hybrid & Dynamic work environments
Long-term Objectives:
- Incorporating new areas of the digital landscape
- Increasing the scalability of the services offered
- Supporting centralized and decentralized security
- Preparing for the next generation of IAM
Overall, the future of IAM in 2024 will likely be characterized by a shift towards more advanced authentication methods with the use of multi-biometrics, enhanced user privacy and control, and increased integration with emerging technologies such as Machine Identities and Machine Groups. Organizations that stay ahead of these trends and invest in modern IAM solutions will be better equipped to secure their digital assets and mitigate cyber threats in the years to come.
Interesting Facts about IAM:
- The IAM market is projected to grow from USD 16,730.5 Million in 2023 to USD 71,650.5 million by 2032, exhibiting a compound annual growth rate (CAGR) of 17.5% during the forecast period (2023 – 2032) *, showing the growing importance of identity and access management in cybersecurity strategies.
- Passwords are still a common weak link in IAM systems, with 86% of data breaches attributed to weak or stolen passwords **.
- IAM solutions are increasingly leveraging machine learning and AI technologies to detect and prevent identity fraud, enhancing security measures.
Another interesting find is that Romania may be regarded as having a comparatively low adoption of Identity Access Management when compared to the US and other western European countries. Products intended for internal employees are typically less likely to be adopted than those aimed at consumers. Businesses will spend more on Identity and Access Management (IAM) solutions as their company maturity level grows. This comes as a consequence of the fact that these solutions offer seamless customer experiences in addition to centralized, user-friendly, and controlled access for internal workers.
Since every business requires a comparable solution for both its client base and personnel, the Identity Access Management market will only grow. Market share will continue to be gained by businesses offering solutions with an emphasis on security, customization, ease of use and implementation, and centralized control.
As we navigate the complexities of cybersecurity, staying abreast of the latest IAM trends and technologies is crucial for safeguarding sensitive information within organizations. By incorporating Zero Trust principles, implementing MFA (Multi-Factor Authentication), embracing IDaaS (Identity as a Service) solutions, and ensuring compliance with privacy regulations, organizations can strengthen their IAM practices and mitigate security risks. With the IAM market continuing to grow and evolve, investing in robust identity and access management solutions is essential for protecting business assets in an increasingly digital world.
About CGS
For 40 years, CGS has enabled global enterprises, regional companies, and government agencies to drive breakthrough performance through business applications, enterprise learning and outsourcing services. CGS is wholly focused on creating comprehensive solutions that meet clients’ complex, multi-dimensional needs and support clients’ most fundamental business activities. Headquartered in New York City, CGS has offices across North America, South America, Europe, the Middle East, and Asia. For more information, please visit our Romania blog at Romania.cgsinc.com, our global site www.cgsinc.com, and follow us on LinkedIn.
Resources:
* Global Identity And Access Management (IAM) Market Overview – https://www.marketresearchfuture.com/reports/identity-access-management-market-2635
** Google Cloud’s 2023 Threat Horizons Report https://services.google.com/fh/files/blogs/gcat_threathorizons_full_jul2023.pdf
