Companies functioning across cloud platforms offer comprehensive on-demand development tools such as cloud infrastructure and cloud database layer, which empower enterprise IT groups to develop, test, and deliver customer demanded business applications without investing in conventional system infrastructure. Over the past recent years, cloud computing, mobile technology social networking, BYOD policies, and other IT and consumer trends have transformed the threat environment. To survive and thrive in this increasingly interconnected and virtual ecosystem, organizations must recognize identity and access management as essential to the secure transfer of information that lies at the heart of commerce. IAM involves trade-offs in terms of cost, risk, convenience, and other user freedoms.
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Insufficient identity assurance for cloud application & services and lack of trust in cloud service providers is anticipated to hamper the growth of the market. Major gap between the cloud service providers and service consumer owing to lack of awareness regarding cloud computing solutions is expected to cause vulnerability concerns. However, the rise in global spending of large-scale organizations and government on integrating the management of identities with security identity services and solutions is anticipated to lessen the impact over the forecast period. As identity and access management continues to progress over the forecast period, enterprises are expected to look for larger and more innovative solutions, which are adaptable to trends such as mobile and cloud computing. IAM services and solutions are growing into a risk-based program, with their abilities focused on entitlement management and enforcement of logical access control. Enterprises have started attaining benefits from their prices, but face major challenges to manage time-incentive practices such as manual provisioning and approval.
The market can be categorized by deployment into on-premise, hybrid and cloud IAM. On-premise identity and access management market accounted for a majority share in 2014 and is anticipated to lose substantial share over the forecast period. On-premise infrastructure uses conventional in-house data centers that entirely controls software updates and security patches. However, security breaches owing to unauthorized physical access cannot be spotted by this technology. Alternatively, cloud hosting companies safeguard customers and alert them instantly which would positively favor demand for hybrid and cloud solutions. Applications sectors in the IAM market include oil &gas, telecom & IT, public sector, utilities, BFSI, energy healthcare, and manufacturing. BFSI sector companies have to adopt cyber security solutions to monitor, detect, report, and counter the cyber threats for keeping the privacy of information and to increase productivity.
Several stringent government regulations and regulatory reforms are causing organizations and enterprises to address their internal control infrastructure. For instance, according to Health Insurance Portability and Accountability Act of 1996 (HIPAA), it is mandatory for healthcare organizations to safeguard the portability of healthcare coverage and the confidentiality of patient records. It involves organizations to train staffs to efficiently follow secrecy measures, designate an individual in the organization in-charge of HIPAA compliance and implementation, and undertake significant measures for regulating the disclosure of patient information such as secure electronic access to patient records.
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