Identity and Access Management (IAM), a major category in the broader identity management market space, is a complex market and one that is on the rise. In fact, the identity and access management market is predicted to rise to $7.1 billion in 2018, up from $4.8 billion in 2014 – a nearly 48 percent rise in four years, according to research firm IDC.
A number of reasons exist for why the identity management market has gained incredible attention and traction lately. Firstly, identities are a core (read: critical for function) part of any organization, since they enable users to access the digital assets they need to do their jobs. That said, any compromise of identities could be catastrophic for a company, and has been, in past cases, to well-known organizations including financial services.
On the Rise: IAM Advancing with Identity-as-a-Service (IDaaS)
With the changing IT landscape, old methods of identity management no longer work. Required now is a new generation of technology that integrates with cloud-forward organizations. This new technology advancing the identity and access management market is called Identity-as-a-Service, or IDaaS.
The IAM market is broken up into several categories, such as directory services and Single Sign-On (SSO), which can be integrated into Identity-as-a-Service platforms. Some of the IAM market categories, like on-premise directory services, will eventually fade away because they are no longer viable in a cloud-forward tech environment where multi-devices and a cloud-hosted services must be supported .
The Main Six: Subcomponents to Identity & Access Management
The IAM market can be broken into six subcomponents:
- Directory Services – The foundation of any identity management architecture is the core user store. Users and their credentials are housed in the directory service. Access groups and lists are created within the directory service to ensure that the right people have access to the appropriate IT resources.
- Privileged Access Management – A category that is quickly being subsumed, privileged access is for network infrastructure, servers, and other critical IT infrastructure. As more of these critical assets move to the cloud and are managed by Infrastructure-as-a-Service providers, this category becomes irrelevant.
- Directory Extensions – For platforms, devices, and applications that can’t be supported by the core directory service, a generation of software solutions called directory extensions have come to the rescue. Ultimately, these solutions mask weaknesses in the core user directory; however, as modern and comprehensive Directory-as-a-Service® platforms become available, directory extensions aren’t needed any longer. .
- Web Application Single Sign-On (SSO) – One of the fastest growing segments of the identity management market, web-based SSO solutions, which are largely built on top of the directory services layer, connect users to the web applications that they need.
- Password Vaults –With many users accessing a number of different applications, storing password credentials is critical. Password vaults support this effort.
- Multi-factor Authentication – Adding a second factor to the login process helps increase the security of identities, thus protecting companies from security breaches. While there’s no one way to add a factor to create multi-factor authentication, organizations can rely on IDaaS for this.
Core Leaders: SaaS-Based Directory Services for Complete Identity & Access Management
In the future, the IAM market will be a SaaS-based one called Identity-as-a-Service, or IDaaS.
The leading IDaaS players are currently converging directory services, privileged account management, directory extension, web app SSO, and multi-factor authentication into one SaaS-based solution. The benefit will be a True Single Sign-On™ process that connects users to devices, applications, and networks regardless of platform, location, or protocol.
To learn more about how the IAM identity management market is changing, drop us a note. We’d be happy to chat about the future of directory services with you. If you’d like to learn more about JumpCloud’s Identity-as-a-Service or Directory-as-a-Service platform as it is known, sign up for a free account. No credit card required.