The global identity and access management (IAM) market is predicted to reach USD 24.52 Billion by 2025 with a CAGR of 13.02% over the estimate period. The growth is largely attributed to the substantial rise in identity thefts, high adoption of emerging technologies such as internet-of-things (IoT) and a surge in the prominence of compliance management. Add to this the rising demand for employee mobility and remote workforce, and companies have a serious broth of identities and accesses to manage while being compliant to changing data privacy rules and regulations. 

Naturally, the market has turned to emerging technologies to bolster IAM tools, policies, and practices. In this blog, we look at 3 such trends and how it can impact current IAM ecosystems.

  1. Use of blockchain for user authentication

On the surface, IAM & blockchain seem dissonant since digital identities are intertwined with data privacy and protection, which is at loggerheads with the practice of distributing a ledger among third parties. But blockchain technology can address the age-old privacy concern in identity authentication — how much information the identity verifier should be privy to, to authenticate that the identity owner is who he declares to be. In the blockchain environment, authentication is based on the reliability/reputation of the identity issuer. The identity verifier checks the validity of the identity attestation without ratifying the actual data of identity. Thus, authenticity gets verified without the need to store any personal data on the blockchain network.

  1. Use of artificial intelligence (AI) & machine learning (ML) for contextual monitoring

AI brings with it the power of contextual monitoring. It enables efficient & consistent enforcement of IAM policies, which otherwise proves to be a Herculean task for IT departments. With an eye on every network interaction in any enterprise, AI empowers IT teams with nuances, analytics, and insights to implement smarter IAM policies, automate processes, and manage user permissions better. ML can learn user behavior patterns by observing how different entities interact in the network. The system can then easily detect anomalies and flag potential threats, thus improving access management within the organization. AI & ML has the potential to make IAM simpler and more contextual across all levels of an organization and reduce security fatigue among users. AI & ML, by virtue of its adaptive nature, is notably useful in securing compliance in an increasingly connected world with changing regulations and privacy laws.

  1. Passwordless authentication

A relatively new process of verifying users that is gaining much traction, passwordless authentication eliminates login passwords altogether. Methods such as email magic links or mobile authentication are used to authenticate the user instead. Given that 81% of breaches are password related, this mechanism can lower password-related risks considerably and counter data breaches. It improves user experience, as there is no need to remember complex passwords or change them at regular intervals. Passwordless authentication models are easily scalable and reduce the total cost of ownership for the enterprise by making IT teams more efficient.

IAM is a crucial weapon in any organization’s cyber-security arsenal. It is imperative to build a robust and adaptive IAM ecosystem to manage identities and accesses effectively and protect against breaches, while being compliant to data privacy regulations. Technology will go a long way to fortify IAM systems and practices, boosting productivity and securing the organization against any kind of external threat and data breach.