During last year the general public’s distrust around the process of collecting and processing client's personal data has grown significantly. All this buzz is a result of modern data protection laws (such as the GDPR) and the inability of corporations and government bodies to protect databases from hacking and data breaches. Basically, the “traditional” digital identity management model is fundamentally flawed.
Self-sovereign identity (SSI), according to many, can resolve these issues. The core principles and defining characteristics of such SSI systems are the following:
- An individual is the only authority capable of giving permission as to how and in which context their personal data is to be used.
- The identity must be transportable and interoperable.
- Transactions with minimum exposure.
- SSI must focus on users, not service providers.
- The administrative procedures used by identity networks must be open-source and transparent.
- Users must be able to maintain persistent identifiers.A right to be forgotten should be maintained.
The global identity and access management (IAM) market size is expected to reach USD 24.12 billion by 2025, at a CAGR of 13.1% over the forecast period according to a new report by Grand View Research, Inc.
Proliferation of cloud services and Bring Your Own Devices (BYOD) within the organization have raised concerns and provided a potentially gateway for threats.
However, IAM has potentially reduced the complexity and risk of managing identities by providing robust controlling access to its user.Stringent compliance by the government bodies to curb theft of sensitive and identity information has compelled the organizations to substantially improve their spending on IT security.
Moreover, the growth of web-based applications, risk management such as policy-based compliance and audit management are anticipated to be the key factors driving IAM demand.
Additionally, the growing popularity of connected devices and the Internet of Things (IoT) are expected to create a substantial demand for IAM solutions within organizations.Adoption of cloud deployment in the sizes of the organization is rapidly growing owing to the cost-effectiveness and flexibility in carrying out the business functions.
Moreover, it also offers an organization the opportunity to digitally transform their IT infrastructure, thereby gaining a competitive edge in the market.
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