More than 70% of Indian organizations have identified digital trust programs as a major technology investment area over the next two years to ensure long-term resilience and success of the business, according to the latest study by IDC.
Building digital trust across the ecosystem has become a defining indicator of a successful digital transformation journey and close to 67% of the organizations prioritized their focus on IT/cybersecurity to build digital trust for customers, employees, and partners.
“Securing identities has become a core tenet of security, as identities can create walled gardens in the face of fading organizational perimeters and increasing workforce mobility. So, securing identities helps in establishing a digital trust with your employees, your customers, partners, and vendors,” said Gurpal Singh, associate research manager IDC Asia/Pacific. “Identity and Digital trust (IDT) solutions offering pre-built integrations with on-prem, cloud and mobile applications, scalability, and extensible, are sought out for.”
Financial services, manufacturing, public sector, and healthcare sectors have a higher propensity for spending on identity access management and privacy management solutions. Multi-factor authentication has traditionally been the top investment area for enterprises. Seamless authentication became the norm as individuals are working from home.
The covid-19 pandemic accelerated the adoption of single sign-on (SSO), advance authentication, and B2C solutions. Analytics, artificial intelligence (AI), and machine learning (ML) are being leveraged to identify deviations in user behavior in real-time.
India Identity and Digital Trust (IDT) software market is expected to grow at a CAGR of 15.3% and touch $200 million by 2025. Securing and managing user identity and access has become a prerequisite for organizations intending to embrace remote work models or digital platforms in the new normal. As hybrid and multi-cloud adoption become the norm, IDT deployment on cloud is pegged to grow at a CAGR of 28.8% over the next five years. In 2020, RSA, IBM, and eMudhra were identified as the top three vendors in India IDT market.
“Digital transformation initiatives have resulted in a paradigm shift in the security architecture requirements. Enterprises are increasingly evaluating identity-as-a-service (IDAAS)/ cloud-based models to provide secure access and offer platforms that integrate best-in-class solutions for a seamless experience,” said Shweta Baidya , senior research manager, Software and IT Services at IDC India.
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