Adroit Market Research - Industry Insights
PIAM Market: Blockchain Based Sovereign Identity Management Likely To Remain Dominant Trend Through The Forecast Tenure
By Vidisha | Apr 2020
With security threats accelerating and enterprises becoming more vigilant about workforce identity, both on and off premise, identity credentials remain the most important factor to gain seamless workplace access. Additionally, public places such as airports and stations, hospitals, banks and the like which remain heavy duty footfall zones, need for visitor management measures remains crucial not just for security retention but also to reduce high rates of infection in hospitals.
AlertEnterprise and SAP Join Forces for Integrated Physical Identity and Access
With security threats accelerating and enterprises becoming more vigilant about workforce identity, both on and off premise, identity credentials remain the most important factor to gain seamless workplace access. Additionally, public places such as airports and stations, hospitals, banks and the like which remain heavy duty footfall zones, need for visitor management measures remains crucial not just for security retention but also to reduce high rates of infection in hospitals.
AlertEnterprise and SAP Join Forces for Integrated Physical Identity and Access Management Favoring CRM
Enterprise security infrastructure which has long been dependent on data silos is perhaps becoming more obsolete with every passing hour, paving way for more agile real time tool that makes physical as well as cyber presence quite effortless. Leading market participants and stakeholders are investing thoroughly into building and commercializing agile platforms to keep a tap on individual access and whereabouts. Leading market participant, AlertEnterprise, best known for its future ready physical and cyber security identification platform to recognize and manage threat probabilities well in advance for workforce, enterprise and data security has recently unveiled its newly designed platform to accurately address security gaps, thus mitigating access risks in enterprises.
IN a recent development, AlertEnterprise has successfully merged its flagship PIAM platform, Enterprise Guardian Software with SAP's SuccessFactors Human Capital Management. The development is envisioned to guide hassle-free secure and seamless access across enterprise workstations, also offering advanced solutions such as automated badge access management, ensuring error free checks of sensitive data, subject to numerous security checks. The development not only promises fruitful workforce productivity but also ensures frictionless user experience across touchpoints. The development is a significant leap towards favorable ROI in global physical identity and access management market.
Blockchain: the Logical Answer to Third Party Managed Biometrics Data Security
Technological sophistication is perhaps is the only deciding factor that steers ample growth opportunities in global physical identity and access management landscape. With biometrics and blockchain technologies becoming mainstream, physical identity and access management system is en route massive adoption.
As biometrics is becoming a ritual in terms of secure access management across enterprises, the threat of biometric data theft is also rising parallelly. Stolen biometric data can never be retrieved or altered and therefore stark security threats may not be ignored. Biometric data information is stored in a centralized system and hence are prone to being hacked. Blockchain technology comes as an easy rescue alternative in this regard as biometric data is most often stored and managed by third party vendors. Blockchain enabled physical identity and access management is steered by self-sovereign identity management that allows users to monitor, control, and manage their respective identities by associating their data with certain special security attributes.
Toyota Collaborates with Blockchain Consultant BUIDL for Improved Personal Data Management amongst Customers
Blockchain enabled sovereign identity management is likely to be tried and tested beyond enterprise access management. Need for improved customer relationship management and superlative user experience are poised to further ensure greater adoption. Industry stalwarts therefore are engaging in long term business collaborations to pursue successful PIAM use cases.
In a recent incident, Japan based blockchain consultant BUIDL and affirmed its successful blockchain led self-sovereign identity trial with automaker Toyota aimed at equipping consumers with resourceful assistance for personal data management. The features included personal ID generation and authentication, digital contract signing with decentralized identity, complete with payment procedures based on personal ID furnishing unlike conventional process of user ID and password based payment gateway. Simultaneously, vehicle ID platform is also part of the package to maintain vehicle ownership and maintenance records.
It is well established that identity verification is a crucial step in internet-based services. Simple identity verification methods such as phone number verification, to much more complex ones such as complete KYC profiling adds up the data silos and therefore often ends up in data mismanagement, making data more vulnerable to data threats on the part of hackers.
The crisis is being aptly managed by blockchain platform developers who vouch for blockchain enabled identity management system, thus enabling sovereignty management of one's own personal data. Echoing the above, several new entrants are making their way into blockchain based sovereign identity management, such as SelfKey that helps customers remain in complete control of their personal data, thus significantly reducing scope for data breach. This is effectively persuaded by decentralized data storage protocols wherein customer information is stored in user local device rather that cloud storage. The development further facilitates large scale growth in personal identity and access management market.
Novel PIAM Platforms Launched to Meet End-User Demands across Petrochemicals and Oil and Gas Verticals
Additionally, aspirant market disruptors as well as seasoned stalwarts are striving equally hard to introduce new physical identity and access management platforms to encourage thorough adoption across verticals, aiming for superlative customer experience and secure data centers. In a recent development, technology provider Genetic, best known for its high end security offerings has introduced its advanced PIAM modules at ISC West 2020 exhibition, showcasing its latest version of security matrix dedicated for physical identity and access management platform, under the brand, Genetic ClearID.
The newly developed platform is slated to offer improved self-service and identity management platform that allows seamless access management rights thereby making enterprises security compliant, Top notch enterprises across industries such as petrochemicals, oil and gas and the like are thoroughly depending on advanced PIAM to eliminate micromanagement of access rights pertaining to workforce as well as visitor footfall. This recent PIAM system, ClearID skillfully automates workstations to offer high security workstations with optimum efficiency.