Identity Management Software Market – Present Scenario and the Growth Prospects with Forecast 2025

Identity management software enables management of individual’s authentication, principals, authorizations and privileges to access the systems or premises within or across the organization. These software are deployed with an intent of increasing the security while minimizing the downtime, redundancy in tasks and costs. Identity management software, ensure efficient management of identifying data related to entities such as individuals, computer-related hardware and applications.

The technologies, terminologies and services involved in implementing identity management are Role-Based Access Control (RBAC) and Open Standard of Authorization (OAuth), SAML 2.0, WS-Trust, WS-Security, OPenID, Workflows, Service Token Services, Security Tokens, Single Sign-on, Password Managers, Digital Identities, Access Control, Web Service, Identity Providers and Directory Services. Identity management software encompasses functions such as providing user identity, protecting the identity and technologies such as digital certificates, network passwords and others.

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Moreover, identity management software are capable of performing functions such as access request management, account management, compliance management, multifactor authentication, password management, role management, single sign-on, user activity monitoring and user provisioning. These software are either installed on the systems or are available on cloud. Access request management includes a comprehensive solution to create process and approve access requests. Account management involves creating and maintaining accounts of the individuals for accessing a system or premises.

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Compliance management encompasses activities such as formulating and implementing standards, policies and regulation for identity management. Multifactor authentication comprise of three categories namely, knowledge factors (passwords), possession factors (such as smart cards) and inherence factors (such as biometric). In multifactor authentication, a user can access the electronic systems by using at least two of the above mentioned factors. Password management involves issuing and processing of both static and dynamic passwords for the users to physically or logically access an electronic system or premise.