New Delhi: With digital trust becoming the defining indicator of a successful digital transformation journey. More organisations today consider investment in digital trust programs in near future.
Over 70% of Indian organisations have identified digital trust programs as a key technology investment area over the next two years, according to IDC. The investment aims to ensure organisations long-term resilience and success.
Why investment in digital trust programs is a priority
Nearly 67% of the organisations prioritized their focus on IT/cybersecurity to build digital trust for customers, employees and partners, revealed IDC conducted the COVID-19 Impact on IT Spending survey.
“Securing identities has become a core tenet of security, as identities can create walled gardens in the face of fading organisational perimeters and increasing workforce mobility,” said Gurpal Singh, Associate Research Manager IDC Asia/Pacific.
“So, securing identities helps in establishing a digital trust with your employees, your customers, partners, and vendors,” added Singh.
“Identity and Digital trust (IDT) solutions offering pre-built integrations with on-prem, cloud and mobile applications, scalability, and extensible, are sought out for,” commented Singh.
Which sectors spends more on digital trust programs
Financial services, manufacturing, public sector, and healthcare sectors have a higher propensity for spending on identity access management (IAM) 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.
Digital Trust software and solutions market in India
The Identity and Digital Trust (IDT) Software market in India is expected to grow at a CAGR of 15.3% and touch $200 million by 2025. Securing and managing user identity and access are prerequisites for organisations 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 the cloud is pegged to grow at a CAGR of 28.8% over the next five years. RSA, IBM, and eMudhra were identified as the top three vendors in India’s IDT market in 2020.
Digital transformation initiatives have resulted in a paradigm shift in the security architecture requirements, according to Shweta Baidya, Senior Research Manager – Software and IT Services – IDC India.
“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 Baidya.
“Password-less authentication is yet another trend expected to gather steam in the future as it helps reduce complete reliance on passwords, improves security posture, and enhances user experience,” concluded Baidya.