An explainer on Identity and Access Management-As-A-Service (IDaaS) in the context of retail
Retail organisations have to deal with mountains of data both internal and external (customer-related). This makes identity and access management (IAM) critical.
There are scores of IAM tools available. However, gone are the days when organisations had to invest large amounts in technology. These days most technology solutions can be procured on subscription or as a service from technology vendors.
These include Identity and Access Management-As-A-Service (Idaas) sometimes also known as Identity as a service.
What is Idaas?
IDaaS involves using cloud services for managing user identities and access. It covers all the tech stuff related to who users are and what they can do, all managed on the cloud.
It is related to all technologies related to IAM, which is the branch of IT that facilitates the management of electronic or digital identities. This helps managers control access to critical information within their organisation.
IDaaS in Retail
In retail, Idaas means using cloud services to handle how customers and employees log in and access information. It helps retailers manage who can do what online, like shopping or accessing data, securely and efficiently. This way, the store can focus on providing good service and keeping information safe without having to worry as much about managing access details themselves.
Idaas provides several key benefits to retailers:
Efficient Customer Experience: Idaas enables retailers to offer seamless and convenient access for customers across various platforms and devices. With single sign-on (SSO), customers can log in once and access multiple services, such as online shopping, loyalty programs, and customer support, without repeatedly entering credentials.
Enhanced Security: IDaaS solutions include robust security measures like multi-factor authentication (MFA), which adds layers of protection against unauthorized access. This is crucial for protecting customer accounts, transaction data, and sensitive business information from cyber threats.
Scalability and Flexibility: Cloud-based IDaaS solutions are scalable, allowing retailers to adapt quickly to changes in customer demand or operational needs. They can easily add or remove user accounts and adjust access permissions as required, without the limitations of on-premises systems.
Tell me more
IDaaS is like renting identity and access management (IAM) tools from vendors on a cloud instead of setting them up on their premises. It includes features like single sign-on (SSO), where you log in once for access to multiple systems, and multi-factor authentication (MFA) for extra security. This setup often uses standards like SAML or OpenID Connect. Overall, IDaaS gives organizations easier and more affordable ways to manage who can access their systems and data.
The global Idaas market is projected to grow from USD 7.0 billion in 2023 to USD 21.4 billion by 2028 at a compound annual growth rate of 25% during the forecast period as per Markets and Markets research.
