Consumer IAM Market worth $18.1 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Aug. 7, 2023 /PRNewswire/ -- Biometric authentication, mobile-centric IAM, and Zero Trust architecture are predicted to see significant use in the Consumer IAM industry in the future. Security and user experience are anticipated to be significantly improved by AI-driven behavioural analytics, decentralised identification, and passwordless authentication.

The global Consumer IAM Market size is projected to grow from USD 8.6 billion in 2023 to USD 18.1 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 16.2% during the forecast period, according to a new report by MarketsandMarkets™. The rise in identity and authentication fraud and the demand to deliver a frictionless customer experience drives the growth of the CIAM market. Moreover, difficulties addressing the complexity of advanced threats may hinder market growth.

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Scope of the Report

Based on offerings, the services segment is expected to grow at a higher CAGR during the forecasted period.

The services provided by security vendors aim to help customers effectively utilize and manage CIAM. These vendors offer various types of support, including consulting, training, education, and ongoing assistance. Their primary focus is to assist organizations in meeting their business objectives using their CIAM products. Vendors employ up-to-date techniques, comprehensive strategies, and expertise to address the security needs of organizations. They also provide tailored implementation and risk assessment and help deploy CIAM according to industry best practices.

By services, the integration and deployment services segment is expected to hold a larger market size during the forecast period.

Integration and deployment services are provided by experienced industry experts, domain specialists, and security professionals. These professionals assist organizations in designing and implementing effective CIAM strategies, mitigating risks, preventing revenue losses, and enhancing security within their existing information systems. These services are particularly crucial for non-IT companies with the expertise to navigate complex security technologies and safeguard their organizational data. By leveraging integration and deployment services, organizations can tap into the knowledge and guidance of experts to ensure a robust and secure CIAM implementation.

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By region, Asia Pacific is expected to grow at the highest CAGR during the forecast period.

Asia Pacific is the fastest-growing region in the CIAM market, with promising growth opportunities in China, Japan, India, and other developing countries. The Asia Pacific has undergone tremendous economic growth, political transformation, and social change in recent years. Digitalization in the Asia Pacific market has accelerated due to increased internet use, expanding mobile connection, rising smartphone use, and an expanding tech-savvy populace. Companies in all the verticals in the Asia Pacific have introduced innovative digital financial services. Digitization has helped organizations expand their reach to a wide population in the region. According to Adobe's new 2022 Digital Trends: APAC in Focus research, 77% of Asia Pacific (APAC) firms reported a spike in new consumers through digital channels during the previous 18 months, and 76% observed new customer journeys. Rapid digitization in various industries has widened the opportunity for risks involving identities. More personal and sensitive data is exchanged and kept digitally as more services, transactions, and interactions occur online. Cybercriminals can use these chances to attack people and organizations for fraud and identity theft, which has increased the demand for effective CIAM solutions by organizations and governments.

Top Key Companies in Consumer IAM Market:

IBM (US), Microsoft (US), Salesforce (US), SAP (Germany), Broadcom (US), Okta (US), Akamai Technologies (US), Ping Identity (US), ForgeRock (US), LoginRadius (Canada), HID Global (US), ManageEngine (US), WidasConcepts (Germany), Acuant (US), Omada (Denmark), OneWelcome (Netherland), GlobalSign (UK), Ubisecure (Finland), SecureAuth (US), WSO2 (US), AWS (US), Simeio Solutions (US), Auth0 (US), Cyberark (US), OneLogin (US), Trusona (US), FusionAuth (US), IDnow (Germany), Strata Identity (US), Evident (US) are the key players and other players in the CIAM market.

Recent Developments

• In February 2023, Ping Identity partnered with security consulting services provider Deloitte to offer organizations advanced identity and access solutions. This strategic partnership is expected to help firms' joint clientele benefit from improved IAM solution selection and onboarding.
• In November 2022, ForgeRock launched the ForgeRock Identity Governance solution. It is a comprehensive cloud-native governance offering designed to help solve security and compliance challenges for large enterprises at scale.
• In November 2022, Okta launched Okta Customer Identity Cloud. It is an easy-to-implement and customizable customer identity solution that helps organizations with security, privacy, and user experience for their customers. It provides complete identity management, from sign-up to sign-out, and helps businesses develop safe, effective, and enjoyable digital experiences.
• In June 2022, Microsoft recently unveiled the Microsoft Entra product family, including the company's identity and access features. It offers complete visibility over authorization for all identities (both user and workload), activities, and resources Across multi-cloud infrastructures.
• In January 2022, AI & Robotics Ventures Company Limited (ARV) partnered with IBM to launch a blockchain-based National Digital Corporate Identity (NCID) platform. The platform will enhance authentication and reduce the time it takes for onboarding, known as Know Your Customer (KYC).

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Consumer IAM Market Advantages:

• Strong authentication and authorization processes are offered by consumer IAM systems, guaranteeing that only authorised users have access to sensitive information and services. Protection against unauthorised access and data breaches is provided through risk-based authentication and multi-factor authentication (MFA).
• The experience of the consumer is improved by a simple and intuitive registration and login process. Single sign-on (SSO) features are frequently included in consumer IAM solutions, allowing users to access different applications with a single set of credentials and reducing the need to remember numerous passwords.
• client data can be gathered and analysed by consumer IAM solutions, enabling businesses to tailor services, offers, and recommendations in light of unique client preferences and behaviours. This enhances client loyalty and engagement.
• IAM solutions ensure compliance with data protection regulations, such as GDPR and CCPA, by managing customer consent and controlling access to personal data. This helps businesses avoid legal and financial penalties related to data breaches and privacy violations.
• Consumer IAM platforms are made to manage heavy workloads and user bases. Without sacrificing performance, they can quickly scale to handle increasing client numbers.
• By streamlining user administration, removing duplicate identities, and reducing help desk support for password resets and account-related difficulties, implementing a centralised IAM system can lower operational expenses.
• Consumer IAM solutions provide for the smooth and secure transfer of customer identification data between systems by integrating with a wide range of programmes, services, and external identity suppliers.

Report Objectives

• To define, describe, and forecast the CIAM market by offerings, solutions, services, deployment mode, verticals, and region.
• To provide detailed information about the major factors (drivers, opportunities, restraints, and challenges) influencing the growth of the CIAM market.
• To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the CIAM market.
• To forecast the size of the market segments with respect to five main regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America.
• To analyze sub-segments of the market with respect to individual growth trends, prospects, and contributions to the overall market.
• To profile the key players of the CIAM market and comprehensively analyze their market size and core competencies.
• To track and analyze the competitive developments, such as product enhancements and new product launches; acquisitions; and partnerships and collaborations, in the CIAM market globally.
• To analyze the impact of the recession outbreak on the growth of the market.

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