Bharat Book Bureau Provides the Trending Market Research Report on “Consumer IAM Market by Offering, Solution, Services, Deployment mode, Vertical and Region – Global Forecast to 2028”under Services Market Research Report Category. The report offers a collection of superior Market research, Market analysis, competitive intelligence and Market reports.
The global Consumer Identity and Access Management 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. The CIAM market is propelled by key factors shaping its growth trajectory. These include the demand for a frictionless customer experience and growing awareness of regulatory compliance and access management tools. Furthermore, difficulties addressing the complexity of advanced threats may hinder market growth.
“By vertical, the BFSI segment holds the largest market size.”
Financial institutions increasingly recognize the importance of leveraging technological advancements to enhance the customer experience and safeguard against security breaches. They have a strong understanding of how CIAM solutions can effectively address the challenges posed by fraud and identity theft.
The banking, financial services, and insurance (BFSI) sector is undergoing significant digital transformation. Organizations within this vertical are deploying web and mobile applications for services like Internet banking, mobile banking, and stock trading. These applications enable customers to access banking services conveniently from any location and anytime. The BFSI sector is actively focused on understanding customer behavior, preferences, and choices in the digital realm. Customers are becoming more tech-savvy, and banking organizations strive to provide a personalized experience that meets their unique requirements. Additionally, ensuring the security of sensitive customer data is a top priority for the BFSI sector.
“By deployment mode, the cloud segment registered the highest CAGR during the forecast period.”
Cloud deployment has emerged as the fastest-growing model in the CIAM market, particularly favored by SMEs. This deployment option allows organizations to concentrate on their core competencies rather than investing capital in security infrastructure. By leveraging cloud-based solutions, businesses can avoid expenses associated with hardware, software, storage, and technical personnel.
Ensuring the security of consumer credentials is a top priority, as they are prime targets for attackers. Cloud-based platforms offer a unified approach, such as SaaS-based CIAM services, to secure business applications. This is particularly advantageous for organizations with limited budgets for security investments. Additionally, cloud-based solutions are easy to maintain and upgrade, which further contributes to the growth of this deployment segment.
“By Solution, identity verification and authentication registered the highest CAGR during the forecast period.”
As digital interactions and transactions become more prevalent, the risk of identity theft and fraud is a growing concern for individuals and businesses alike. Consumer Identity and Access Management (CIAM) solutions provide robust identity verification and authentication mechanisms to ensure the legitimacy of users accessing online services and applications. The need to protect sensitive information, prevent unauthorized access, and establish trust in digital transactions is driving the adoption of CIAM solutions.
The increasing use of web and mobile applications has led to complexities in authenticating users, driving the widespread adoption of identity authentication solutions worldwide. These solutions help ensure secure and reliable authentication for individuals accessing digital services.
“By region, North America holds the largest market size.”
North America consists of developed countries that are technologically advanced with well-developed infrastructure. Being the strongest economies, Canada and the US are the top contributing countries in North America in CIAM Market. Organizations are developing their digital presence, utilizing cloud-based services, and doing more activities online. As a result of the necessity for organizations to maintain and safeguard client identities across many digital channels, the digital revolution has created new security concerns. Organizations in the North American region are adopting various CIAM solutions to deal with these identity security concerns.
The year 2022 had the second-highest number of data intrusions in the U.S. in a single year, according to The Identity Theft Research Center's (ITRC) Annual Data Breach Report. The impact affected at least 422 million people. The centralized identity management strategy offered by CIAM systems makes it simpler to authenticate and authorize consumers across numerous platforms. Such features are driving the demand for CIAM solutions in the region.
Breakdown of primaries
The study contains various industry experts’ insights, from component suppliers to Tier 1 companies and OEMs.
The break-up of the primaries is as follows:
•By Company Type: Tier 1 – 43%, Tier 2 – 36%, and Tier 3 – 21%
•By Designation: C-level – 58%, Directors- 32%, and other– 10%
•By Region: North America – 55%, Europe – 12%, Asia Pacific – 19%, Latin America – 5%, Middle East & Africa- 9%
Major vendors in the global CIAM market include 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). The study includes an in-depth competitive analysis of the key players in the CIAM market, their company profiles, recent developments, and key market strategies.
The report segments the CIAM market and forecasts its size by Offering (Solution and Services), by Solution (Identity Governance, Identity Verification and Authentication, Access Management, Behavioral Analytics), by services (Integration and Deployment, Support and maintenance, Consulting), by deployment mode (Cloud and On-premise), by Vertical (BFSI, Travel, Tourism and Hospitality, Healthcare, Retail and eCommerce, IT & ITeS, Education, Government and other verticals), and region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America).
The study also includes an in-depth competitive analysis of the market's key players, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall CIAM market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
•Analysis of key drivers (rise in security breaches and cyber-attacks, demand to deliver a frictionless customer experience, identity theft, and fraud, organizations are becoming increasingly concerned about security to increase growth, growing awareness of regulatory compliance and access management tools), restraints (High volume of online transactions, lack of identity standards and budgetary constraints in deploying CIAM solutions), opportunities (Cultural shift from traditional IAM to CIAM, the proliferation of cloud-based CIAM solutions and services) and challenges (Scarcity of skilled cybersecurity professionals among enterprises, difficulties in addressing the complexity of advanced threats)
•Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the CIAM market.
•Market Development: Comprehensive information about lucrative markets – the report analyses the CIAM market across varied regions.
•Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the CIAM market.
•Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like IBM (US), Microsoft (US), Salesforce (US), SAP (Germany), Broadcom (US), Okta (US), Akamai Technologies (US), Ping Identity (US), ForgeRock (US), and among others in the CIAM market strategies.
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