Summary
Major players in the consumer iam market are International Business Machines Corp, Microsoft Corporation, Salesforce Inc., SAP AG, Broadcom Inc., Okta Inc., Akamai Technologies Inc., Ping Identity Corporation, ForgeRock Inc., LoginRadius Inc., Acuant Inc., GlobalSign.In Pte Ltd., Trusona Inc., Mitek Systems Inc., CA Technologies, WidasConcepts India Private Limited, Omada Health Inc., OneWelcome, Ubisecure IAM, Secureauth Corporation, WSO2 Inc., Amazon Web Services Inc., and Simeio Solutions.
The global consumer IAM market is expected to grow from $9.23 billion in 2022 to $10.78 billion in 2023 at a compound annual growth rate (CAGR) of 16.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The consumer IAM market is expected to reach $19.92 billion in 2027 at a CAGR of 16.6%.
The consumer IAM market includes revenues earned by entities OT security services, privileged access management, customer identity data.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Customer identity and access management (CIAM) refer to customer identity identification and authorization. It is used by organizations for customer identification and access management (CIAM) to securely record and retain customer identity and profile data, and to regulate consumer access to apps and services.
North America was the largest region in the consumer IAM market in 2022. The regions covered in the consumer IAM market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main components of consumer IAM are solutions and services.The solutions refer to ensuring the appropriate people have access to the appropriate IT resources at the appropriate times for the appropriate purposes.
The solutions include identity governance, identity verification and authentication, access management and authorization, and behavior analytics, which has services including integration and deployment, support and maintenance, and consulting. The organization includes large enterprises and small and medium-sized enterprises (SMEs), which are used by various verticals such as Banking, Financial Services and Insurance (BFSI), hospitality, healthcare, retail and e-commerce, public sector, automotive, education, IT, transportation and logistics, and other verticals.
The rise in security breaches and cyber-attacks is expected to propel the growth of the consumer IAM market going forward.A cyber-attack is an attempt to illegally access a computer system or a computer network to cause damage.
Attackers constantly target Customer (or consumer) identity for malicious activities, increasing the need to secure the system.CIAM provides data privacy protection and provide defense against fraud and abuse, including identity theft, security theft, and cyber-attacks.
For instance, according to the cybersecurity threatscape report by Positive Technologies, a Russia-based cybersecurity company, the number of cyberattacks increased by 17% in Q1 of 2021 as compared to Q1 2020, and it increased by 1.2% as compared to Q4 2020. Moreover, in June 2022, according to Forbes, a US-based business magazine, the average frequency of data breaches and cyberattacks rose by 15.1% in 2021 compared to the previous year. Therefore, the rise in security breaches and cyber-attacks is driving the growth of the consumer IAM market.
Advancements in technology are a key trend gaining popularity in the consumer IAM market.Major market players are concentrating on creating innovative technologies and developments to sustain their position in the consumer IAM market.
For instance, in October 2020, Ping Identity Corporation, a US-based software firm, introduced a new cloud service, PingOne Services, for advanced risk management and enterprise authentication.This unique feature of Ping Identity’s new cloud service, PingOne, includes the use of machine learning technology to evaluate risk signals and detect threats in real time.
It analyses user context and many indications, such as user and entity behaviour analytics, anonymous network detection, impossible travel, and IP reputation, to determine the level of danger caused by a user attempting to access a certain resource.
In July 2021, Microsoft Corp., a US-based technology company engaged in access management (IAM) acquired CloudKnox Security for an undisclosed amount. With this acquisition, CloudKnox Security is expected to help organizations right-size permissions and consistently enforce least-privilege principles to reduce risk, and it employs continuous analytics to help prevent security breaches and ensure compliance. CloudKnox Security is a US-based company engaged in identity and access management (IAM).
The countries covered in the consumer IAM market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The consumer IAM market research report is one of a series of new reports that provides consumer IAM market statistics, including consumer IAM industry global market size, regional shares, competitors with a consumer IAM market share, detailed consumer IAM market segments, market trends and opportunities, and any further data you may need to thrive in the consumer IAM industry. This consumer IAM market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
