PUBLISHER: The Business Research Company | PRODUCT CODE: 1425351
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425351
Consumer IAM Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on consumer iam market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for consumer iam? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The consumer iam market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Customer Identity and Access Management (CIAM) pertains to the identification and authorization of customer identities within organizations. CIAM systems enable secure recording and storage of customer identity and profile data, facilitating the controlled access of customers to applications and services.
The key components of Consumer IAM include solutions and services. Solutions are designed to ensure that the right individuals have access to the appropriate IT resources at the correct times and for the right purposes. These solutions encompass identity governance, identity verification and authentication, access management and authorization, and behavior analytics. Services associated with CIAM include integration and deployment, support and maintenance, and consulting. Organizations adopting CIAM solutions range from large enterprises to small and medium-sized enterprises (SMEs). Various industry verticals, including banking, financial services, and insurance (BFSI), hospitality, healthcare, retail and e-commerce, the public sector, automotive, education, IT, transportation, and logistics, leverage CIAM systems for effective customer identity management and access control.
The consumer IAM market research report is one of a series of new reports from The Business Research Company 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.
The consumer iam market size has grown rapidly in recent years. It will grow from $10.84 billion in 2023 to $12.69 billion in 2024 at a compound annual growth rate (CAGR) of 17.0%. The growth experienced in the historical period can be credited to the surge in digital transformation, escalating cybersecurity threats, the widespread adoption of online services, compliance mandates in regulatory frameworks, consumer preferences for personalized experiences, the adoption of mobile and social media, and a heightened awareness of identity theft.
The consumer iam market size is expected to see rapid growth in the next few years. It will grow to $23.58 billion in 2028 at a compound annual growth rate (CAGR) of 16.8%. The anticipated growth in the forecast period is attributable to the emergence of customer data platforms (CDPs), the adoption of advanced authentication methods, a heightened focus on customer loyalty, the expansion of subscription services, and the globalization of online business. Key trends expected during this period encompass user-centric authentication methods, seamless integration with customer experience platforms, the prevalence of cloud-based Customer Identity and Access Management (CIAM) services, compliance with regulatory standards, the incorporation of artificial intelligence (AI) and machine learning in CIAM, and improvements in user registration and onboarding processes.
The consumer IAM market is set for significant growth, driven by the escalating frequency of security breaches and cyberattacks. Cybersecurity threats have seen a notable increase, with a 17% rise in cyberattacks in Q1 of 2021 compared to the same period in 2020, as reported by Positive Technologies, a Russia-based cybersecurity company. Additionally, Forbes highlighted a 15.1% increase in the average frequency of data breaches and cyberattacks in 2021 compared to the preceding year. This surge underscores the imperative to secure consumer identities, making Consumer Identity and Access Management (CIAM) a crucial solution in defending against identity theft, security theft, and cyber threats.
The consumer IAM market is poised for growth, propelled by the widespread adoption of cloud-based services. Cloud computing usage has seen a substantial uptick, particularly in large enterprises, with a 7% increase in 2021, reaching 72% as reported by Eurostat, a Luxembourg-based statistics agency. Medium-sized enterprises witnessed a rise from 46% in 2020 to 53% in 2021, while small enterprises experienced a 5% increase, reaching 38%. CIAM plays a vital role in ensuring secure and seamless interactions between customers and cloud applications, aligning with the growing reliance on cloud-based services.
A key trend in the consumer IAM market is the integration of advanced technologies to enhance security measures. Leading companies in the market are focused on developing innovative technologies to reinforce their positions. In October 2023, International Business Machines Corporation (IBM) launched an updated version of its managed detection and response service, leveraging AI-powered capabilities. The Threat Detection and Response Services (TDR) provide continuous surveillance, assessment, and automatic remediation of security signals across hybrid cloud environments. The service employs multiple layers of AI and context-dependent threat analysis to automate response mechanisms and rapidly address critical threats.
Strategic partnerships are becoming a prevalent approach among major players in the consumer IAM market to establish comprehensive digital corporate identity frameworks. This collaborative strategy involves leveraging mutual strengths and resources for mutual benefits. An exemplary partnership was announced in February 2022, where AI & Robotics Ventures Company Limited (ARV) in Thailand partnered with International Business Machines Corporation (IBM) to develop a blockchain-based National Digital Corporate Identity (NCID) framework. This innovative technology streamlines corporate onboarding, specifically Know Your Customer (KYC) processes, reducing the time from over four weeks to less than a week. The strategic collaboration facilitates faster and more efficient identity validation for corporate authorized signatories.
In a notable acquisition in July 2021, Microsoft Corp., a US-based technology company specializing in access management (IAM), acquired CloudKnox Security for an undisclosed amount. This strategic move is expected to enhance organizations' ability to right-size permissions, enforce least-privilege principles, reduce risks, and ensure compliance, leveraging CloudKnox Security's expertise in identity and access management (IAM).
Major companies operating in the consumer iam market report 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 a Thales company, Ubisecure Solutions Inc., SecureAuth Corporation, WSO2 Inc., Amazon Web Services Inc., Simeio Solutions LLC, OneLogin Inc., Janrain Inc., Authlete Inc., Experian PLC, LoginID Inc., FusionAuth Inc., Veridium Inc., Avatier Corporation, TrueLayer Ltd., Zoho Corporation Pvt. Ltd., Aware Inc.
North America was the largest region in the consumer IAM market in 2023. The regions covered in the consumer iam market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the consumer iam market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
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.
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.