Consumer Identity and Access Management Market

Market Study on Consumer Identity and Access Management: Finance & Insurance Sector to Drive Most Market Growth Over Decade

Consumer Identity Access Management Market Segmented by CIAM Software Solutions, CIAM Services Components on On-premise, Software-as-a-Service Deployment

Market Snapshot

Cybersecurity is an important aspect of the increasingly digital world that we currently live in, and in the era where information is everything, identity security is essential due to rising incidence of identity thefts and identity frauds all over the world. As such, demand for consumer Identity and Access Management (IAM) is anticipated to surge at an impressive CAGR of around 12% through 2031.

The global consumer identity and access management market held a net value of US$ 9.5 Bn in 2020, and as per detailed industry analysis by Persistence Market Research, global market value is anticipated to surge 3.1X by the end of the decade. From a broader perspective, consumer identity and access management solutions occupy 25% share in the global Identity and Access Management (IAM) marketplace.

Consumer Identity and Access Management Market Size (2020)

US$ 9.5 Bn

Predicted Market Value (2031)

US$ 29.5 Bn

Global Market Growth Rate (2021-2031)

12% CAGR

Regional Market With Largest Share

North America

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Companies

Company Profiles:

  • Microsoft Corporation
  • SAP SE (Gigya, Inc.)
  • Ping Identity
  • Okta, Inc.
  • Forgerock Inc.
  • Janrain, Inc.
  • Loginradius, Inc.
  • Iwelcome B.V.
  • Globalsign
  • Trusona
  • Acuant, Inc.

Consumer Identity and Access Management Demand Analysis (2016 to 2020) Vs Market Outlook (2021 to 2031)

Identity security has become a necessity in this digital era, and is an area of prime focus for this decade. Digital identity is now used to access everything from finances to smartphones, and has become an essential part of our lifestyle. CIAM software plays an important role in identity management and access management, and allows businesses to personalize their communication with their customers.

Large and small organizations alike have all adopted cloud-based solutions, and this has largely influenced demand for consumer IAM across the world. Rising cybersecurity concerns and increasing incidence of identity frauds are also fuelling demand for better and advanced Customer Identity and Access Management (CIAM) solutions.

The global consumer IAM market is anticipated to expand at a high CAGR of 12% through 2031.

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What is Majorly Propelling Demand for Customer Identity and Access Management (CIAM) Solutions?

The number of internal as well as external threats to the data of an organization has substantially increased over the past decade, and this trend is expected to follow through this decade as well. Organizations are implementing identity and access management to bolster their cybersecurity framework and provider their clients and consumers with an assurance of their digital identities.

Identity and access management solutions and services enable organizations to revoke access, remove inappropriate exemptions, management of consumer access and authentication protocols, enhance productivity, mitigate risks, etc. Hence, most organizations are adopting consumer IAM solutions and services to boost business productivity and efficiency without compromising on their cybersecurity.

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What are the Obstacles That Consumer Identity and Access Management Solution Providers Face?

Technological advancements have drastically changed over the years, and new technologies have become more complex than ever. But with a connected approach in this digital age, many technologies are left vulnerable to attacks from hackers and are causing major data breaches that put consumers and organizations at risk. However, the high cost of CIAM solutions restrain their adoption in SMEs.

Increasingly complex nature of cyberattacks is also a major factor that could hinder demand for consumer identity and access management. Also, risks associated with the storage of credentials for identity and access management systems prove to be a major challenge, because if they are not stored securely, the attacker gains control over the complete system and even locks out the authorities as well.

Implementation of these systems is rather complex and time-consuming in nature. All of these factors are restricting the consumer identity and access management market from rising to its full potential.

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What is the Outlook for the CIAM Industry across the World?

This research details the global consumer identity and access management industry landscape in regions such as North America, Latin America, Europe, South Asia, East Asia, Oceania, and the Middle East and Africa.

Consumer identity and access management demand is anticipated to be most significant in the North American region over the forecast period, and this regional market is predicted to hold a dominant market share in terms of revenue. Demand in this region is governed by increasing need for security solutions in large enterprises as well as SMEs.

The European consumer identity and access management market is expected to see good growth over the next ten years as digitization of multiple organizations paces up. The market for consumer identity and access management in the South Asian and East Asian regions is expected to see significant rise in demand. This can be attributed to increasing awareness about cybersecurity, rising security threats, and rapid digitization and urbanization across these regions.

The market in the Middle East and Africa is expected to rise at a relatively lower CAGR than other regions, but is expected to pace up by the end of the decade.

consumer-identity-and-access-management-market

Country-wise Analysis

Why is the U.S. a Lucrative Market for Consumer Identity and Access Management?

The U.S. has seen substantial rise in cyberattacks over the past decade, and this is expected to be rise higher in this decade. As the U.S. is home to many major tech giants such as Microsoft and Apple, it houses their headquarters, and consumer data from across the globe is utilized and stored here. This creates major demand for consumer identity and access management solutions and services to ensure that this data from organizations is safe from all cybersecurity threats that are becoming increasingly frequent.

Many new companies are setting up their headquarters in the nation and are trying to capitalize on its market potential, and that makes the U.S. a noteworthy market in the eyes of key providers of consumer identity and access management solutions.

How is Demand for Consumer Identity and Access Management Solutions Shaping Up in India?

India has seen some major changes over the past decade, and this decade is expected to record high urbanization and digitization rates, which would be driven by increasing technological proliferation. The nation has a budding landscape and has been seeing many start-ups and the establishment of many new businesses and organizations. This makes India a very lucrative market for CIAM solutions and services.

India is also seeing major adoption of cloud-based systems, which is creating the need for more advanced consumer identity solutions.

The nation has a huge population, and as digitization picks pace, the volume of data from Indian consumers will also increase, and there will be a need for better and advanced cybersecurity solutions and services. This is also a major factor that could propel demand for CIAM solutions in India.

Category-wise Insights

Finance & Insurance Sector to Drive Adoption of Consumer Identity and Access Management

Among all the industry verticals, the finance and insurance industry is expected to witness dominant adoption of consumer identity and access management solutions and services over the forecast period. This industry requires proper and advanced security solutions since it deals with critically important data, and jeopardizing this data would be a huge loss for their customers as well as the organizations.

Identity thefts and identity frauds in this industry are becoming more frequent due to lack of awareness and increasing complexity of the nature of cybersecurity threats. As technological proliferation increases in this industry and finances become more digital and cloud-based, the need for optimal consumer identity and access management solutions and services will become more prominent than ever.

Adoption of consumer identity and access management solutions and services is also expected to see a steady increase in the healthcare industry, where digitization is increasing and crucial patient data is being dealt with.

COVID-19 Pandemic Impact Analysis

The COVID-19 pandemic completely changed the approach we have toward our ways of life, and it paced up digitization, especially in the corporate and working sector across multiple industry verticals. The pandemic gave further impetus to the already popular cloud-based solutions and created a more digital environment than before.

As dependency on these digital systems increased, their vulnerability has also risen due to being connected to multiple devices and systems whose security isn’t promised. Cybersecurity threats and cyberattacks are more common now than ever, and all organizations are deploying systems to safeguard their data and their consumer data as well. This trend has been bolstered in the pandemic with more organizations adopting cloud-based systems and deploying CIAM solutions and services to ensure the security of their databases.

Demand for digital identity management increased due to rising risks of identity thefts and identity frauds. As digitization paces in the post-pandemic world, demand for various cybersecurity solutions will also see a rapid increase.

Competitive Landscape

Prime CIAM solution providers are focusing on mergers and acquisitions to further bolster their market presence across multiple geographies. Providers are focusing on making the consumer identity and access management solutions more productive and efficient in order to increase their capability and reliability.

  • In January 2019, Akamai Technologies, a technology firm, announced that it would be adding identity and access management capabilities to its portfolio, as it announced the acquisition of Janrain Inc., who is regarded as a pioneer of Customer Identity Access Management (CIAM).
  • In November 2021, Okta Inc., a leading name in the IAM industry, announced its expansion plans for Japan. As part of its international expansion efforts, Okta will launch Amazon Web Services-based Okta infrastructure in February 2022 to provide services to its expanding customer base in Japan.
  • In October 2021, One Identity announced the purchase of OneLogin and pioneered the first platform in the industry that brings together identity access management, identity governance, and privileged access together on one platform. One Identity would benefit from this industry-first platform and will have substantial influence over the marketplace.

More recent developments related to key providers of consumer identity and access management solutions have been also been tracked by the analysts at Persistence Market Research, which are accessible in the full report.

Consumer Identity and Access Management Industry Report Scope

Attribute

Details

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

US$ Mn for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • Middle East and Africa (MEA)
  • East Asia
  • South Asia
  • Oceania

Key Countries Covered

  • United States
  • Canada
  • Brazil
  • Mexico
  • Germany
  • U.K.
  • France
  • Spain
  • Italy
  • China
  • Japan
  • South Korea
  • India
  • Indonesia
  • Malaysia
  • Singapore
  • Australia
  • New Zealand
  • Turkey
  • South Africa
  • GCC Countries

Key Market Segments Covered

  • Component
  • Deployment
  • Vertical
  • Region

Key Companies Profiled

Pricing

Available upon Request

Key Segments Covered in Consumer Identity and Access Management Industry Research

By Component

  • CIAM Software Solutions
    • Advanced Authentication
    • Profile Management
    • Credentials Management & Profiling
  • CIAM Services
    • Professional Services
    • Managed Services

By Deployment

  • On-premise
  • Software-as-a-Service (SaaS)

By Vertical

  • CIAM for Finance & Insurance
  • CIAM for Public Administration
  • CIAM for Healthcare & Social Assistance
  • CIAM for Education Services
  • CIAM for Telecommunications Information
  • CIAM for Media and Entertainment
  • Others

Media Release

- FAQs -

The global consumer identity and access management market is estimated to attain a net worth of US$ 29.5 Bn by the end of the decade.

CIAM solution demand is anticipated to be majorly guided by factors such as increasing awareness about cybersecurity, rising instances of identity theft and identity fraud, etc.

The consumer identity and access management industry held a valuation of US$ 9.5 Bn in 2020.

This research suggests that the global CIAM market will evolve at a stellar CAGR of 12% through 2031.

The consumer identity and access management sector in North America is anticipated to hold a dominant market share in the global landscape.

The South Asian region is anticipated to see the fastest rise in demand for CIAM solutions.

Demand for CIAM solutions and services is expected to be dominant from the finance and insurance industry.

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