Consumer Identity Access Management Market
Global Market Study on Consumer Identity & Access Management: High Demand for Business Process Digitalization to Enhance Deployment Rate
Consumer identity and access management (IAM) solutions enable enterprises to securely manage and capture consumer profile and identity data, as well as control consumer access to systems, services, and applications. Fully-featured consumer identity and access management solutions generally offer a suite of features that include consumer registration, self-service account management, preference & consent management, Single Sign-on (SSO), Multi-Factor Authentication (MFA), access management, directory services, and data access governance.
Robust consumer identity and access management software solutions facilitate a secure seamless consumer experience with enhanced performance, irrespective of the platform used by consumers to engage with a brand. The enterprise software applications market is continually growing and evolving. The consumer identity and access management market has witnessed exciting new developments at a rapid pace in the recent years.
Moreover, the adoption of cloud-based solutions around the world is increasing. The rising adoption in small and medium enterprises is expected to collectively result in the higher adoption of enterprise applications, which is expected to eventually support the sales of consumer identity and access management solutions at the global level.
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- Microsoft Corporation
- SAP SE (Gigya, Inc.)
- Ping Identity
- Okta, Inc.
- Forgerock Inc.
- Janrain, Inc.
- Loginradius, Inc.
- Iwelcome B.V.
- Acuant, Inc.
According to a recent analytical study of Persistence Market Research, the global consumer identity and access management market revenue will approach the valuation of US$ 50 Bn by the end of 2028.
With respect to component, the consumer identity and access management market has been segmented into software solutions and services. Consumer identity and access management software solutions are estimated to continue to hold the largest market share throughout the forecast period. These consumer identity and access management software solutions are also estimated to register a high growth rate during the forecast period as compared to the expected growth rate of consumer identity and access management-related services.
The consumer identity and access management software solutions segment is subsegmented into advanced authentication, profile management, and credentials management & profiling. The advanced authentication software for consumer identity and access management subsegment is estimated to record the highest growth rate among all the software solutions of consumer identity and access management.
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Business processes are rapidly going all-digital, fueling the growth of the global consumer identity and access management market
Enterprises are undertaking digital business process initiatives that are aimed at transforming the manner in which consumers look to interact with brands. Consumer identity and access management solutions enable a consistent, secure, multichannel consumer experience, which helps in the transformation of an enterprise’s digital business.
As this trend of business transformation is penetrating deeply across the world, enterprises are looking to procure efficient consumer identity and access management solutions, which is expected to mutually facilitate business growth, as well as boost the consumer identity and access management market.
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The frequency and scale of data thefts is increasing across the globe, further pushing necessity of reliable consumer IAM solutions
Taking measures for the prevention of data breach has become a priority for IT security teams. Consumer identity and access management solutions offer end-to-end data security features, specifically for consumer identities, owing to which they serve as good prospects for decreasing the risks of data thefts. Hence, the demand of consumer identity and access management solutions is increasing.
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Tightening privacy regulations, varying by region, industry, company, and person, prompt at strong growth opportunities for consumer IAM market
Meeting consumer privacy regulations has been a daunting task for consumers. Consumer identity and access management solutions provide the consumers centralized data access governance policies and other similar capabilities that help ensure that consumer data sharing consent, regional data storage, and other privacy mandates are met.
At present, the launching of new applications has been a catalyst for providing a consistent consumer experience across different channels. This helps enterprises lay a foundation and introduce parameters, such as the scale, performance, security, single sign-on, and social login, among other capabilities.
These features are provided by consumer identity and access management solutions, which is contributing to the growth of the consumer identity and access management market.
The registration process for identity capture can be carried out on several devices, thus establishing log-in credentials and authentication across various channels. Multiple log-ins for different devices and channels is likely to result in friction, which is likely to frustrate consumers, thus resulting in the potential loss of sales.
An alternative to this has been to introduce consumer identity and access management login options, such as that of Facebook, which reduces registration fatigue. However, it is seen to raise security concerns, owing to which multifactor authentication is likely to be required.
This has led to the usage of consumer identity and access management solutions that offer a simpler process and once registered, a consumer can receive compelling and consistent engagement across different channels with exceptionally low-friction authentication.
Wide-scale overlap of employee and consumer identity & access management features marks an important trend in market
Identity and access management that is targeted for employees and consumer identity and access management that is targeted for consumers is seen to overlap in terms of solutions, where one solution can perform the functions of both. In the past, overlapping parameters, such as account provisioning, password management, single sign-on capabilities, and directory services, were at a limited scale.
However, the gap is being bridged with new features, such as adaptive access, which not only include standard authentication techniques, such as passwords and usernames, but also address additional context-based elements, such as IP address, the device of a user, relocation, and past behavior. Increasing demand for better consumer data unification has also emerged as a significantly growing trend in the global consumer identity and access management market.
Some key players profiled in the global consumer identity and access management market report are Acuant, Inc.; Trusona; Globalsign; Iwelcome B.V.; Loginradius, Inc.; Janrain, Inc.; Forgerock Inc.; Okta, Inc.; Ping Identity; SAP SE; Microsoft Corporation; and IBM Corporation.
Key segments in the global consumer identity and access management market: