Consumer Identity and Access Management Market By Solutions, Services and Industry Vertical Segmentation and Opportunities Analysis Forecast To 2014 - 2022

Global consumer IAM market was valued at $7,968 million in 2015 and is expected to reach $23,589 million in 2022, growing at 16.9% CAGR during the forecasts period 2014-2022, according to a new report published by Allied Market Research. The advanced authentication solution segment dominated the global consumer identity and access management market, accounting for revenue of $3,770 million in 2015.
North America is expected to be the leading contributor to the global consumer identity and access management market.The adoption of consumer IAM solutions has increased in the recent years, owing to the growing consumer IAM trend of centralized monitoring and stringent government regulations to protect customer data. In addition, rise in incidents of cyber threats and increase in adoption of IoT (Internet of Things) are expected to drive the market.

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However, lack of standardization in industry regulations and concerns about cloud-based security hamper the market growth. Growing popularity of mobile devices and flexible functionalities of consumer IAM solutions to tackle increased network traffic, burgeoning demand, and peak usage requirements of consumers for different applications are expected to provide numerous opportunities for the growth and development of the global consumer identity and access management market.
The global consumer IAM market in 2015 is comprised of advanced authentication which is $3,770 million, identity proofing services which is $2,473 million, and other which is $1,725 million. In 2015, the banking, financial service, and insurance (BFSI) industry segment accounted for the maximum revenue share in the global consumer identity and access management market segments, owing to the frequent incidents of internet frauds during financial transaction worldwide.

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In addition, upsurge in customer interaction through physical, social media, mobile, and other channels to access financial services provide huge growth opportunities to the players in the BFSI sector. Moreover, the energy & utility industry segment is projected to grow at a CAGR of 17.2% during the forecast period, owing to technological advancements such as automated meter infrastructure, cloud computing, modern electric meters, real-time data access facility to customers, and others.

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