Global Consumer IAM Market Key Players, Covid-19 Impact Analysis and Size is Projected to Grow USD 17.6 billion by 2026

The Consumer IAM market size is projected to grow from USD 8.6 billion in 2021 to USD 17.6 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 15.3% during the forecast period. The major driving factors contributing to the high growth rate of CIAM market include Rise in security breaches and cyber-attacks; Demand to deliver a frictionless customer experience; Identity theft and frauds; and Growing awareness of regulatory compliance and access management tools.

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By component, the services segment to register the highest growth rate during the forecast period
Based on component, the global CIAM market is segmented into solutions and services. Robust CIAM solutions and services usually provide a combination of features, including customer registration, self-service account management, consent and preference management, SSO, Multi-Factor Authentication (MFA), access management, directory services, and data access governance. These components assist organizations in improving their security capabilities for mitigating cyber threats proactively.

An average of 30% of users were affected by web-threat incidents, as per Kaspersky Security Network. Cybercrimes such as espionage, data thefts, malware attacks, and phishing crimes have intensified amid the COVID-19 outbreak. Major industry verticals such as Banking, Financial Services, and Insurance (BFSI), media and entertainment, and healthcare are lucrative targets for cybercriminals. There have been instances of ransomware attacks on healthcare departments, universities, and SMEs amid the pandemic. As a result, organizations are embedding security solutions to combat COVID-related malicious cybercrimes in their enterprise networks. More organizations and industry verticals are looking to rapidly outsource the best-of-breed cybersecurity solutions for solving unique business challenges.

By Organisation size, the SME’s to register the highest growth rate during the forecast period
The CIAM market has been segmented by organization size into SMEs and large enterprises. These organizations are categorized based on the number of employees working with them and on global standards. Enterprises of all sizes across the globe are focusing on the CIAM to revolutionize the traditional systems in their infrastructure and enhance the customer experience. With the growing need to improve business efficiencies and maintain transparency in the business process, SMEs and large enterprises are focusing on leveraging advanced CIAM solutions for various verticals, such as BFSI, Hospitality, Healthcare, Retail and eCommerce, Education, IT and Others.

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Organizations with less than 1,000 employees are categorized as SMEs. SMEs face several disadvantages, including high barriers to entry and lower protection from market conditions. The cost of operation is high due to the requirement of several intermediaries for trading across regions, which limits the growth of SMEs with limited resources. The CIAM technology can prove to be an asset in such scenarios, enabling an enterprise to reduce its cost by eliminating these intermediaries. SMEs are deploying CIAM software on the cloud, as cloud-based solutions save initial investments in IT infrastructure. Moreover, SMEs deploy these solutions to enhance their business processes.

Based on application area, Healthcare segment to grow at the highest CAGR during the forecast period
The Healthcare segment is projected to witness the fastest growth rate of during the forecast period. The healthcare vertical comprises hospitals, health clinics, medical and dental practices, healthcare equipment and services providers, pharmaceutical companies, biotechnology companies, and related life sciences services providers

Healthcare is one of the most targeted sectors across the world by cybercriminals. The healthcare vertical is rapidly deploying cutting-edge technologies to offer patients improved, intuitive, and personalized care and experience. CIAM solutions help healthcare organizations address the security issues related to users’ credentials and help them deliver an enriched experience to their patients. The lack of patient identity safeguards many challenges for patients. For instance, patients can become victims of medical identity theft, resulting in their health records containing false medical and health data, which puts further treatments at risk. All these lead to unsafe and inefficient patient care.

Additionally, an increasing number of cyberattacks on PII, Electronic Health Records (EHRs), and PHI is major concern for healthcare organizations. In healthcare, CIAM solutions offer control of digital identities and data sharing choices to patients, with comprehensive preference and consent management. Moreover, these solutions help healthcare organizations comply with stringent HIPAA and PCI DSS compliances. CIAM solutions ensure security, privacy, and compliance while providing unified, frictionless access to patients and partners
• By Company Type: Tier 1 – 43%, Tier 2 – 36%, and Tier 3 – 21%
• By Designation: C-level – 58%, D-level – 32%, and Others – 10%
• By Region: North America – 32%, Europe – 30%, Asia Pacific – 22%, MEA – 10%, Latin America- 6%

Key and innovative vendors in CIAM market include IBM (US), Microsoft (US), Salesforce (US), SAP (Germany), Broadcom (US), Okta (US), Akamai Technologies (US), Ping Identity (US), ForgeRock (US), Loginradius (Canada), Manageengine (US), Widasconcept (Germany), Acuant (US), Omada (Denmark), Iwelcome (Netherlands), Globalsign (UK), Ubisecure (Finland), Secureauth Corporation (US), WSO2 (US), AWS (US), Simeio Solutions (US), Autho (US), Cyberark(US), Onelogin(CA), Trusona (US), Fusionauth (US), Idnow (Germany), Strata Identity (US), Passbase (Germany), and Evident(Georgia).

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Research Coverage:
The market study covers the CIAM market size across segments. It aims at estimating the market size and the growth potential of this market across different segments by component, solutions, services, deployment mode, organization size, verticals, and regions. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key Benefits of Buying the Report:
The report will help the market leaders/new entrants with information on the revenue numbers' closest approximations for the overall CIAM market and its sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report will also help stakeholders understand the market's pulse and provide them with information on key market drivers, restraints, challenges, and opportunities.

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This release was published on openPR.