Consumer Identity and Access Management Market Trends and Opportunities Report by Forecast to 2031

Identity security is crucial in the age of information dominance, when identity theft and fraud are on the rise globally. Cybersecurity is a crucial component of the increasingly digital world in which we currently live. As a result, it is expected that demand for consumer Identity and Access Management (IAM) would soar at a remarkable CAGR of almost 12% through 2031.

The 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.

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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.

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.

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.

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Companies

Microsoft Corporation
SAP SE (Gigya, Inc.)
Ping Identity
Okta, Inc.
Forgerock Inc.
Janrain, Inc.
Loginradius, Inc.

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

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This release was published on openPR.