At 17.2% CAGR, Consumer Identity & Access Management Market Size is Forecast to Hit USD 37.24 Billion by 2030

Global consumer IAM market size was estimated at $7,793.5 million in 2020 and is expected to reach $37,239.29 million by 2030, increasing at a CAGR of 17.2% from 2021 to 2030.

Devices and apps are now more susceptible to sophisticated persistent attacks as a result of the growing IoT trend among consumers and businesses (APTs). IT teams have found it challenging to track and control the data flow in various systems due to the rise in mobile devices. Hence, firms employ advanced authentication security solutions to categorise, monitor, and address all types of assaults in order to safeguard the critical information.

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Key opportunities for the CIAM market:

• Growing demand for secure digital services: With the increasing number of cyber threats and data breaches, customers are looking for secure ways to access digital services. CIAM solutions provide businesses with the tools to offer secure and personalized experiences to their customers, while also ensuring that their personal data is protected.

• The rise of e-commerce and online banking: The COVID-19 pandemic has accelerated the adoption of digital channels for shopping and banking. CIAM solutions are crucial for providing a seamless and secure experience for customers accessing these services online.

• Increasing regulatory compliance requirements: The GDPR and other data privacy regulations have increased the need for businesses to ensure that customer data is handled in a secure and compliant way. CIAM solutions can help businesses meet these requirements by providing strong authentication, consent management, and data governance features.

• Opportunities in emerging markets: As more people in emerging markets gain access to digital services, the demand for secure and personalized experiences will grow. CIAM solutions can help businesses in these markets provide a seamless and secure experience for their customers.

• Opportunities in the healthcare industry: The healthcare industry is increasingly moving towards digital channels for providing services to patients. CIAM solutions can help healthcare providers ensure that patient data is handled securely and compliantly, while also providing a personalized and seamless experience for patients.

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Here are some of the trends in the CIAM market:

• Growth in demand: The CIAM market is expected to grow significantly in the coming years due to the increasing number of online services and the growing concerns over data privacy and security.

• Increasing adoption of cloud-based CIAM solutions: With the increasing adoption of cloud computing, more businesses are opting for cloud-based CIAM solutions. Cloud-based CIAM solutions offer scalability, flexibility, and cost-effectiveness compared to on-premise solutions. Additionally, cloud-based CIAM solutions provide better integration capabilities, enabling businesses to integrate with third-party applications and services easily.

• Focus on customer experience: In today's digital age, customers expect personalized and seamless experiences from businesses. CIAM solutions enable businesses to provide a consistent and personalized experience to their customers across various channels and devices. Additionally, CIAM solutions provide self-service capabilities, enabling customers to manage their own identities and access privileges.

• Growing importance of data privacy and security: Data privacy and security have become a top priority for businesses due to the increasing number of data breaches and cyberattacks. CIAM solutions provide robust security features such as multi-factor authentication, biometric authentication, and risk-based authentication to ensure secure access to customer data. Additionally, CIAM solutions help businesses comply with various data privacy regulations such as GDPR and CCPA.

• Integration with emerging technologies: CIAM solutions are increasingly being integrated with emerging technologies such as AI, machine learning, and blockchain. These technologies enable businesses to enhance the security and personalization of their CIAM solutions. For instance, AI and machine learning can be used to detect and prevent fraudulent activities, while blockchain can be used to provide secure and tamper-proof identity verification.

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This report gives an in-depth profile of some key market players in the Consumer identity and access management market which include Aware Inc, Centrify Corporation, Equifax Inc., Experian Plc., GB Group, Gigya Inc., Lifelock Inc., Janrain, Inc., Lexisnexis Risk Solutions Inc, Mitek Systems Inc., Morphotrust Usa (Safran), Okta, Inc., Onegini, Ping Identity Corporation, Transunion, and Traxion Inc. This study includes market trends, market analysis, and future estimations to determine the imminent investment pockets.

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