Consumer IAM Market Trends, Size, Share, Growth Insight, Leading Players Analysis

The Consumer IAM Market size is projected to grow from USD 8.6 billion in 2023 to USD 18.1 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 16.2% during the forecast period. The rise in identity and authentication fraud and the demand to deliver a frictionless customer experience drives the growth of the CIAM market. Moreover, difficulties addressing the complexity of advanced threats may hinder market growth.

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Based on offerings, the services segment is expected to grow at a higher CAGR during the forecasted period.

The services provided by security vendors aim to help customers effectively utilize and manage CIAM. These vendors offer various types of support, including consulting, training, education, and ongoing assistance. Their primary focus is to assist organizations in meeting their business objectives using their CIAM products. Vendors employ up-to-date techniques, comprehensive strategies, and expertise to address the security needs of organizations. They also provide tailored implementation and risk assessment and help deploy CIAM according to industry best practices.

By services, the integration and deployment services segment is expected to hold a larger market size during the forecast period.

Integration and deployment services are provided by experienced industry experts, domain specialists, and security professionals. These professionals assist organizations in designing and implementing effective CIAM strategies, mitigating risks, preventing revenue losses, and enhancing security within their existing information systems. These services are particularly crucial for non-IT companies with the expertise to navigate complex security technologies and safeguard their organizational data. By leveraging integration and deployment services, organizations can tap into the knowledge and guidance of experts to ensure a robust and secure CIAM implementation.

By region, Asia Pacific is expected to grow at the highest CAGR during the forecast period.

According to Adobe's 2022 Digital Trends: APAC in Focus research, 77% of firms in the Asia Pacific region have reported an increase in new consumers through digital channels over the past 18 months, with 76% observing new customer journeys. However, as the digitization of various industries continues to accelerate, the risk of identity-related issues has also increased. More personal and sensitive data is being exchanged and kept online, making it easier for cybercriminals to launch attacks for fraud and identity theft. As a result, organizations and governments are increasingly seeking effective CIAM solutions to address these concerns.

The Reserve Bank of India released a document on Digital Payment Security Controls (DPSC) in February 2021. The document was created to assist Indian financial firms in safeguarding digital channels and providing clients with goods through identity verification services

ZDNet reports that Chinese businesses should prepare for a possible surge in smishing attacks and identity theft cases, as it has come to light that personal data belonging to 1 billion Chinese residents is available for sale on the internet. If this data breach is confirmed, it could lead to activities like phone swapping and other forms of identity fraud, which could have repercussions on the social credit scores of affected Chinese individuals.

According to a recent Okta research, Australians are well aware of consumer IAM. Only a small minority (2%) of respondents here admit to knowing nothing about consumer IAM, while more than 76% claim to have an excellent or expert comprehension of it.

In 2022, there were 1,136 incidents of internet banking fraud reported to the police in Japan, a significant rise from the year before. Many cases were thought to result from phishing activities, including emails pretending to be from financial institutions. The amount of money lost due to online banking fraud in Japan grew more following two years of dropping numbers, similar to the incidents of documented fraud in online banking.

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IBM (US), Microsoft (US), Salesforce (US), SAP (Germany), Broadcom (US), Okta (US), Akamai Technologies (US), Ping Identity (US), ForgeRock (US), LoginRadius (Canada), HID Global (US), ManageEngine (US), WidasConcepts (Germany), Acuant (US), Omada (Denmark), OneWelcome (Netherland), GlobalSign (UK), Ubisecure (Finland), SecureAuth (US), WSO2 (US), AWS (US), Simeio Solutions (US), Auth0 (US), Cyberark (US), OneLogin (US), Trusona (US), FusionAuth (US), IDnow (Germany), Strata Identity (US), Evident (US) are the key players and other players in the CIAM market.

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