Exploring the Global Consumer IAM Market: A Comprehensive Overview

The consumer iam market size has grown rapidly in recent years. It will grow from $10.84 billion in 2023 to $12.69 billion in 2024 at a compound annual growth rate (CAGR) of 17.0%. The growth in the historic period can be attributed to rise of digital transformation, increasing cybersecurity threats, proliferation of online services, regulatory compliance requirements, consumer demand for personalization, mobile and social media adoption, increasing awareness of identity theft.

The consumer iam market size is expected to see rapid growth in the next few years. It will grow to $23.58 billion in 2028 at a compound annual growth rate (CAGR) of 16.8%. The growth in the forecast period can be attributed to emergence of customer data platforms (cdps), adoption of advanced authentication methods, increasing emphasis on customer loyalty, expansion of subscription services, globalization of online business. Major trends in the forecast period include user-centric authentication methods, integration with customer experience platforms, cloud-based ciam services, compliance with regulatory standards, ai and machine learning in ciam, enhanced user registration and onboarding.

Market Overview -
Customer identity and access management (CIAM) refers to customer identity identification and authorization. It is used by organizations for customer identification and access management (CIAM) to securely record and retain customer identity and profile data and to regulate consumer access to apps and services.

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Consumer Identity And Access Management (CIAM) Thrives Amidst Rising Cybersecurity Threats And Breaches
The rise in security breaches and cyber-attacks is expected to propel the growth of the consumer IAM market going forward. A cyberattack is an attempt to illegally access a computer system or a computer network to cause damage. Attackers constantly target Customer (or consumer) identity for malicious activities, increasing the need to secure the system. CIAM provides data privacy protection and provide defense against fraud and abuse, including identity theft, security theft, and cyber-attacks. For instance, according to the cybersecurity threatscape report by Positive Technologies, a Russia-based cybersecurity company, the number of cyberattacks increased by 17% in Q1 of 2021 as compared to Q1 2020, and it increased by 1.2% as compared to Q4 2020. Moreover, in June 2022, according to Forbes, a US-based business magazine, the average frequency of data breaches and cyberattacks rose by 15.1% in 2021 compared to the previous year. Therefore, the rise in security breaches and cyberattacks is driving the growth of the consumer IAM market.

Competitive Landscape -
Major companies operating in the consumer iam market report are International Business Machines Corp, Microsoft Corporation, Salesforce Inc., SAP AG, Broadcom Inc., Okta Inc., Akamai Technologies Inc., Ping Identity Corporation, ForgeRock Inc., LoginRadius Inc., Acuant Inc., GlobalSign.In Pte Ltd., Trusona Inc., Mitek Systems Inc., CA Technologies, WidasConcepts India Private Limited, Omada Health Inc., OneWelcome a Thales company, Ubisecure Solutions Inc., SecureAuth Corporation, WSO2 Inc., Amazon Web Services Inc., Simeio Solutions LLC, OneLogin Inc., Janrain Inc., Authlete Inc., Experian plc, LoginID Inc., FusionAuth Inc., Veridium Inc., Avatier Corporation, TrueLayer Ltd., Zoho Corporation Pvt. Ltd., Aware Inc.

Tech Advancements Propel Consumer Iam Market
Advancements in technology are a key trend gaining popularity in the consumer IAM market. Major market players are concentrating on creating innovative technologies and developments to sustain their position in the consumer IAM market. For instance, in October 2023, International Business Machines Corporation, a US-based technological company, launched an updated version of managed detection and response service that is AI-powered. The recently launched Threat Detection and Response Services (TDR) offer 24x7 surveillance, assessment, and automatic remediation of security signals from every pertinent technology across the customer's hybrid cloud settings, including present security tools and expenditures, along with cloud, on-premise, and operational technologies (OT). The managed services are provided by IBM Consulting's worldwide workforce of security analysts through IBM's advanced safety services platform, which employs numerous layers of AI and context-dependent threat analysis from the company's vast worldwide safety network to help automate the chaos while rapidly escalating critical threats.

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Key Segments -

The consumer iam market covered in this report is segmented -
1) By Component: Solutions, Services
2) By Organization Size: Large Enterprises, SMEs
3) By Verticals: BFSI, Hospitality, Healthcare, Retail and e-commerce, Public Sector, Automotive, Education, IT, Transportation and Logistics, Other Verticals

Subsegments: Identity Governance, Identity Verification and Authentication, Access Management and Authorization, Behaviour Analytics, Integration and Deployment, Support and Maintenance, Consulting

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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