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Consumer IAM Market Size, Share, Latest Trends, Emerging Technologies, Top Countries Data, Top Key Players Update, and Forecast 2030

10-02-2024 12:12 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: ABNewswire

IBM (US), Okta (US), SAP (Germany), Microsoft (US), Ping Identity (US), Thales (France), Broadcom (US), AWS (US), Salesforce (US), OpenText (US), Akamai Technology (US), Deloitte (UK), HID Global (US), CyberArk (US), Nevis Security (Switzerland), Simeio S

IBM (US), Okta (US), SAP (Germany), Microsoft (US), Ping Identity (US), Thales (France), Broadcom (US), AWS (US), Salesforce (US), OpenText (US), Akamai Technology (US), Deloitte (UK), HID Global (US), CyberArk (US), Nevis Security (Switzerland), Simeio S

Consumer Identity and Access Management (CIAM) Market Size, Share, Growth Analysis, By Offering (Solutions (Identity Administration, PII Management & Analytics, Access Management, Fraud Detection) & Services) - Global Industry Forecast to 2030.
The global Consumer Identity and Access Management (CIAM) market [https://www.marketsandmarkets.com/Market-Reports/consumer-iam-market-87038588.html?utm_campaign=consumeriammarket&utm_source=abnewswire.com&utm_medium=paidpr] is expected to expand from USD 12.5 billion in 2024 to USD 21.0 billion by 2030, with a Compound Annual Growth Rate (CAGR) of 8.9% during the forecast period. This growth is driven by the increasing number of identity-related breaches and cyberattacks. Furthermore, the market is bolstered by a heightened focus on strict regulatory compliance and the rising demand for secure access and authentication solutions in sectors such as retail, healthcare, and banking.

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Rising online transactions, the transition from traditional IAM to CIAM, and the growing popularity of cloud services create substantial prospects within the CIAM market. Also, the incorporation of lot devices, sophisticated analytics and Al, and the implementation of Zero Trust security frameworks are improving both security measures and user satisfaction. In addition to this, the ongoing market opportunities for the CIAM market are created by regulatory adherence and the emergence of decentralized identity solutions.

Based on the services, integration, and deployment to account for the largest market size during the forecast period.

When segmenting the CIAM market by services, the integration and deployment services acquire the largest market size for several compelling reasons. The CIAM solution, while being implemented in an organization, often poses difficult integration challenges with the existing IT infrastructure, applications, and databases. These integration and deployment services ensure that such solutions are seamlessly integrated into the business environment to provide interoperability and enhanced security. This segment is further driven by the fact that the demand for expert assistance in customizing a CIAM solution remains so that it best fits organizational needs. Besides, with the increasing adoption of cloud-based CIAM solutions comes a greater requirement for professional deployment services that ensure smooth transitions and optimum performance of the solution implemented. Such services provide faster time-to-value, reduced implementation risks, and compliance with regulatory requirements, hence becoming essential in the CIAM market.

By vertical, healthcare accounts for the highest CAGR during the forecast period.

The CIAM market is growing at the highest CAGR in the healthcare sector, and there are many factors contributing to this. Increasing digitalization in the healthcare services sector, along with the need for high security in managing patients' data, generates high demand for robust CIAM solutions. Apart from this, healthcare institutions have to deal with a high number of sensitive data regarding patients, and because of it, they are prone to cyber threats, which in turn increases the demand for advanced security solutions like CIAM. Moreover, regulations like HIPAA in the US are imposing stringent security on patient information, thus raising the adoption rate of CIAM solutions. Further, the increasing adoption of telemedicine and other online health services is another driver for secure access management for patients and healthcare providers, thereby ensuring the confidentiality and integrity of healthcare data.

By region, North America accounts for the largest market size.

It is estimated that North America holds the largest market size in the CIAM market; the reason is attributed to its highly advanced technology infrastructure, coupled with the presence of influential economies like the US and Canada. Increasing demand for cloud-based services-fueled by companies expanding their online presence-has increased security threats and increased the need for organizations to implement CIAM solutions, which assure the protection of digital identities. Moreover, the region has witnessed the effect of numerous data breaches, with 422 million people exposed in a year; this demands robust identity management.

To governments in North America, cybersecurity is regarded as one of the prime national security challenges for which budgets and policies have been marked to ultimately make identity management a priority. Some of the Initiatives such as the 2021 executive order by the US president on cybersecurity support the adoption of CIAM solutions. Moreover, the heavy use of smart mobile devices and the exponentially growing eCommerce industry further support market growth in the region.

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Unique Features in the Consumer IAM Market

Consumer IAM solutions prioritize user experience by offering seamless, secure, and user-friendly access to services. These solutions aim to reduce friction in login and authentication processes, incorporating single sign-on (SSO), social login, and multi-factor authentication (MFA) to ensure convenience without compromising security.

CIAM platforms are designed to handle large volumes of users, making them highly scalable. This scalability is crucial for businesses that experience rapid growth or have a global presence. The flexibility of these solutions allows them to be tailored to different industries, such as e-commerce, healthcare, and financial services, while accommodating various regulatory requirements and unique user authentication needs.

The CIAM market offers robust security measures to combat increasing identity-related breaches and cyberattacks. Features like biometric authentication, artificial intelligence (AI)-driven fraud detection, risk-based authentication, and identity analytics help secure user data and reduce potential threats. These advanced security tools ensure that consumer identities are verified, managed, and protected against unauthorized access.

Another key feature of CIAM is its ability to help businesses comply with stringent regulatory requirements. This includes adhering to privacy laws like GDPR, CCPA, and HIPAA, which govern how personal data is collected, stored, and used. CIAM solutions offer built-in compliance features that assist organizations in meeting these regulations while safeguarding user privacy and consent.

CIAM solutions are increasingly integrated with Customer Data Platforms (CDPs) to enhance personalization and marketing efforts. By connecting identity management with CDPs, businesses can unify customer profiles and use the data for targeted advertising, personalized offers, and a better overall customer experience, while still maintaining data security and privacy.

Major Highlights of the Consumer IAM Market

One of the primary drivers of CIAM adoption is the growing frequency and sophistication of identity-related breaches and cyberattacks. As cybercriminals target personal data more aggressively, organizations are investing heavily in CIAM solutions to safeguard consumer identities, mitigate security risks, and maintain trust.

Stringent regulations around data privacy and security, such as GDPR in Europe and CCPA in the U.S., are pushing organizations to adopt CIAM solutions that facilitate compliance. Businesses must ensure that their customer data is handled in line with legal requirements, and CIAM platforms offer the necessary tools to ensure regulatory adherence while securing user data.

The CIAM market is experiencing high demand from sectors such as retail, healthcare, and financial services. These industries, which handle sensitive consumer data, require robust authentication mechanisms to offer secure access to services while maintaining user privacy. The healthcare sector, in particular, is focused on ensuring patient data confidentiality, while the banking sector prioritizes secure customer transactions.

Technologies like Artificial Intelligence (AI), machine learning, and biometric authentication are being integrated into CIAM platforms, enhancing their ability to detect fraud, manage user identities, and streamline the authentication process. AI-driven fraud detection and behavioral analytics are particularly useful in identifying unusual patterns of activity and mitigating risks in real time.

A major highlight of CIAM solutions is their focus on improving the user experience. Consumers expect seamless and secure access to digital services, and CIAM platforms offer features like single sign-on (SSO), social login, and passwordless authentication to simplify the login process. These features not only enhance convenience but also reduce friction, contributing to better customer satisfaction.

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Top Companies in the Consumer IAM Market

The CIAM market is led by some of the globally established players, such as IBM (US), Okta (US), SAP (US), Microsoft (US), Ping Identity (US), Thales (France), Broadcom (US), AWS (US), Salesforce (US), OpenText (Canada), Akamai Technology (US), Deloitte (UK), HID Global (US), CyberArk (US), and Nevis Security (Switzerland). Partnerships, agreements, collaborations, acquisitions, and product developments are some of the various growth strategies these players use to increase their market presence.

Amazon Web Services (AWS) (US)

Amazon Web Services is a subsidiary of Amazon that provides a great variety of products and services to customers located in 190 countries. AWS provides on-demand cloud computing platforms and APIs to individuals, companies, and governments, among others. It offers both a collection of virtualized security products arranged as a marketplace for users of services provided by AWS and various cloud services.

Amazon Cognito provides solutions to control access to AWS resources from the app. Amazon Cognito uses common identity management standards, including OpenID Connect, OAuth 2.0, and SAML 2.0. Amazon Cognito offers sign-up and sign-in capabilities and manages access to online and mobile applications. For the protection of the organization and its customers, Amazon Cognito delivers an identity store that is scalable to millions of users, supports social and enterprise identity federation, and has cutting-edge security features. Built on open identity standards, Amazon Cognito interfaces with frontend and backend development tools and supports several compliance rules. With plans to add 15 availability zones and five more AWS areas in Canada, Israel, Malaysia, New Zealand, and Thailand, the AWS Cloud now covers 99 availability zones throughout 31 world geographical areas.

Nevis Security (Switzerland)

Nevis Security is one of the well known companies in the Swiss CIAM market. This organization protects against data leakage and offers frictionless methods for authentication to industrial sectors like public sectors, banks and the financial sector, insurance, health insurance, and healthcare, manufacturing, and telecommunication. Nevis Security has offices spread across Europe and North America and is continuing its growth globally through its fast-growing partner network to be in the right position and become a leading provider for the new digital world. Nevis solutions are designed to grant customers access to data with maximum convenience and security. The Nevis Identity Suite provides CIAM-security together with user-friendliness, therefore, making consumer identity and access management secure and customer-friendly. Moreover, the Nevis Authentication Cloud allows for passwordless, user-friendly, and secure authentication, thus raising the level of ease in workflows and boosting customer satisfaction.

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Contact Person: Mr. Rohan Salgarkar
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