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Consumer Identity and Access Management (IAM) Market Trends & Insights 2024
Consumer Identity and Access Management (IAM) Market Trends
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
The growth in cloud-based service usage is expected to propel the growth of the consumer IAM market in the coming years. Cloud-based services are computer services delivered over the internet (the cloud), such as storage, networking, software, analytics, servers, and more. Consumer Identity and Access Management (CIAM) offers various critical roles and advantages, including guaranteeing safe and smooth interactions between customers and cloud applications. For instance, in December 2021, according to Eurostat, a Luxembourg-based statistics agency responsible for producing extraordinary statistics and gauges for all of Europe, allowing for cross-national comparisons, cloud computing was particularly popular in large companies, with 72% using it in 2021, a 7% increase over 2020. In 2021, 53% of medium-sized enterprises used cloud computing, compared to 46% in 2020. The use of cloud-based computing in small enterprises increased by 5% to 38%. Therefore, the growth in cloud-based service usage is driving the 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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Major Key Players of the Market:
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.
Consumer IAM Market 2024 Key Insights:
• 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%.
• Consumer Identity And Access Management (CIAM) Thrives Amidst Rising Cybersecurity Threats And Breaches
• Tech Advancements Propel Consumer Iam Market
• North America was the largest region in the consumer IAM market in 2023
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