Global Consumer IAM Market - 2022-2029

Global Consumer IAM Market - 2022-2029
Market Overview

The Consumer IAM Market reached US$ XX million in 2021 and is expected to record significant growth by reaching up to US$ XX million by 2029, growing at a CAGR of 15.90% during the forecast period (2022-2029).

Customers' identities are managed and authentication services are provided via the consumer identity and access management (IAM) market. Consumer IAM solutions retain user profile data and help businesses deliver a more secure, consistent and personalized experience to their customers.

It can also be used to secure the client registration process, maintain customer profile databases and authenticate consumers and others using a company's services. Furthermore, the rise in cyber-attacks significantly impacts enterprises' adoption of consumer IAM.

As a result, businesses have implemented consumer IAM solutions to provide a secure platform for accessing services and conducting online transactions. A solid IAM approach limits unauthorized access to sensitive data, decreasing cyber risk.

Market Dynamics

Growing cyber crimes have escalated the demand for the consumer IAM market.

Growing cyber crimes have escalated the demand for the consumer IAM market

The cyber-attack landscape has shown a dramatic shift in recent years. Organizations have started investing in cybersecurity to secure their digital assets from ever-increasing cyber threats. Threat monitoring and cyber defense are critical in today's continuously changing threat landscape.

The most well-known cyber threats are phishing assaults, ransomware, malware, vishing, browser gateway scams, Distributed Denial of Service (DDoS), whaling and spear phishing. Endpoints, networks, data and other IT infrastructure are targeted by cyber terrorists, resulting in massive financial damages for individuals, businesses and governments.

Businesses' productivity is hampered by cyber threats, causing damage to essential IT infrastructure and sensitive data. Cybercrime is rising due to the rapid growth of digital transactions across industry verticals. Increasing enterprise data breaches or leakages boost the cybersecurity goods and services market. As per Juniper Networks, the global cost of data breaches to businesses is anticipated to exceed USD 8 trillion in the next five years.

According to the Hiscox Cyber Reading Readiness Report 2019, 61% of businesses were victims of cyber-attacks in 2018, up from 41% in 2017. The average cost of cyber-related losses has increased from US$ 229,000 to US$ 369,000. According to the Cisco Cybersecurity Reports, 50% of major firms with more than 10,000 employees spend at least US$1 million on security each year.

Furthermore, the report shows that 43% of people spend between US$250,000 and US$999,999, while 7% spend less than US$250,000. According to a report published by Cybercrime Magazine, the global cost of cybercrime has reached US$6 trillion by 2021, with ransomware damages reaching US$20 billion.

The crime occurs because artificial intelligence (AI) and machine learning (ML) assist attackers in creating many versions of harmful code daily.

Companies' reputations are being harmed, their assets are being harmed and financial losses are incurred due to the constant introduction of new cyber-attacks. As a result, protecting businesses from cyber-attacks has become critical to their success. As a result, businesses are implementing consumer IAM (CIAM) to protect themselves from security breaches and increasingly sophisticated cyber-attacks.

For instance, on April 15, 2020, Atos, a global pioneer in digital transformation, announced the addition of a new Identity as a Service – Evidian IDaaS – to its Identity & Access Management offering, which is available from the cloud on a subscription basis. The all-in-one security solution manages applications on-premises, cloud and as-a-Service.

Atos contributes to this solution's extensive 20-year experience, expertise in Identity & Access Management (IAM), robust technology and a high customer satisfaction track record.

Lack of skilled cyber security professionals among big players

Cyber threats target specific network flaws and exploit them to access an organization's network. Many new zero-day attacks have developed as sophistication levels have risen. Attackers' strategies and techniques for breaking into an organization's corporate network go undiscovered.

Organizations do not spend enough on their security infrastructure due to a lack of awareness of emerging cyber threats, resulting in enormous losses. Furthermore, businesses with critical cybersecurity needs have reported a significant shortage of competent personnel, making them even more vulnerable to cyberattacks. Furthermore, one of the most difficult difficulties in the CIAM market is gathering consumer data from an organization's many customer engagement channels, challenging the market growth for the service.

However, due to the growing variety of distributed cloud-based applications, users can now access important business applications from anywhere, at any time and on any device.

On the other hand, the complexities of managing user identities have increased due to these widespread cloud-based services. Customers are rapidly downloading different programs to take advantage of the services provided by enterprises; as a result, they are finding it difficult to remember passwords for various accounts owing to the use of several applications.

Furthermore, many key players are unaware of standardization's importance from a strategic standpoint. Due to a lack of awareness regarding CIAM, organizations across sector verticals such as retail, media, entertainment and education lag behind in identity management.

The costs of defining corporate and industry standards, according to executives of large CIAM firms, are extremely costly. Standardization can result in cost savings, fewer transactional expenditures and significant competitive advantages. Furthermore, the availability of standards broadens the market and reduces reliance on a single source.

COVID-19 Impact Analysis

The COVID-19 pandemic has impacted all aspects of society, including individuals and corporations. The internet ecosystem has grown in importance around the world. The COVID-19 outbreak has resulted in a significant increase in reliance on internet businesses.

BFSI, healthcare and life sciences, manufacturing, retail, transportation and logistics and other industries use the internet to deliver crucial services to customers. According to suppliers, demand for a CIAM system has increased dramatically.

Following the COVID-19 epidemic, various governments and regulatory authorities have compelled public and commercial enterprises to adopt new teleworking practices and maintain social distancing.

Furthermore, Post pandemic organizations across industries are focusing on sophisticated technology such as artificial intelligence (AI), machine learning (ML), internet of things (IoT) and cloud computing to undertake contactless operations as a result of the COVID-19 issue. The aspect is expected to boost demand for mobile-based consumer identification and access management solutions, thus propelling the global adoption of consumer identity and access management.

Segment Analysis

The global consumer IAM market is segmented on component, authentication, deployment mode, organization size, end-user and region.

Professional services took the greatest share of the market due to an increase in cyber-attacks, government laws for data protection and the growing usage of mobile devices, all driving market expansion.

The global consumer IAM market is segmented into services and solutions based on components. Out of the two segments, service segments are growing at a dominating rate and have sub-categories, including professional services and managed services.

Professional services took the greatest market share in 2021 and this trend is projected to continue throughout the forecast period. The growth is due to an increase in the number of cyber-attacks, government laws for data protection and the growing usage of mobile devices, which are all driving market expansion.

Furthermore, the lower cost of cloud IAM services is likely to provide a lucrative potential for professional services growth. Furthermore, aiding organizations has improved professional services by increasing success rates and reducing organizational risks. On the other hand, the managed services segment is predicted to develop at the fastest rate in the future years. The growth provides various benefits, including maintenance, standardization of IAM operational operations and on-site and remote service center availability.

These services are an extension of additional IT resources. Many organizations require additional IT personnel to effectively manage business operations, such as the smooth operation of IT assets and data monitoring within the organization, which is expected to provide lucrative opportunities for this segment's growth.

Geographical Analysis

Early acceptance of CIAM, as well as the existence of several suppliers offering security and CIAM solutions, are projected to propel market expansion in North America

In the CIAM market, North America is anticipated to have the largest market share. Early acceptance of CIAM and several suppliers offering security and CIAM solutions are projected to propel market expansion in the region.

Businesses in North America are progressively employing security and vulnerability management solutions to promote business continuity by enabling data security, preventing cyber-attacks and commercial espionage and protecting data security and privacy.

Furthermore, key regional players have created huge opportunities for the CIAM market to grow in North America. The popular key players building the revenue for the market include IBM, Microsoft, Salesforce, Broadcom, Okta, Akamai Technologies, Ping Identity, ForgeRock, Loginradius, Manageengine, Acuant and others.

For instance, in August 2021, Salesforce teamed up with Auth0, a leading authentication and authorization platform, to offer Salesforce Customer Identity Plus, which allows businesses to manage and consolidate customer identities across all apps, regardless of whether they were built on Salesforce, using either a low-code or pro-code approach.

Competitive Landscape

The global Consumer IAM market is highly competitive with local and global key players. Some key players contributing to the market's growth are IBM, Microsoft, Salesforce, SAP, Okta, Akamai Technologies, Ping Identity, Broadcom, ForgeRock, Loginradius, Manageengine, Widasconcept, Acuant, Omada, Iwelcome, Globalsign, Ubisecure, Secureauth Corporation, WSO2 and others.

The major companies are adopting several growth strategies such as product launches, acquisitions and collaborations, contributing to the global growth of the Consumer IAM market.
• In June 2021, Broadcom partnered up with Google. Broadcom will distribute its security and enterprise operations software suite on Google Cloud as part of this relationship, allowing businesses to implement Broadcom security, DevOps and other solutions on Google Cloud's trusted worldwide infrastructure.

IBM

Overview: International Business Machines Corporation supplies its products and solutions in 9 categories: AI, BlockChain, Data Analytics, IT Infrastructure, Cloud Computing, Security, business operation, supply chain and supply chain. The company provides services in around 19 sectors, including aerospace, automotive, education, electronics and various other industries. The company operates in over 175 countries, expanding in the Americas, Africa, Asia-Pacific, Europe and the Middle East. The company offers more than 170 cloud products under 18 categories.

Product Portfolio: IBM Security CIAM Services: IBM's industry-leading experts can assist the company in developing the CIAM strategy, architecture and on-demand capabilities required to accelerate time to market. IBM creates a CIAM operating model that aligns the IT and marketing teams to provide customers with a seamless and safe experience.

These experiences are then made repeatable and scalable with your marketing use cases from blueprints specific to marketing and line-of-business goals. The whole spectrum of services, including strategy and assessment, implementation, integration, managed services and fully on-demand operations, may assist firms in implementing a modern CIAM program from start to end to meet their customers' high expectations.

Key Development
• On October 30, 2020, IBM Security announced that it was recognized as a leader in The Forrester Wave: Customer Identity and Access Management, Q4 2020 report. IBM's support for FIDO2, biometrics, a wide range of authentication protocols and integration with IBM and third-party identity verification and fraud management systems, reporting and dashboarding capabilities were highlighted in the research.

Why Purchase the Report?
• Visualize the global consumer IAM market segmentation by component, authentication, deployment mode organization size, end-user and region, highlighting key commercial assets and players.
• Identify commercial opportunities in the consumer IAM market by analyzing trends and co-development deals.
• Excel data sheet with thousands of global consumer IAM market-level 4/5 segmentation points.
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
• Product mapping in excel for the key product of all major market players

The global consumer IAM market report would provide approximately 77 market data tables, 76 figures and 217 pages.

Target Audience 2022
• Service Providers/ Buyers
• Banking, Financial Services and Insurance Companies
• Research Laboratory
• Manufacturers
• Energy & Utilities Companies
• Distributors