Global Consumer Identity and Access Management (IAM) Market 2023-2030

Global Consumer Identity and Access Management (IAM) Market 2023-2030

Global Consumer IAM Market Size, Share & Trends Analysis Report by Component (Solution and Services), by Deployment (On-Premises and Cloud-Based), and by End-User Industries (BFSI, Healthcare, IT & Telecom, Energy & Utilities, and Others) Forecast Period (2023-2030)

The global consumer IAM market is anticipated to grow at a considerable CAGR of 18.4% during the forecast period. The growing awareness regarding organization's security, privacy, and compliance posture, increasing compliance mandates and regulations, and growing demand from end-user industries is a key factor driving the growth of the consumer IAM market. The growing adoption of consumer IAM in different regions is further contributing to the global market. For instance, in July 2022, Hong Kong Life announced the adoption of IAM Smart for customer identity verification in customer serving account login. The innovation is made in collaboration with MediConCen Limited, an InsurTech startup company. Hong Kong Life acted as the project sponsor while the project is under the Fintech Proof-of-Concept Subsidy Scheme by the Financial Services and the Treasury Bureau.

Consumer IAM solution provide a secure and frictionless experience, allowing companies to improve customer interactions. The rapid increase in security breaches and cyber attacks has further created the demand for the global consumer IAM market. Lack of awareness about consumer IAM may restrain the growth of the market.

Segmental Outlook

The global consumer IAM market is segmented based on component, deployment, and end-user industries. Based on component, the market is bifurcated into solution & services. Based on deployment, the market is segmented into on premises and cloud based. Based on end-user industries, the market is segmented into BFSI, healthcare, IT & telecom, energy & utilities, and others.

BFSI held Considerable Share in Global Consumer IAM Market

BFSI held the largest share during the forecast period. It is due to the high number of online frauds along with frauds at e-commerce website and wallets. It is followed by government and law enforcement as government agencies data and their website are the prime target of hackers. BFSI is further expected to be the fastest-growing market in consumer IAM followed by IT and telecommunications. IT and telecommunication market are increasing due to significant data loss of people which include their personal information.

Regional Outlooks

The global consumer IAM market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Among these, the Asia-Pacific market is anticipated to cater to a considerable growth over the forecast period. The growing adoption of consumer IAM in different industrial verticals across the region is a key factor contributing to the regional market growth. In April 2023, Tata Consultancy Services (TCS) has been selected by Bane NOR, the Norwegian government agency to enable secure access to the latter’s digital systems. As its strategic partner, TCS’ teams based in Norway and across Europe will provide services spanning identity governance and administration (IGA), access management, identity lifecycle management and application management operations in a managed services model.

Global Consumer IAM Market Growth, by Region 2023-2030

Source: OMR Analysis

The North America Region held Considerable Share in the Global Consumer IAM Market

North America held a considerable share in the global consumer IAM market. In North America, the US held a major market share. The presence of key market players in the country along with presence of advanced IT infrastructure is a key factor driving the growth of the regional market. The growing adoption of consumer IAMs in various sectors for maintaining customer services owing to the features coupled with them is further boosting the market growth.

Market Players Outlook

The major market player of the consumer IAM market includes Microsoft, Corp., SAP SE, IBM Corp., Okta, and AWS. These players are actively adopting growth strategies such as mergers and acquisitions, partnerships, collaboration and agreements to improve their dominance among competitors. Technological innovation and new product launching are the core strength of key market players in the cloud computing market. For instance, in November 2022, Okta announced a newly streamlined Consumer Identity Cloud system designed to simplify the deployment and use of its various products. The new cloud program is split into two main components—those aimed at providing identity validation services for consumers, and those aimed at enterprise customers. The former is focused on providing high-security options for online transactions, support for passkeys (instead of passwords, which are thought to be less secure), and providing an all-in-one security center monitoring system for quick response to suspicious activity.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global consumer IAM market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.