Consumer Identity and Access Management (IAM) Market Forecasts to 2028 – Global Analysis By Component (Solution, Services), Deployment Size (Cloud, On- Premises) and By Geography

Consumer Identity and Access Management (IAM) Market Forecasts to 2028 – Global Analysis By Component (Solution, Services), Deployment Size (Cloud, On- Premises) and By Geography

According to Stratistics MRC, the Global Consumer Identity and Access Management (IAM) Market is accounted for $8.71 billion in 2021 and is expected to reach $23.18 billion by 2028 growing at a CAGR of 17.3% during the forecast period. Customer identity and access management (IAM) aid an organization to manage and protect customers’ profile data, identity, and control of access to services and applications. Customer IAM solution offers numerous benefits such as seamless customer experiences powerful security, performance and scalability, and privacy.

Market Dynamics:

Driver:

Rise in Frequency and Scale of Data Thefts

Increasing data security has become a concern in the small, medium and large scale enterprises. Taking measures for the prevention of data breach has become a priority in IT security teams. Consumer IAM solutions offer end to end data security features, specifically for consumer identities, due to which they serve as good prospects for decreasing the risks of data thefts. Therefore, the demand of consumer identity and access management solutions is increasing and this drives the market growth. Rise in incidents of cyber-attacks has significantly increased the adoption of consumer IAM solutions among organizations. Organizations adopt IAM solutions to provide a secured platform for accessing services and online transactions. A strong IAM strategy prevents cyber-attacks by limiting access to sensitive data for unauthorized persons. For example; In April 2018, Forgerock commissioned Forrester Consulting to evaluate how organizations deploy AI and IoT solutions for focusing on the customer privacy and security concerns they raise.

Restraint:

Lack of Government Standardization

The lack of identity standards and inadequate resources in terms of budget, coupled with the high installation costs of CIAM solutions, are restraining the growth of the CIAM market. The initial investment and maintenance cost for employing CIAM systems are high due to the need to integrate robust security technologies.

Opportunity:

Growing Usage of IoT and Smart Devices

Increasing adoption of IoT and smart devices in industries has created demand for consumer identity and access management solutions. Rise in number of mobile devices among enterprises has posed issues for data management in various systems which increased the threat of cybercrimes. Thus, organizations have been adopting advanced authentication security solutions in order to protect sensitive information of consumers.

Threat:

Poor Identity Standards across Organizations

The increasing number of cyber threats due to the poor regulatory is impacting the market growth rate. Advanced versions of IAM solutions handle more complex services. This creates a cost hurdle to the organizations. The lack of identity standards and insufficient resources in terms of budget, are significantly hindering the growth of the market.

Banking, Financial Services, And Insurance (BFSI) segment is expected to be the largest during the forecast period

The banking, financial services, and insurance (BFSI) segment are going to have lucrative growth during the forecast period, owing to the frequent incidents of internet frauds during financial transactions worldwide. Additionally, an increase in customer interaction through social media, mobile, physical, and other channels to access financial services deliver huge growth to the players in the BFSI sector.

The Cloud segment is expected to have the highest CAGR during the forecast period

Cloud based is set to grow at highest rate during the forecast period 2020-2025, owing to the high adoption in many firms. Rendering the cloud provides virtually infinite computing power and enables the user to create realistic and high resolution images. Cloud deployment provides greater flexibility, scalability, and improved performance over the traditional deployment model. Many major players such as IBM, Google, and others provide IAM solutions through cloud based models owing to the reduced security risk through improved controls. This drives the cloud based deployment of consumer IAM solutions.

Region with highest share:

The Asia Pacific is projected to hold the highest market share, due to the growing demand for electricity in heavily populated countries such as India and China, the development of grid infrastructure, and growing investments in the power sector, increasing investments by organizations to develop efficient database management systems and rising demand for cloud-based applications in this province. India has seen some major changes over the past decade, and this decade is expected to record high urbanization and digitization rates, which would be driven by increasing technological proliferation. The nation has a budding landscape and has been seeing many start-ups and the establishment of many new businesses and organizations. This makes India a very lucrative market for CIAM solutions and services. India is also seeing major adoption of cloud-based systems, which is creating the need for more advanced consumer identity solutions. The nation has a huge population, and as digitization picks pace, the volume of data from Indian consumers will also increase, and there will be a need for better and advanced cyber security solutions and services. This is also a major factor that could propel demand for CIAM solutions in India.

Region with highest CAGR:

North America is projected to have the highest CAGR. North America is expected to dominate the market within the forecast period attributed to the increasing partnership between organizations and the early adoption of new technology in this province. A partnership between organizations reduces the data breach risks by highlighting identity data and keeping it protected. For example, on April 1st, 2020 IDP Cyber and Ubisecure announced a new partnership to provide clients with a robust customer identity management solution combined with IDP Cyber’s other identity offerings. As the U.S. is home to many major tech giants such as Microsoft and Apple, it houses their headquarters, and consumer data from across the globe is utilized and stored here. This creates major demand for consumer identity and access management solutions and services to ensure that this data from organizations is safe from all cybersecurity threats that are becoming increasingly frequent.

Key players in the market:

Some of the key players profiled in the Consumer Identity and Access Management (IAM) Market include Microsoft Corporation, SAP SE (Gigya, Inc.), Ping Identity, Okta, Inc., Forgerock Inc., Janrain, Inc., Loginradius, Inc., Iwelcome B.V., Globalsign, Trusona, Acuant, Inc., Akamai Technologies.
Key developments:

In January 2019: Akamai Technologies, a technology firm, announced that it would be adding identity and access management capabilities to its portfolio, as it announced the acquisition of Janrain Inc., who is regarded as a pioneer of Customer Identity Access Management (CIAM).

In November 2021: Okta Inc., a leading name in the IAM industry, announced its expansion plans for Japan. As part of its international expansion efforts, Okta will launch Amazon Web Services-based Okta infrastructure in February 2022 to provide services to its expanding customer base in Japan.

In July 2021: LoginRadius launch the product Step-up Authentication, that improve overall data security and privacy and helps in building consumer trust. The latest feature in the CIAM solution helps ensure consumers step-up authentication in certain instances even after they have successfully performed the login.

Types Covered:
• CIAM Software Solutions
• CIAM Services

Components Covered:
• Solutions
• Services

Deployment Sizes Covered:
• Cloud
• On-Premises

Authentication Types Covered:
• Biometrics
• Knowledge-Based Answers
• Passwords
• Personal identification number (PIN)
• Security Certificates
• Tokens

Organization Sizes Covered:
• Large Enterprises
• Small and Medium-Sized Enterprises (SMEs)

End Users Covered:
• Automotive
• Banking, Financial Services, and Insurance (BFSI)
• Education Services
• Energy and Utilities
• Finance & Insurance
• Healthcare & Social Assistance
• Hospitality
• Information Technology (IT)
• Manufacturing
• Media and Entertainment
• Public Administration
• Public Sector
• Retail and E-Commerce
• Transportation and Logistics

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances