Global Consumer IAM(Identity Access Management) Market

The consumer IAM market size is valued at USD 8.6 billion in 2020 and is estimated to grow at USD 17.6 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 15.3% for the forecast period 2022-2028. The main driving elements for contributing to the high growth rate of the consumer IAM market include a rise in security breaches and cyber-attacks; Demand to deliver a frictionless customer experience; Identity theft and frauds; and Growing awareness of regulatory compliance and access management tools.

What is the Consumer IAM (Identity Access Management) Market?

The Consumer IAM (Identity Access Management) markets with managing the Customer’s identities to access the web portal, webshops, and corporate websites. In consumer IAM the services consumers control their accounts and data profile. It also authorizes different business organizations to identify the customers and their arrangements and scale several associate offerings, consumer bases, and business units, connecting clients to internal and third-party applications. It is widely useful in banking, financial operations, healthcare, and digital data locking systems.

Growth Drivers

The rise in security breaches and cyber-attacks

In the previous few years, the cyber-attack system has transformed drastically, and Cyber security has become necessary for organizations to protect their digital assets from increasing cyber threats. Threat monitoring and cyber defense are important in the rapidly revising threat landscape. Some generally known cyber threats are phishing attacks, ransomware, malware, vishing, browser gateway frauds, Distributed Denial of Service (DDoS), whaling, and spear phishing. Cyber terrorists attack endpoints, networks, data, and other IT infrastructure, introducing huge financial losses for individuals, enterprises, and governments. Cyber threats are interfering with the productivity of businesses and harming critical IT infrastructure and the sensitive data of organizations. Due to the fast rise in digital transactions across industry verticals, there is an increase in the commonness of cybercrimes.

The increase in data leakages

An increase in data breaches fuels the market for cybersecurity products and services. According to Juniper Networks, the global cost of enterprise data breaches is expected to reach USD 8 trillion in the coming five years. According to Hiscox Cyber Reading Readiness Report 2019, 61% of firms suffered cyber-attacks in 2018 compared to 41% in 2017. The average cost of losses associated with cyber incidents ranges from USD 229,000 to USD 369,000. It happens because technologies such as ML help attackers create several different versions of malicious codes each day. The constant emergence of new cyberattacks is damaging the reputation of companies, harming their assets, and resulting in financial losses. Hence, safeguarding against cyber threats has become essential for enterprises’ business growth. It has prompted enterprises to adopt CIAM to protect themselves from security breaches and cyber-attack sophistication.

Opportunities

The expansion of cloud-based CIAM solutions and services

As the cloud market increases, employees’ need to secure and manage numerous accounts accessed via the cloud also grows. It has resulted in the growing adoption of CIAM solutions. Traditionally, organizations believed CIAM technologies as capital expenditure, and these technologies had to be bought and enforced on-premises. A massive cost structure was associated with the prosperous performance of CIAM projects, which needed months of strict labor. This trend is now modifying due to the cloud market’s growth, and enforcing and accessing cloud-based CIAM services is becoming easier with each passing day. Cloud-based CIAM solutions need more low capital investment and less implementation time. This characteristic, along with the growth of SMEs, is expected to increase the adoption of CIAM solutions among organizations of all sizes.

Restraints

Scarcity of skilled cybersecurity professionals among enterprises

Cyber threats target certain network exposures and use them to enter the enterprise network. With complexity levels rising, many new zero-day threats have occurred. The procedures and techniques used by detractors to puncture an organization’s enterprise network remain undetected. Due to common understanding about advanced cyber threats, organizations do not expend sufficiently on their protection infrastructure, which results in enormous losses. Furthermore, companies with demanding cybersecurity needs have regarded a significant shortage of skilled professionals in their organizations, making them distant powerless to cyberattacks. Additionally, one of the most important challenges in the Consumer IAM market is accumulating consumer data from an organization’s different customer attention channels. With an expansion in the number of allocated cloud-based applications, users can log into critical business applications anywhere, anytime, and on any device. On the other hand, these spread cloud-based applications have enhanced the difficulties of addressing user identities. Consumers are rapidly downloading other applications to avail the services organizations provide; thus, they find it difficult to remember passwords for different accounts due to multiple applications.

PreCovid-19 Impact on Global Consumer IAM Market

Before the covid-19, the global consumer IAM industry was supposed to develop at a prominent rate during the pre-covid-period. The banking, financial service, and insurance (BFSI) and the health care sector are some of the major end-users in the market, owing to the heavy investment of financial institutions in the IT infrastructure to secure customer data and provide entrance to financial products and services. The healthcare sector employs consumer IAM security services to ensure sensitive patient data and deliver easy access to the services of medical institutes. Similarly, the consumer IAM solutions applied in the power and utility sector provide access to real-time data, monitor customer utilization patterns, and handle the demand‐supply gap and extensive volume of the customer database.

Covid-19 Impact on Global Consumer IAM Market

The COVID-19 pandemic has impacted every association segment, including people and businesses. The internet ecosystem has been recreating a pivotal position all over the globe. Due to the COVID-19 pandemic, the reliance on online businesses has advanced immensely. Healthcare, BFSI and life sciences, manufacturing, retail, transport and logistics, among others, are leveraging the internet to supply essential services to consumers. Retailers have experienced an expanded market for a consumer IAM system. Amidst the COVID-19 pandemic, various governments and regulatory authorities have required public and private enterprises to assume new teleworking techniques and support social distance. Since then, digital methods of doing business and emails with residence servers have become the new business continuity plan (BCP) for various organizations. With the general use of mobile devices and internet penetration across the globe, individuals are progressively inclined towards CIAM. These were varying trends and distributed IT environments have exposed organizations to privacy concerns, fueling the demand for CIAM solutions.

Post Covid-19 Impact on Global Consumer IAM Market

After the lockdown and pandemic period, most companies and financial sectors choose to work from the policy. The consumer IAM or Identity Access Management is a digital solution to follow, handle, and profile consumer identity in line with lawful compliance. These solutions are important for companies to understand visitors to their websites, particular interests, background, income levels, and privacy preferences. Solutions like Customer related Management Media increasingly incorporate such digital uniqueness solutions for corporates. The intense penetration of digital solutions globally, the growing ROI of digital tracking and analytics, and the security of futuristic growths like machine learning remain key for the consumer IAM market.

By component Segmental Analysis

By Component Type, the market is segmented into Solution and Service. Due to the low-cost and anytime-anywhere existence of consumer IAM solutions, the cloud-based deployment model is principally assumed by enterprises. This deployment model is foreseen to grow with a more high compound annual growth rate than the deployment mode during the unstated period. Some of the organized industry verticals, such as Banking, Financial Services and Insurance (BFSI) and public sector, in the developing economizing, are developing on-premises-based solutions, but these industry verticals are also considered to migrate toward cloud-based consumer IAM solutions in the forthcoming years.

By Solution Segmental Analysis

The identity authentication component is believed to provide the largest market size based on solution type. It is utilized to validate and authenticate consumers’ identities for web-based businesses to provide seamless consumer knowledge. Moreover, the identity analytics segment is expected to expand at the highest CAGR during the forecast period, as it donates a real-time understanding of customer identities through a variety of big data and advanced analytics abilities to intensify the consumer experience.

By Vertical Segmental Analysis

Based on the vertical segment, the Healthcare segment is expected to witness the most rapid growth rate during the forecast period. Healthcare is one of the many targeted sectors across the world by cybercriminals. The healthcare vertical rapidly deploys cutting-edge technologies to offer patients enhanced, involuntary, personalized maintenance and experience. Consumer IAM solutions enable healthcare organizations to manage the security issues connected to users’ credentials and help them deliver an improved experience to their patients. The lack of patient identity safeguards multiple challenges for patients. For example, patients can become targets of medical identity theft, resulting in their health records containing false medical & health data, which arranges other treatments at risk. All these conduct unsafe and inadequate patient care.

By Region Segmental Analysis

The Global Consumer IAM Market is segmented into North America, Europe, Asia Pacific, the Middle East &Africa and South America. North America (US, Canada and Mexico) region is expected to become the most extensive revenue-generating region for consumer IAM vendors, tracked by Europe. In the US, identity stealing positively targets businesses, therefore essential to meet recommendation needs for providing consumer identity protection act as an enterprising element for adopting consumer IAM solutions in this region. The Asia Pacific (China, India, Australia, Japan) region is the highest growing region in the Consumer IAM Market, owing to the increased allocation of IAM solutions in the high-growth Asia Pacific countries.

Competitor Analysis

Okta, Salesforce and Auth0, LoginRadius, Broadcom, IBM, Wipro, Microsoft, Akamai Technologies, Acuant, Ping Identity, Passbase and Evident are the most prominent key players in the consumer IAM market. Key Stakeholders

• Regulatory Bodies
• Market research and consulting firms
• Technology providers
• Suppliers
• Retailers

Recent Development

• In October 2021, Okta established the Device Authorization grant and raised it as facilitating and securing the registration and access for users across input-constrained, communicated and “internet of things” devices such as Smart TV apps, smart speakers, kiosks and terminals.
• In July 2021, LoginRadius projected the product Step-up Authentication, which enhances overall data security and privacy and supports building consumer trust. The most delinquent feature in the CIAM solution ensures consumers step-up authentication in specific examples even after completing the login.
• In June 2021, Broadcom will cooperate with google; under this partnership, Broadcom will produce its security and enterprise operations software suite on Google Cloud, enabling businesses to deploy Broadcom solutions in security, DevOps, and more on Google Cloud’s trusted, global infrastructure.
• In June 2020, IBM collaborated with Wipro; through this alliance, Wipro will develop hybrid cloud offerings to help businesses migrate, manage, and transform mission-critical workloads and applications, with security across public or private cloud and on-premises IT environments.

Scope of the Report

Report Attribute	Details
Market Size Value in 2021	USD 8.6 Billion
The revenue forecast in 2028	USD 17.6 Billion
Growth Rate	CAGR of 15.3 % from 2022 to 2028.
Historical data	2018-2020
Forecast period	2022 – 2028
Region covered	North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	Okta, Salesforce and Auth0, LoginRadius, Broadcom, IBM, Wipro, Microsoft, Akamai Technologies, Acuant, Ping Identity, Passbase and Evident.

Market Modelling

By Component Type

• Solutions
• Services

By Solutions Type

• Identity Governance
• Identity verification and authentication
• Access Management and Authorization
• Behavior Analytics

By Service Type

• Integration and deployment
• Support and Maintenance
• Consulting

By Deployment Type

• Cloud
• On-Premises

By Organization Size

• Large Enterprises
• Small and Middle Enterprise

By Verticals

• BFSI
• Hospitality
• Healthcare
• Retail and E-commerce
• Public sector
• Automotive
• Education
• It
• Transportation and Logistics

By Region

• North America
• Europe
• Asia Pacific
• The Middle East & Africa
• South America

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