Newark, April 20, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 7,798 million consumer identity and access management (CIAM) market will reach USD 40,183.4 million by 2032. The massive increase in security breaches and cyberattacks is expected to impact the global growth of the consumer identity and access management (IAM) market. Furthermore, the rising desire to create a smooth customer experience will likely promote the market expansion of the consumer identity and access management market. Additionally, identity theft and fraud and an increase in financial institutions' investment in IT infrastructure to protect client data are expected to impact market growth substantially. Furthermore, the growing trend for smart homes, smart buildings, and broad usage of smart devices and IoT are expected to drive consumer identity and access management needs (IAM)
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North America to account for the largest market size during the forecast period.
North America is expected to have the most significant consumer identity and access management (CIAM) market share. Stringent government restrictions, such as the Gramm-Leach-Bliley (GLB) Act, play a critical role in adopting consumer identity and access management solutions in the United States. The act compels securities firms and financial institutions to execute strong standards for preserving consumer data privacy by implementing a program that analyses data risks and safeguards against threats. In 2021, the Federal Trade Commission's (FTC) Consumer Sentinel Network received around 5.7 million reports, 25% concerning identity theft and 49% about fraud.
The cloud segment dominated the market with the most significant revenue of USD 4,288 million.
The cloud segment dominated the market with the most significant revenue of USD 4,288 million. In June 2022, Carahsoft Technologies Corp., an IT solutions provider, announced a collaboration with identity authentication companies Okta and LexisNexis Risk Solutions. This collaboration delivers a risk-based authentication solution that is easily scalable, offers flexible authentication alternatives to reduce user friction, and enables online self-service options for simplicity of administration and auditability. Users considering moving from an on-premise CIAM solution to a cloud-based CIAM solution are primarily looking at the potential solutions' capabilities in critical features, such as supporting a wide range of operating systems and platforms.
The professional services segment dominated the market with the most significant revenue of USD 4,366 million.
The professional services segment dominated the market with the most significant revenue of USD 4,366 million. Professional services assist individuals, businesses, and organizations in completing tasks or meet objectives. Numerous career fields provide services aimed at providing beneficial outcomes for clients; for these firms, professional services are the best.
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Latest Development:
● In January 2022 - SAP SE and Icertis, a software firm based in the United States, announced a partnership for enhanced contract management to assist businesses in increasing efficiency, minimising risk, and realising the full spirit of their agreements. The collaboration will result in a shared product roadmap and more robust technical integration to bring enterprise-wide benefits, such as speedier negotiations, higher compliance, and AI-powered business analytics and automation.
Market Dynamics:
Drivers: Rising Interest of Market Players
With the rising demand for consumer identity and access management solutions, prominent CIAM vendors are vying for additional market share. For example, in November 2021, the major cybersecurity business GBG announced the acquisition of its former competitor Acuant. The merger combines two enterprises into a single organisation. The acquisition of Acuant allows GBG to expand deeper into the United States, the world's largest and most strategically important location, identity, and fraud services market.
Restraint: Risks
One of the significant constraints to global consumer identity and access management is the risks associated with identity and access management technologies due to centralized data storage.
Opportunity: Rising Concerns Towards Security
With rising customer expectations and worries about data security, as well as developing technical capabilities and regulatory obligations in the United States, consumers are encouraged to take a more proactive approach to security. As a result, consumer identity and access management (CIAM) solutions are in high demand.
Challenge: Budget Issues
The typical small business revenue is $46,978, while the average small business owner earns roughly $71,000 annually. As a result, it is believed that most small business owners earn less than $100,000 per year. This makes recovering from a data breach difficult for small businesses.
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Some of the major players operating in the consumer identity and access management (CIAM) market are:
● Aware Inc
● Equifax Inc.
● GB Group
● Centrify Corporation
● Experian Plc.
● Lifelock Inc.
● Gigya Inc.
● Mitek Systems Inc.
● Okta, Inc.
● Janrain, Inc.
● Lexisnexis Risk Solutions Inc. (Relx Plc)
● MorphotrustUsa (Safran)
● Ping Identity Corporation
● Onegini
● Transunion
● Traxion Inc.
Key Segments cover in the market:
By Deployment Type:
● Cloud
● On-Premises
By Service:
● Professional Services
● Managed Services
About the report:
The global consumer identity and access management (CIAM) market is analyzed based on value (USD million). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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