New York, Sept. 29, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Consumer Identity and Access Management Global Market Report 2021: COVID-19 Implications And Growth" - https://www.reportlinker.com/p06152589/?utm_source=GNW
, LexisNexis Risk Solutions, GB Group Plc, Aware Inc., iWelcome, and Acuant Inc.
The global consumer identity and access management (CIAM) market is expected to grow from $19.41 billion in 2020 to $23.00 billion in 2021 at a compound annual growth rate (CAGR) of 18.5%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $45.56 billion in 2025 at a CAGR of 18.6%.
The consumer identity and access management market consists of sales of consumer identity and access management solutions and services by entities (organizations, sole traders, and partnerships) that enable users to offer quick, easy, unified, and secure access across digital channels.Customer identity and access management (CIAM) allow businesses to collect and maintain customer identity to better understand the customer, tailor the products, services, and individual customer engagements.
It also enables organizations to securely capture & manage profile data and control customer access to services and applications.
The main types of components in consumer identity and access management (CIAM) are solutions and services.Consumer identity and access management solutions enable customer login, self-service identity management, permission and choice management, single sign-on (SSO), multi-factor authentication (MFA), access management, directory services, and data access governance.
The different modes of deployment include cloud, on-premises and are deployed in various organization sizes such as large enterprises SMEs. It is implemented in various verticals such as banking, financial services, and insurance (BFSI), healthcare, IT and telecom, consumer goods and retail, energy and utility, the public sector, and others.
North America was the largest region in the consumer identity and access management (CIAM) market in 2020.Europe was the second-largest market in the consumer identity and access management (CIAM) market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The growing technological advancements are shaping the consumer identity and access management market.Key players in the market are focusing on new technological innovations such as cloud-based services to gain a competitive advantage over competitors in the industry.
For example, in February 2020, Amazon Web Service’s AWS Identity and Access Management introduced new control access based on cloud technology for requests on behalf of the users. Using this control, customers can now grant access to their IAM principals to launch the Amazon Elastic Compute Cloud (EC2) through AWS CloudFormation.
In March 2021, Okta, a US-based IT service management company acquired Auth0 for $6.5 billion in an all-stock transaction. Through this acquisition, Okta has built a strong leadership position in identity and access management (IAM) and customer identity and access (CIAM) sectors. Auth0 is a US-based company that provides customer identity and access (CIAM) services.
The increasing usage of internet of things (IoT) devices is expected to propel the growth of consumer identity and access management market in the forecast period.The internet of things (IoT) is a system of interrelated, internet-connected objects which can collect and transfer data over a wireless network without human intervention.
IoT poses new security and privacy risks, possibly jeopardizing customer trust and the value of these new technologies.As a result, IoT organizations are adopting CIAM since it plays a critical role in ensuring user identity security.
For instance, according to the TechJury Report, 35 billion IoT devices are projected to be installed across the world by the end of 2021.
The countries covered in the consumer identity and access management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06152589/?utm_source=GNW
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