Consumer IAM Market to Witness Major Growth in Near Future
Published Via 11Press : IAM security and digital customer experiences are combined in the emerging field of customer identity and access management (CIAM). Organizations may safely collect and manage all sources and formats of consumer identity and profile data thanks to CIAM. This makes it possible for companies to control client access to software and services. Businesses may improve consumer loyalty and engagement while preserving security and privacy with the aid of CIAM. Additionally, it helps to unify consumer identities across products, platforms, and partners and assures compliance with privacy regulations. Customers gain with CIAM because it makes usage more frictionless and productive, makes logins (even social ones with BYOID) easier, encourages service engagement, makes user preference management simpler, and expedites service opt-ins. By exploiting identification data to attract and keep clients, CIAM increases income.
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The perfect CIAM system has to offer a safe, simple user interface that boosts client involvement. A part of the broader idea of identity and access management (IAM), customer (or consumer) identity and access management (CIAM) focuses on monitoring and restricting third parties access to a company’s apps, online portals, and digital services. The main difference between CIAM and conventional IAM is that CIAM gives its users (consumers) a lot more control over their identities.
Consumer IAM Report Highlights:
| Attributes | Details |
| Study Period | 2018-2029 |
| Base Year | 2022 |
| Unit | Value (USD Million) |
| Key Companies Profiled | IBM, Microsoft, Salesforce, SAP, Broadcom, Okta, Akamai Technologies, Ping Identity, ForgeRock, LoginRadius |
The consumer IAM market is anticipated to grow at a CAGR of 15.1% from 2017 to 2029, according to HTF Market Intelligence.
Consumers’ growing worries about data privacy and security, together with businesses’ adoption of stringent security measures to safeguard customer data, are the main factors driving this increase. customer identity and access management (IAM) solutions provide a safe means to handle customer data, including authentication and authorization, driving market growth on a worldwide scale. As the usage of mobile devices and cloud computing grows, CIAM solutions that can handle these technologies are put into place because customers want solutions that offer standardized and secure login experiences across various platforms and devices.
Major players such as:
- IBM
- Microsoft
- Salesforce
- SAP
- Broadcom
- Okta
- Akamai Technologies
- Ping Identity
- ForgeRock
- LoginRadius
Breakdown by Application:
- Public Sector
- Retail & Consumer Goods
- Telecommunications
- Media & Entertainment
- Travel & Hospitality
- Healthcare
- Education
By Type:
- Solution
- Service
By Deployment Mode:
- Cloud,
- on-premises
By Distribution channel:
- Small & Medium Enterprises
- Large Enterprises
With several competitors competing for the largest market share, the worldwide consumer identity and access management market is fragmented and competitive. In order to provide cutting-edge and effective solutions in the consumer access management industry and get an edge over rivals, businesses are pouring enormous sums of money into research and development. As new firms enter the market and current competitors adjust to the shifting market conditions, the competitive environment is continuously changing. The market’s participants may get a competitive edge by utilizing strategies including product portfolio expansion, supplier collaborations, mergers and acquisitions, and other tools.
Major Developments Activities in the Market:
- Customer identification startup Auth0 was purchased by workforce identity provider Okta in March 2021.
- The goal of Okta’s purchase was to increase the company’s identity and access management capabilities.
- This would allow them to provide complete Consumer AIM solutions to a wide range of clients.
- Additionally, by taking this action, they would be able to develop and grow more quickly in the worldwide consumer IAM market.
- To help organizations stay secure, CloudIBN, a top supplier of IT infrastructure and cloud solutions, announced the introduction of its identity and access management capabilities in December 2022.
- This recently introduced service provides a number of features, such as multi-factor authentication, to guarantee the protection of crucial corporate data.
- The system is also intended to guarantee safety requirements against cyber threats and conform to industrial laws.
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Regulatory Insights:
- The two most significant laws influencing the consumer IAM market in the United States (CCPA) are the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act.
- According to these laws, companies must have customers’ express agreement before collecting and utilizing their personal information.
- Additionally, businesses are required to give customers access to and the option to request the deletion of their personal information.
- In accordance with these requirements, businesses must also put in place the proper security safeguards to guard against unauthorized access, theft, or abuse of customers’ personal information.
- These restrictions carry heavy fines and penalties for non-compliance.
Influencing Trend:
- Consumer identity and access management (IAM) solutions are being integrated with technologies like artificial intelligence (AI), machine learning (ML), and blockchain.
- These advancements in technologies help them to improve security and personalization.
- Consumer IAM solutions are becoming more and more scalable for enterprises of all sizes because of their availability as cloud-based services.
- Multi-factor authentication (MFA) is gaining importance in the Consumer IAM market as organizations try to increase security and stop unauthorized access.
- To ensure effectiveness and security, MFA elements like biometric authentication and security keys are being added into these solutions.
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Market Growth Drivers:
- As businesses develop robust security measures to secure customer data, consumers’ growing worries about data privacy and security fuel demand for consumer AIM solutions.
- customer identity and access management (IAM) solutions provide a safe means to handle customer data, including authentication and authorization, driving market growth on a worldwide scale.
- As the usage of mobile devices and cloud computing grows, CIAM solutions that can handle these technologies are put into place because customers want solutions that offer standardized and secure login experiences across various platforms and devices.
- The need for personalization and customization is growing, and consumer IAM solutions give businesses the ability to collect consumer data and use it to develop personalized experiences that enhance consumer adoption rates.
Restraints:
- Because they are an integral component of the technical environment, consumer IAM solutions are exposed to data security and privacy risks.
- Customers’ worries about the gathering and management of their personal information restrict the market growth.
- The high cost of consumer IAM solutions creates an entrance hurdle for small and medium-sized firms, which lowers adoption rates in many growing and developing countries.
- Implementing CIAM solutions is difficult for many organizations because of the complicated and time-consuming legislative framework governing data protection and security.
- The expense of integrating consumer IAM solutions with many other forms of current technology restrains industry expansion.
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