Consumer IAM Market 2022 Current Status and Challenges with Future Opportunities

Posted by aartimurkute on April 11th, 2022

The intensity and sophistication of cybersecurity attacks, data theft, and identity frauds have been on a consistent rise, giving the global consumer identity and access management (IAM) market worthwhile opportunities. Consequently, organizations across the globe race to adopt advanced cybersecurity technologies to build robust cyber defenses. Moreover, as businesses shift to remote-first workplaces, the demand for cybersecurity services has surged to enhance customer experience, while embracing cyber resilience. This need for foolproof cybersecurity has opened favorable business opportunities for consumer identity and access management (IAM) solutions. Consumer IAM solutions enable organizations to securely store and manage customer identity and profile data, while controlling customer’s access to services and applications. Over the forecast period, growing awareness of regulatory compliance, increased adoption of access management tools, and the ever-expanding cyberattack surface are poised to significantly expand the consumer IAM market.

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COVID-19 Accelerates Digital Transformation, Creating Demand for Consumer IAM Solutions

The COVID-19 pandemic accelerated organization’s move to digitally-enabled platforms, systems, and services. This overnight digital shift propelled businesses to build stronger cyber defenses by adopting sophisticated technologies. In this backdrop, consumer IAM (CIAM) emerged as the foremost solution to secure the online perimeters of public and private enterprises. CIAM can facilitate frictionless online transactions and customer experience, while protecting customers from identity theft or fraud. Owing to this, in the coming years, the adoption of consumer IAM solutions is expected to increase, particularly across organizations in the BFSI, healthcare, manufacturing, retail, and transport and logistics sectors. Further, companies are also set to turn to CIAM solutions to increase employee accountability, process efficiency, and to strengthen compliance. These trends are predicted to translate into robust expansion of the global consumer IAM market.

Adoption of Cloud-Based CIAM Solutions Rises Amidst Fast-Maturing Cloud Market

In recent years, the cloud market has matured favorably. Cloud security is a priority for business across all industries, with organizations seeking solutions to enable their workforce to securely access multiple accounts via the cloud. With this increased adoption of cloud technologies, the implementation of cloud-based CIAM services has become easier and more cost-effective, as opposed to traditional CIAM on-premises implementation. Now, companies of all sizes can readily implement cloud-enabled CIAM solutions, attracting sound growth opportunities in the consumer IAM market. During the study period, this trend is projected to contribute significantly towards widespread implementation of consumer IAM solutions. However, challenges pertaining to shortage of skilled cybersecurity talent, lack of identity standards, and budgetary concerns are expected to restrict rapid growth in the consumer IAM market over the forecast period.

North America Emerges as Regional Leader Across Global Consumer IAM Market

North America is poised to hold the highest market share in the global consumer IAM market. The foremost factors for this region’s dominance in the consumer IAM market include presence of leading vendors, early adoption of CIAM solutions, and strong commitment by businesses to implement data security and vulnerability management solutions. Over the assessment period, these factors are expected to phenomenally boost the adoption of CIAM solutions across North America.

Prominent leaders in the global consumer IAM market are Salesforce, IBM, SAP, ForgeRock, Okta, Microsoft, Akamai Technologies, Broadcom, and LoginRadius. These companies are creating headways for robust growth across the global consumer IAM market. Through innovation, strategic partnerships, and mergers and acquisitions, these industry leaders are on track to increase their market share and to gain a competitive edge.

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