Demand for Consumer Identity & Access Management to Witness Robust Growth with R

Posted by Pradnya on June 7th, 2019

Persistence Market Research (PMR) recently published a market research study titled “Consumer Identity and Access Management Market – Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2028.” The approximately US$ 13 Bn market for consumer identity and access management will reportedly reach the valuation of just-under US$ 50 Bn towards the end of 2028. 

Robust consumer identity and access management solutions usually provide a combination of features, including self-service account management, customer registration, Single Sign-on (SSO), consent & preference management, access management, Multi-Factor Authentication (MFA), data access governance, and directory services. The finest consumer identity and access management solutions ensure a seamless and secure customer experience as well as high performance for consumers accessing data pertaining to various brands via mobile devices, the web, and other platforms. 

By component, the global consumer identity and access management market is segmented into software solutions and services. Consumer identity and access management software solutions are subsegmented into advanced authentication, profile management, and credentials management, whereas the consumer identity and access management services are subsegmented into professional consumer identity and access management services and managed consumer identity and access management services.

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The vertical segment of the global consumer identity and access management market is subsegmented into finance & insurance, public administration, healthcare, educational services, telecommunication & information technology, and media & entertainment, among other industry verticals. 

By deployment of consumer identity and access management software solutions, the consumer identity and access management market has been segmented into on-premises deployment and Software-as-a-Service (SaaS). 

At present, user experiences have been consistent across different channels following the launching of new applications. This helps enterprises lay a foundation, as well as introduce parameters such as performance, scale, security, social login, and single sign-on, among others, into an enterprise. These features provided by the consumer identity and access management solutions are contributing to market growth. 

Among all the regional markets, the consumer identity and access management market in North America is estimated to continue to hold the largest market share of the global consumer identity and access management market throughout the forecast period, owing to the focus of industry verticals on minimizing data thefts and data breaches, especially in the US. The consumer identity and access management market in the South Asia region is estimated to register the highest growth rate among all the regional markets, and is expected to hold the second-largest share of the global consumer identity and access management market by the end of the forecast period. 

According to Persistence Market Research analysis, consumer identity and access management serves to be the space of upgradation, as security has been a major concern. These consumer identity and access management solutions are estimated to evolve and prevent breaches and threats, one of the example being API protection, which involves securing APIs from malicious attacks and threats. There has been a greater emphasis on security, because the older methods used for digital identity-proofing, for instance knowledge-based authentication, have become less secure.

Key players in the consumer identity and access management market are highly focused on strategic acquisitions and expansion to increase their product offerings and expand their presence across the globe. Long-term contracts with business partners enables consumer identity and access management vendors to increase their revenue and market share in the global market. Some of the key participants in the consumer identity and access management market included in this report are IBM Corporation; Microsoft Corporation; SAP SE; Ping Identity; Okta, Inc.; Forgerock Inc.; Janrain, Inc.; Loginradius, Inc.; Iwelcome B.V.; Globalsign; Trusona; and Acuant, Inc.