Consumer Identity And Access Management Market Statistics: 2030
The global Consumer IAM market size was valued at $7,793.5 million in 2020, and is projected to reach $37,239.29 million by 2030, growing at a CAGR of 17.2% from 2021 to 2030.
The consumer identity and access management (IAM) market provide authentication services and manages the identities of customers. Consumer IAM solutions store customer profile data and enable organizations to provide a secure, unified, and enhanced customer experience. In addition, it is applicable for securing the customer registration process, maintaining customer profile databases, and authentication while accessing services of a company by customers and others. Furthermore, surge in incidents of cyber-attacks impact the adoption of consumer IAM by organizations to a great extent. Owing to this reason, organizations have adopted consumer IAM solutions to provide a secured platform for accessing services and online transactions. The strong IAM strategy reduces the cyber risk by limiting access to sensitive data by unauthorized persons.
On the basis of solution, the advanced authentication segment dominated the overall consumer identity and access management industry in 2020, and is expected to continue this trend throughout the forecast period. The advanced authentication solution for IAM provides additional control and privacy to user’s login and password management. It helps companies in keeping higher standard of business regulations by providing safer way for accessing services by customers. This creates a robust security layer and helps in controlling unauthorized access to a database and digital devices, such advantages are expected to provide lucrative consumer identity and access management market growth opportunities of this segment.
However, the identity proofing services segment is expected to grow the most, and this trend is expected to continue during the forecast period. Companies use identity proofing services at the initial stages of providing services to customers. In-person identity proofing of end users is supported by documents such as driving licenses, national identity cards, passports, and others, while remote identity involves use of biometric data such as voiceprints, fingerprints, e-mail verification, knowledge-based authentication (KBA), and others. These services are also used as an additional authentication method for various purposes, including accessing sensitive confidential information by customers, especially in e-commerce and financial services firms. Owing to such benefits, it would drive the growth of this segment for the market.
On the basis of service, the professional services captured the largest share in 2020 and is expected to continue this trend during the forecast period. This is attributed to the fact that an increase in the number of cyber-attacks and government regulations for data protection and the growth in popularity of mobile devices drive the market growth. In addition, decrease in the cost of cloud IAM services is expected to provide lucrative opportunity for the growth of professional services. Moreover, assisting organizations has increased their success rates and reduced organizational risks, thereby enhancing the professional services. However, managed services segment is expected to witness the highest growth in the upcoming years. This is attributed to the fact that it offers various advantages, such as maintenance, standardization of IAM operating processes, availability of on-site & remote service centers, and others. These services are an extension of the additional IT resources, as several organizations need extra IT personnel to effectively manage business operations, such as smooth functioning of IT assets and monitoring of data within the organization, which is expected to provide lucrative opportunities for the growth of this segment.
The report focuses on the consumer identity and access management market analysis, growth prospects, restraints, consumer identity, and access management market analysis. The study uses Porter’s five forces analysis of the smart devices industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, the threat of new entrants, the threat of substitutes, and bargaining power of buyers on the consumer identity and access management market trends.
The global consumer identity and access management market is segmented into solution, service, deployment type, industry vertical, and region. On the basis of solution, it is segmented into the advanced authentication, identity proofing services, and others. Depending on the service, it is bifurcated into professional services and managed services. On the basis of deployment type, it is segregated into cloud and on-premise. By industry vertical, it is segmented into BFSI, healthcare, IT & telecom, consumer goods & retail, energy & utility, public sector, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Identity Proofing Service segment is projected as one of the most lucrative segments.
Impact Of Covid-19 On The Consumer Identity And Access Management Market Trends
As per consumer identity and access management market forecast, the post COVID-19, the Consumer identity and access management market size was valued at $8,939.14 million in 2021 and is projected to reach $37,239.29million by 2030, growing at a CAGR of 17.2% from 2020 to 2030.
The global COVID-19 pandemic has drastically affected businesses across the world. It has affected positively the adoption of consumer identity and access management due to lockdown imposed by governments of different countries. Post COVID-19 situation, organizations are focused on advanced technology such as artificial intelligence (AI), machine learning (ML), internet of things (IOT), and cloud computing across industries to perform contactless operation. This factor is projected to create demand for mobile based consumer identity and access management solution, which would drive the adoption of consumer identity and access management market globally. Furthermore, the global consumer identity and access management market is expanding as a result of the increased use of security-related technologies in industries such as BFSI, IT & telecom, healthcare, and the public sector. Moreover, the private and government sectors have started adopting consumer identity and access management to overcome concerns regarding the safety and security of the public and enterprises. The use of consumer identity and access management has increased globally to have a secure and viable economy. In the commercial sector, companies have started to deploy enhanced technology to promote lower liabilities, increase employee accountability, strengthen compliances, and increase efficiencies, which would drive the growth of the consumer identity and access management market post COVID-19.
Managed Service segment is projected as one of the most lucrative segments.
Top Impacting Factors
Factors such as affecting the growth of consumer IAM market include surge in demand for centralized monitoring and stringent government regulations. However, lack of standardization for the implementation of consumer IAM solutions restrict the market growth. Furthermore, growth in popularity of mobile devices is one major factor that boosts the adoption of consumer IAM in various sectors. In addition, there is high demand for cloud-based consumer IAM services by organizations for centralized security and effective management of critical data. Consumer IAM solutions assist in managing huge customer databases and in authorization of customers who use multiple devices to log into systems. Therefore, this feature that offers centralized security and management is a major impacting factor for the adoption of these solutions, which would drive the growth of the market.
Growth In Popularity Of Mobile Devices
High adoption of Internet of Things (IoT) across various sectors has resulted in increased dependency of consumers on mobile devices. Users access their financial accounts from different mobile devices, which requires advanced authentication solutions to mitigate the cyber threats. These mobile devices are more immune to loss of sensitive data, thereby boosting the market growth for consumer IAM solutions, including multifactor authentication and identity proofing. The upsurge in usage of mobile devices is projected to provide huge growth opportunities for the adoption of consumer IAM market during the forecast period.
Asia-Pacific is projected as one of the most significant region.
Key Benefits For Stakeholders
- The study provides an in-depth analysis of the consumer identity and access management market share along with the current trends and future estimations to elucidate the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on the consumer identity and access management market size is provided.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the consumer identity and access management market.
- The quantitative analysis of the consumer identity and access management market share from 2020 to 2030 is provided to determine the consumer identity and access management market potential.
Consumer Identity and Access Management Market Report Highlights
By Deployment Type
By Industry Vertical
By Key Market Players
Other companies operating in the industry
OneLogin, Inc., Cisco Systems, Inc., CA Technologies, IBM Corporation, Persistent Systems, Verizon Enterprise Solutions, Avancer Corporation, Simeio Solutions LLC, iC Consult Group, ICAR Vision Systems, Microsoft Corporation, Hewlett-Packard Company, Imprivata, Inc., Dell, Inc.,, HCL Technologies Limited, Beta Systems Software AG,, iWelcome B.V.,, Robert Bosch GmbH
According to the CXOs of leading companies, the global consumer IAM solutions market offers lucrative potential for the software industry. The adoption of consumer IAM solutions has increased in the developed and developing regions, owing to increased consumer awareness about cyber threats and the aggrandized generation of critical information. Market players have adopted newer techniques to provide innovative, user friendly, and modernized security solutions.
Consumer IAM is a service and solution that is used to provide secured access to users in the BFSI, IT & telecom, healthcare, media & entertainment, consumer goods & retail, education, and other sectors. Cloud-based consumer IAM services are used in large and medium-sized organizations, government agencies to manage security by granting access to authorised users, using multi-factor authentication, providing access management, directory management, and other services to prevent misuse of financial, corporate data, and customer critical information. However, additional features of consumer IAM such as single sign
on, access management, and other services, are ineffective without user provisioning. However, the trend of using multi-factor authentication is expected to rise in the forthcoming years, owing to increased demand for strong authentication.
As per the opinions of the key decision makers of the companies in this industry, the widespread adoption of mobile devices among consumers has enforced enterprises to adopt solutions that promote scalability and integrate security solutions. New node-based architectures are being used by organizations to protect the information of their customers.