Dublin, Aug. 31, 2023 (GLOBE NEWSWIRE) -- The "Consumer IAM Market by Offering (Solutions, Services), Solution (Identity Governance, Identity Verification and Authentication, Access Management, Behavioral Analytics), Services, Deployment Mode, Vertical and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global Customer Identity and Access Management (CIAM) market is poised for significant growth, with a projected value of USD 18.1 billion by 2028, up from USD 8.6 billion in 2023, reflecting a Compound Annual Growth Rate (CAGR) of 16.2% during the forecast period.
The market is driven by key factors shaping its trajectory, including the increasing demand for a frictionless customer experience and growing awareness of regulatory compliance and access management tools. However, challenges related to addressing the complexity of advanced threats may hinder market growth.
Key Market Dynamics:
Drivers:
- Rising security breaches and cyberattacks.
- Growing demand for a frictionless customer experience.
- Increasing identity theft and fraud concerns.
- Growing emphasis on access privileges.
- Stringent regulatory compliance focus.
Restraints:
- Lack of identity standards and budgetary constraints.
Opportunities:
- High volume of online transactions.
- Cultural shift from traditional IAM to consumer IAM.
- Proliferation of cloud-based consumer IAM solutions and services.
Challenges:
- Scarcity of skilled cybersecurity professionals.
- Difficulty in addressing complexity of advanced threats.
Case Studies:
Use Case 1: Metsa Group Enhances Workflow with Digital Identity APIs Metsa Group integrated Ubisecure's Digital Identity APIs to streamline their workflow, achieving improved efficiency and optimization.
Use Case 2: Broadcastmed Improves Registration Process with LoginRadius LoginRadius assisted Broadcastmed in enhancing their registration process, leading to enhanced data security and streamlined user experience.
Use Case 3: Jurong Port's Digital Transformation Journey with WSO2 WSO2 enabled Jurong Port to embark on their digital transformation journey by providing an API-centric microservices platform, aiding their transition into the digital landscape.
Key Companies in the CIAM Market:
- Acuant (Rebranded as IDology)
- Akamai Technologies
- Auth0
- AWS (Amazon Web Services)
- Broadcom
- CyberArk
- Evident
- ForgeRock
- FusionAuth
- GlobalSign
- HID Global
- IBM
- IDnow
- iWelcome
- LoginRadius
- ManageEngine
- Microsoft
- Okta
- Omada Identity
- OneLogin
- Ping Identity
- Salesforce
- SAP
- SecureAuth
- Simeio Solutions
- Strata Identity
- Trusona
- Ubisecure
- WidasConcepts
- WSO2
The CIAM market's growth is driven by the financial sector's increasing recognition of the importance of technology in enhancing customer experience and security. Cloud deployment, particularly favored by SMEs, exhibits the highest CAGR, while identity verification and authentication solutions see significant adoption due to the increasing need for secure and reliable digital transactions. North America leads in market size due to technological advancement and security concerns. As the digital revolution continues, CIAM solutions are sought after for maintaining and safeguarding identities across multiple digital channels.
For more information about this report visit https://www.researchandmarkets.com/r/uuslof
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
