Chicago, Jan. 10, 2024 (GLOBE NEWSWIRE) -- The Global Consumer IAM Market size is projected to grow from USD 8.6 billion in 2023 to USD 18.1 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 16.2% during the forecast period, according to a new report by MarketsandMarkets™.
The growth of the CIAM market is being driven by several factors. These include growing awareness of regulatory compliance, access management tools, and growing identity theft and fraud.
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Consumer IAM Market Dynamics:
Drivers:
- Rising security breaches and cyberattacks
- Demand to deliver frictionless customer experience
- Rising identity theft and fraud
- Rising concern regarding access privileges
- Growing emphasis on stringent regulatory compliance
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
List of Key Players in Consumer IAM Market :
- IBM
- Microsoft
- Salesforce
- SAP
- Broadcom
- Okta
- Akamai Technologies
- Ping Identity
- ForgeRock
- LoginRadius
The promising growth of the CIAM market can be attributed to various factors, including the introduction of AI-powered CIAM solutions, the blockchain aspect, and the proliferation of cloud-based CIAM solutions and services.
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Trend: Artificial Intelligence
CIAM platforms use AI to give enhanced insights for a customized client experience. Adaptive authentication enabled by artificial intelligence evaluates a number of variables, including user behavior, device information, location, and context, to determine the proper degree of authentication needed for each user. This reduces the requirement for too stringent authentication procedures for low-risk operations, balancing security and user ease. To identify patterns associated with fraudulent activities, AI systems analyze enormous amounts of user data, including login attempts, transactions, and past behavior. Immediately identifying and stopping suspicious activity makes it possible to prevent fraud proactively, safeguarding user accounts and essential data. The AI considers all prior interactions and transactions to provide customized product suggestions.
Trend: Blockchain
CIAM systems built on blockchain can provide consumers visibility and granular control over their personal data. On the blockchain, users may control their consent choices, controlling which applications or organizations can access their data and the purpose behind accessing it. This improves data privacy and gives people more power over how their data is utilized. The distributed nature of blockchain offers resistance to data loss and system malfunctions. Users may rely on their identification traits saved on the blockchain for recovery in the case of a data breach or system failure, providing service continuity without relying on centralized databases.
By offerings, the solutions segment accounts for a larger market size.
CIAM solutions play a crucial role in managing consumer data and regulating consumer access to applications for organizations' workforce. When users visit a website, CIAM is the first point of interaction they encounter. These solutions facilitate a personalized and streamlined experience, contributing to a positive user journey. By incorporating features like various authentication options, communication preferences, integration with social profiles, multi-factor authentication, and single sign-on, CIAM enhances customer interactions with the website. Some CIAM solution providers collaborate with industry cloud providers to ensure system and application-level security. Additionally, conducting vulnerability scans, penetration testing, and intrusion detection on CIAM platforms can effectively mitigate the risk of detrimental breaches.
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By solution type, the Identity verification and authentication segment accounts for a larger market size.
Identity verification is a comprehensive process that involves multiple levels of analysis to establish the authenticity and uniqueness of an individual's identity. Its primary purpose is to confirm the validity of an individual's identity, enabling the seamless provision of services or entitlements. Identity verification relies on various factors, including biometric information, biographic details, identity documents, and personal knowledge of relevant information or events. With technological advancements, such as biometric sensors and high-resolution cameras, identity-proofing methods are evolving.
Organizations employ these solutions to ensure the accuracy and legitimacy of the information provided by their customers, verifying that it corresponds to the real person's identity. Identity verification can take the form of documentary verification, where supporting documents are used, or non-documentary verification, which relies on other means of validating identity. Identity verification can be done online as well as in person.
Opportunity: Proliferation of cloud-based CIAM solutions and services
Organizations considered CIAM technologies as capital expenditure, and these technologies had to be implemented and purchased on-premises. A huge cost structure was associated with the successful implementation of CIAM projects, which required months of rigorous labor. Cloud computing offers a cost-effective model for businesses. Utilizing cloud services allows companies to only pay for the resources they use, saving money on infrastructure and maintenance costs for on-premises technology. As a result, there is no longer a need for up-front capital investments, and operational expenses for hardware, upkeep, and updates are decreased. The trend is now changing due to the cloud market's growth, and implementing and accessing cloud-based CIAM services is becoming easier with each passing day. This factor, along with the development of SMEs, is expected to increase the adoption of CIAM solutions among organizations of all sizes.
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