Consumer Identity and Access Management Market Size, Share & Industry Analysis By Component (Services, Solutions), By Deployment Type (On-Premises, Cloud), By Organization Size (Large Enterprises, Small & Medium-Sized Enterprise), By Industry (Healthcare, Banking, Financial Services, and Insurance (BFSI), Retail & e-commerce, Hospitality) And Regional Forecast, 2024-2032

The rapid increase in security breaches and cyberattacks is likely to have an impact on the growth of the consumer identity and access management (IAM) market. Furthermore, identity theft and fraud, as well as financial institutions' increased investment in IT infrastructure to protect consumer data, are expected to boost market growth. The growing trend for smart homes, smart buildings, and widespread adoption of smart devices and IoT is likely to drive up demand for consumer identity and access management (IAM) and propel the market forward.

Consumer identity and access management solutions provide a secure and frictionless experience, allowing companies to improve customer interactions. CIAM technologies enable firms to personalize their client communications. SSO allows users to log in with a single username and password to access different systems. Social login capabilities make it simple and handy to log in with existing credentials rather than create new ones. As a result, CIAM solutions assist global SMEs and large companies in providing a consistent, seamless, and better customer experience. These features drive the global consumer identity and access management market.

IMPACT OF COVID-19 ON THE CONSUMER IDENTITY AND ACCESS MANGEMENT MARKET

The escalating spread of the pandemic COVID-19 has positively impacted the consumer identity and access management market. The pandemic had an impact on worldwide corporate productivity and efficiency. As lockdown measures in many countries, the dependence on online enterprises has risen significantly. The internet is being used by healthcare, BFSI, retail, public sector, logistics, energy education, transportation, utilities, and manufacturing to provide essential services to consumers.

Additionally, Vendors of identity and access management (IAM) are stepping forward to spur innovation. For Instance, IBM Corporation announced to updated technology such as IBM Security MaaS360 with IBM Cloud Identity and Watson that available at no charge for new users for 90 days.

KEY INSIGHTS-

The report will cover the following insights-

• Micro Macro Economic Indicators


• Drivers, Restraints, Opportunities, and Trends


• Impact of Covid-19


• Business Strategies Adopted by Key Players


• Consolidated SWOT Analysis of Key Players

ANALYSIS BY DEPLOYMENT TYPE-

Cloud Based Consumer Identity and Access Management to Boost the Market Growth.

Multiple user identities and access rights are initiated, captured, recorded, and managed using cloud identity and access management (IAM) technology. All users are verified, approved, and evaluated in accordance with business policies and their appropriate roles. Employees can now access to the company network via their mobile phones and laptops, owing to the growing use of smartphones and tablets. Employees prefer to use their own devices in the workplace rather than their traditional office computers, which increases the requirement for cloud based consumer identity and access management software.

REGIONAL ANALYSIS-

North America is expected to hold a significant market share in the global consumer identity and access management market owing to the government's increased implementation of legal regulatory and cyber regulations to improve data protection. Furthermore merger, acquisition and product launch by key players in the region contributing to market growth. For Instance, In June 2020, IBM Corporation and Wipro Limited partnered to build hybrid cloud products to assist businesses relocate, maintain, and transform mission-critical workloads and applications while maintaining security across public and private cloud and on-premises IT systems.

As a result, North America dominates the market growth.

KEY PLAYERS COVERED-

The major companies in the global consumer identity and access management market include IBM Corporation, Microsoft Corporation, SAP SE, Broadcom Inc., TransUnion LLC., Cisco Systems, Inc., Okta, Akamai Technologies, Mitek System, Inc., ForgeRock, Centrify Corporation, LoginRadius Inc., LexisNexis Risk Solutions Group., Aware, Inc., Acuant, Inc., and others.

SEGMENTATION

KEY RECENT DEVELOPMENTS-

• In July 2021 – Akamai Technologies, Inc. announced “Optus IoTFlex platform” service for cellular IoT solution and application with the partnership of Optus Enterprise. IoTFlex includes a complete set of security capabilities that allow enterprise users to manage their Internet of Things (IOT) applications and devices on a self-service platform in order to increase efficiency, reduce time to market, and lower operational costs.


• In April 2021 – IBM Corporation announced “IBM elastic storage system” latest innovation in its key storage portfolio which is designed to improve data access and administration in increasingly sophisticated hybrid cloud environments for data availability and resilience.