The adoption of consumer IAM solutions has increased in the recent years, owing to the growing consumer IAM trend of centralized monitoring and stringent government regulations to protect customer data. In addition, rise in incidents of cyber threats and increase in adoption of IoT (Internet of Things) are expected to drive the market.
However, lack of standardization in industry regulations and concerns about cloud-based security hamper the market growth. Growing popularity of mobile devices and flexible functionalities of consumer IAM solutions to tackle increased network traffic, burgeoning demand, and peak usage requirements of consumers for different applications are expected to provide numerous opportunities for the growth and development of the global consumer identity and access management market.
On the basis of deployment type, the on-premise segment dominated the overall consumer identity and access management industry in 2020, and is expected to continue this trend during the forecast period. This is attributed to fact that increases the availability of products and services offered by companies on the digital platform that accelerates the growth of the on-premise consumer IAM market.
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The need to secure critical data of consumers from information threats and monitor the influx of data within the organization supplements this market growth. In addition, rise in digitization in various sectors such as government organization, manufacturing, and education is projected to expand the demand for on-premise consumer IAM services.
However, the cloud segment is expected to witness the highest growth in the upcoming years. This is attributed to growth in adoption of cloud-based IT infrastructures by companies in various sectors, including retail & consumer goods, IT & telecom, healthcare, public, and others. Hence, surge in amount of critical and confidential data of consumers in these sectors fuel the market growth of this segment.
On the basis of industry vertical, the BFSI industry garnered the largest share in 2020, and is expected to continue this trend during the forecast period. There is high adoption of consumer IAM in the financial sector owing to the need for strengthening authentication processes for customers. Utilization of biometrics and unique identification code at ATMs & financial companies by customers help in limiting fraud.
Advancement in the IAM devices and technologies, such as biometrics, fingerprint readers, finger-vein readers, palm-vein readers, voice recognition systems, and others, is expected to provide wide opportunities for the market growth of BFSI industry. However, the consumer goods & retail industry is expected to witness highest growth in the upcoming years.
This is due to increase in interaction of customers in the consumer goods & retail sector through various methods, including web browser, mobile browser, and mobile apps, has resulted in rise in use of IAM solutions.
Moreover, the consumer buying pattern has shifted from conventional shopping to online shopping, which requires fast, secure, and easily accessible services provided by companies, which is expected to offer various opportunities for growth in this sector.
As per consumer identity and access management market forecast post COVID-19, the global consumer identity and access management market size is estimated to grow from $8,939.14 million in 2021, and reach $37,239.29 million by 2030, at a CAGR of 17.2%.
The COVID-19 outbreak had a positive impact on the growth of the consumer identity and access management market due to security and safety reasons. However, the outbreak of COVID-19 has affected communities globally, while governments and other sector are trying their best to respond faster to the challenges posed by this pandemic.
Furthermore, governments and businesses are increasingly asking employees to work from home or are shifting work to employees in less affected areas to maintain business continuity during the pandemic. However, the situation has accelerated the adoption of advanced technologies such as artificial intelligence (AI), machine learning (ML), automation, and IoT to control costs while improving customer experience, which provide the lucrative opportunities for consumer identity and access management market.
Further, industries such as public sector, banking & financial sector, government sector, and healthcare sector have shown increased adoption of consumer identity and access management and are anticipated to continue using them owing to the rise in focus on digitization, growth in technological awareness, and need for better security systems. Increased government initiatives to deploy advanced security solutions for better safety and convenience are anticipated to create significant growth opportunities for major players.
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This report gives an in-depth profile of some key market players in the Consumer identity and access management market which include Aware Inc, Centrify Corporation, Equifax Inc., Experian Plc., GB Group, Gigya Inc., Lifelock Inc., Janrain, Inc., Lexisnexis Risk Solutions Inc, Mitek Systems Inc., Morphotrust Usa (Safran), Okta, Inc., Onegini, Ping Identity Corporation, Transunion, and Traxion Inc. This study includes market trends, market analysis, and future estimations to determine the imminent investment pockets.
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