Consumer IAM solutions must be able to work effectively in case of increased network traffic, unpredictable demand spikes, and usage patterns. The design and development of these solutions, which allow flexible functioning in situations such as elastic demand and peak usage requirements of consumers accessing different applications, are expected to fuel the consumer IAM market growth in the near future.
Organizations demand consumer IAM solutions that can handle millions of their users in a secured manner, simultaneously with high performance. Furthermore, the emerging trend of IoT among customers and organizations has made devices and applications more vulnerable to advanced persistent threats (APTs).
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The increase in the number of mobile devices has made it difficult for IT teams to track and manage the data flow in various systems. Therefore, organizations adopt advanced authentication security solutions to protect sensitive information by classifying, monitoring, and resolving all kinds of attacks.
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 the fact that increases the availability of products and services offered by companies on the digital platform which 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, the 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 the growth in the adoption of cloud-based IT infrastructures by companies in various sectors, including retail & consumer goods, IT & telecom, healthcare, public, and others. Hence, the surge in the amount of critical and confidential data of consumers in these sectors fuels 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.
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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 the increase in the interaction of customers in the consumer goods & retail sector through various methods, including web browsers, mobile browsers, and mobile apps, which has resulted in rising in the 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 the 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%.
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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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