In the current digital era, as technology continues to progress at a rapid pace and spread its branches across a range of industrial sectors, the demand for security solutions to prevent fraudulent activities and security has experienced considerable growth. In recent years, consumer identity and access management have gained noteworthy attention across various enterprises to ensure the digital identity of the user. At present, due to the drawbacks of conventional consumer identity and access management techniques, innovative concepts and new technologies have gained the spotlight to create a flexible, secure, and efficient information technology (IT) infrastructure.
In the current scenario, as the nature of security threats continue to evolve at a blazing pace, players operating in the current consumer identity and access management market are increasingly focusing on launching cutting-edge consumer identity and access management solutions at a disruptive speed to gain a competitive edge in the current market landscape. In addition, market players are also increasingly focusing on upgrading consumer identity and access management tools at multiple spots and locations with advanced technologies and functions. As enterprises in an array of industrial spheres review their consumer identity and access management strategies, market players are projected to tap into these opportunities to gain ground.
At the back of these factors, along with the growing prevalence of fraudulent activities, the global consumer identity and access management market is on course to reach US$ 32.9 Bn mark by the end of 2030. The progress made by cloud-based technologies is another major factor that is set to drive the global consumer identity and access management market during the forecast period.
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Demand for Cutting-edge Technologies to Redefine Consumer Identity and Access Management Market
The advent of novel technologies, including artificial intelligence (AI) and machine learning, has played an imperative role in assisting cyber-criminals to execute their attacks and decrypt complicated passwords. As password decryption continues to pose as a major threat for consumer identity and access management, biometric authentication such as facial recognition, retinal scans, and fingerprints has emerged as an ideal alternative to password authentication– a trend that is likely to continue during the forecast period. While biometric authentication is expected to garner notable adoption, privileged access management is anticipated to gain considerable attention from end users of consumer identity and access management solutions.
Security regulations and protocols for privileged accounts in every organization are typically higher than that of normal accounts due to which, players operating in the current consumer identity and access management market landscape are increasingly focusing on tightening security parameters involved with privileged access management. In addition, the giant strides taken by the blockchain technology over the past decade have played a pivotal role in increasing the deployment rate in private and public sector organizations, especially of developed regions including Europe and North America.
Moreover, as the cloud technology continues to mature at an impressive pace, its adoption in the consumer identity and access management market has witnessed exponential growth in recent times. This trend is projected to continue during the forecast period, which, in turn, would drive the demand for consumer to identity and access management solutions in the near future.
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Remote Working Model of Organizations to Drive Demand for Consumer IAM Solutions during COVID-19 Pandemic
The onset of the COVID-19 pandemic is expected to have a positive influence on the growth of the global consumer identity and access management market. Consulting services are on the rise across the global market for consumer identity and access management, as increasing number of organizations, especially in the IT sector, are adopting the remote working model. In addition, due to the outbreak of the novel COVID-19 pandemic, the healthcare sector is expected to offer lucrative opportunities for players operating in the current consumer identity and access management market. Healthcare providers and organizations are required to manage a range of siloed identities for patients. Identity support is provided primarily on the application-by-application model due to which, multiple log-ins are required. In the wake of the COVID-19 pandemic, healthcare organizations are increasingly focusing on strengthening their authentication techniques to prevent suspicious activity based on the behavior of the user.
Furthermore, the growing demand for interoperability in health data exchange is a major factor projected to propel the demand for consumer identity and access management solutions across single provider and third party data ecosystems.
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