Drawbacks of Outdated Consumer IAM Solutions to Drive Adoption of New Technologies
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.
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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.
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.
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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.
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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Consumer Identity and Access Management Market: Overview
- The global consumer identity and access management market is expected to register a CAGR of ~12% between 2020 and 2030
- The rising use of consumer identity and access management in order to reduce evolving threats across enterprises is expected to boost the market in the near future
- The global consumer identity and access management market is projected to reach US$ 32.9 Bn by 2030 from US$ 10.9 Bn in 2020
- North America holds a major share of the consumer identity and access management market in terms of revenue and is anticipated to dominate the market during the forecast period, followed by Europe and Asia Pacific
- North America remains the leading region in the consumer identity and access management market, with revenue in 2020 estimated at US$ 3,896.3 Mn
- The consumer identity and access management market in Middle East & Africa and South America is also expected to show moderate growth during the forecast period
- Asia Pacific is projected to expand significantly, in terms of market share during the forecast period. This is due to significant presence of a large number of small and medium enterprises in the region, particularly in India and China, operating on cloud-based applications and propelling the demand for consumer identity and access management in the APAC region.
Consumer Identity and Access Management Market Definition
- The report provides analysis of the global consumer identity and access management market for the period 2018 – 2030, wherein 2018 is the historical year, 2019 is the base year, and 2020 – 2030 is the forecast period
- The study would help clients to understand the adoption analysis of consumer identity and access management in different countries
- Customer identity and access management is a digital identity management software used across enterprises to improve login experience and customer sign-up while securely managing customer data storage. Customer identity and access management allows organizations or enterprises to securely manage and capture consumer identity and profile data.
- Furthermore, consumer identity and access management systems can be defined as a framework for business processes that manage electronic identities. This framework includes the technology and policies needed to support identity management.
North America Consumer Identity and Access Management Market Snapshot
- North America is a developed region and hence, innovations and new technologies are expected to be key trends in the region over the next few years. North America held a prominent share of the global consumer identity and access management market in 2019. For the same reason, North America is projected to witness highest opportunity addition in the market globally, with Europe and Asia Pacific being the next close regions.
Key Challenges Faced by Consumer Identity and Access Management Market Players
- Lack of identity standards and budgetary restraints in deploying consumer identity and access management solutions are restraining the consumer identity and access management market
Consumer Identity and Access Management Market: Competitive Landscape
- In July 2020, Microsoft Corporation partnered with Citrix Systems, Inc., to provide joint tools and services for the transition and simplification of on-premise Citrix customers to Microsoft Azure
- In June 2020, IBM Corporation signed a partnership with Wipro Limited, which will help Wipro in developing hybrid cloud offerings in order to help businesses with security across public or private cloud and on-premise IT environments
Consumer Identity and Access Management Market: Company Profiles
- IBM Corporation: Incorporated in 1911, IBM Corporation is a multinational company, manufacturing and marketing computer hardware, middleware, and software, along with offering hosting and IT consulting services. IBM offers analytics solutions for various industries. IBM Clinical Development – a growing platform from IBM Watson Health – is helping to transform clinical research. With cloud-based electronic data capture (EDC) at its core, IBM Clinical Development addresses clinical studies in a unified, flexible, and collaborative manner. Over 2,400 studies have been managed by IBM Clinical Development.
- Microsoft Corporation: Incorporated in 1975, Microsoft Corporation engages in design, development, and marketing of software, services, devices, and solutions. Its product portfolio includes video games, software development tools, desktop and server management tools, business solution applications, server applications, cross device productivity applications, and operating systems. The company specializes in design, manufacture, and sale of various devices such as PCs, tablets, gaming & entertainment consoles, and other related accessories. It also provides solution support and consulting services.
- SAP SE.: Incorporated in 1972, SAP SE is a leading company offering enterprise solutions for software and software-related services. The company offers products and services to more than 293,000 customers in 190 countries through a worldwide network of local subsidiaries. The company offers solutions for public services, industry sectors, financial services, energy, and natural resources.
- These solutions address various lines of business, including commerce, manufacturing, marketing, research & development/engineering, sourcing and procurement, and supply chain
- Other major players operating in the global consumer identity and access management market and profiled in the report include –
- Acuant, Inc.
- Akamai Technologies
- Amazon Web Services Inc.
- Auth0 Inc.
- CA Technologies
- ForgeRock Inc.
- Gigya, Inc.
- IBM Corporation
- LoginRadius Inc.
- Microsoft Corporation
- NetIQ Corporation
- Okta Inc.
- SAP SE
- Ubisecure, Inc.
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