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Sep 7, 2020 11:00 PM ET

Consumer Identity and Access Management Market to Grow at a CAGR of 13.58% During the Forecast Period 2020-2025




iCrowd Newswire - Sep 7, 2020

Consumer Identity and Access Management (IAM) Market size was valued at $14.58 billion in 2019, and it is estimated to grow at a CAGR of 13.58% during 2020-2025. The growth is mainly attributed to the increasing adoption of consumer IAM solutions in various industries such as BFSI, Healthcare, Travel and hospitality and other industries push the market growth. Consumer IAM solutions enable enterprises to securely manage and capture consumer profile and identity data. It also helps in controlling the consumer login experience, registration and this set to propel the market growth during forecast period.

Deployment Mode – Segment Analysis

Cloud Deployment mode held the major market share of 59.26% in 2019. The major market share of cloud deployment is due to the low cost. Adoption of cloud based consumer IAM solutions is increasing with the increase in adoption of these solutions by small and medium based organizations. Cloud deployment provides greater flexibility and offer much less in the means of customization when compared to on-premises. This drives the cloud based deployment of consumer IAM solutions.

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Industry Vertical – Segment Analysis

Healthcare is the fastest growing segment in Consumer IAM market and estimated to grow at a CAGR of 14.02% during forecast period 2020-2025. In Healthcare sector, the adoption of consumer IAM solutions has been increasing and they are mainly used for securing sensitive data of patients and providing easy access to the services of medical institutes. In healthcare industry, IAM solutions helps in reducing human error and improve the security by protecting patient information. Additionally, evolution of global pandemic disease is poised to provide opportunities for consumer IAM solutions in this industry.

Geography- Segment Analysis

North America dominated the Consumer IAM market in 2019 with a market share of 32.56%, followed by Europe and APAC owing to the presence of large number of players. In addition to theses, early adoption of advanced technologies in this region boost the market growth. In the U.S., identity threats highly target businesses. Hence, the necessity to meet compliance requirements for securing consumer identity protection drives the market growth.

Drivers –Consumer IAM Market

Frequency and scale of data thefts

Increasing data security has become concern in the small, medium and large scale enterprises. Taking measures for the prevention of data breach has become a priority in IT security teams. Consumer IAM solutions offer end to end data security features, specifically for consumer identities, owing to which they serve as good prospects for decreasing the risks of data thefts. Therefore, the demand of consumer identity and access management solutions is increasing and this drives the market growth.

Increasing usage of IoT and smart devices

Increasing adoption of IoT and smart devices in industries have created demand for consumer identity and access management solutions. Increase in number of mobile devices among enterprises has posed issues for data management in various systems which increased the threat of cybercrimes. Thus, organizations have been adopting advanced authentication security solutions in order to protect sensitive information of consumers.

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Challenges – Consumer IAM Market

Poor Identity Standards across Organizations

Poor Identity standards and high cost of consumer IAM solutions hamper the market growth. Advanced version of IAM solutions handle more complex services. This creates a cost hurdle to the organizations. Consumer identity and access management requires a balanced approach focused on both data security and user experience. These factors restrict the consumer IAM market.

Market Landscape

Technology launches, Acquisitions, Collaboration, and R&D activities are key strategies adopted by players in the Consumer IAM market. Consumer IAM top 10 companies include IBM, Microsoft, Salesforce, SAP, Okta, CA Technologies, Acuant Inc, Janrain, LoginRadius, Ping Identity, Imprivata, Akmai and others.

Acquisitions/Technology Launches

In April 2019, Imprivata had launched IAM cloud platform for healthcare in collaboration with Microsoft. Introduction new platforms for healthcare industry increase the Company’s consumer IAM market share.

In January 2019, Akamai Technologies had acquired Janrain. This acquisition has enabled the Akamai Company in strengthening its Company position. This drives the market growth.

Key Takeaways

North America dominated the Consumer IAM market in term of revenue in 2019 owing to the presence of major number of players.

Adoption of advanced technologies such as IoT, automation technologies in industries is poised to propel the market growth.

Increasing adoption of Consumer IAM in healthcare with the evolution of global pandemic disease provide opportunities for the market growth.

Data security is the major challenge that hampers the market growth.

Related Reports :

A. Cloud Identity Access Management (I.A.M) Market 

https://www.industryarc.com/Report/15168/cloud-identity-access-management-market.html

B. IoT IAM Market

https://www.industryarc.com/Research/Iot-Iam-Market-Research-500548

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