According to a new market research report “Consumer IAM Market by Component (Solutions and services), Solution (Identity Governance, Identity Authentication and Verification), Service, Authentication Type, Deployment Mode, Organization Size, Industry Vertical, and Region – Global Forecast to 2025″, published by MarketsandMarkets, the market size is projected to grow from USD 7.6 billion in 2020 to USD 15.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 15.1% during the forecast period. The increasing venture capital funding and growing investments in consumer identity and access management technology to drive the market growth
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By service, integration and deployment service segment to register the highest growth rate during the forecast period
Integration and deployment services are used by highly qualified industry experts, domain experts, and security professionals. These professionals help organizations formulate and implement consumer identity and access management strategies, prevent revenue losses, minimize risks, understand cybersecurity solutions, and enhance security in the existing information system. Integration and deployment services are important for companies because non-IT companies do not have the expertise to understand security technologies and secure organizational information.
Based on vertical, BFSI to grow at the highest CAGR during the forecast Period
BFSI organizations deal with critical data and information, these organizations have seen the strong adoption of advanced technologies in recent years. Consumer identity and access management solutions provide comprehensive insights about customers’ BFSI organizations, which helps deliver a unified experience. The applications used in the BFSI industry vertical are becoming prime targets for cybercriminals to access sensitive data. Therefore, BFSI registers the highest growth rate during the forecast period.
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North America to hold the largest market share during the forecast period
North America has the presence of several prominent market players delivering consumer identity and access management solutions to all end users in the region. The US and Canada both have strong economic conditions and are expected to be major contributors to the growth of the consumer identity and access management market. The geographical presence, significant Research and Development (R&D) activities, partnerships, and acquisitions and mergers are the major factors for the deployment of consumer identity and access management and services. The major vendors, such as IBM, Microsoft, Salesforce, SAP and Broadcom.
Key and innovative vendors in the consumer identity and access management market include IBM (US), Microsoft (US), Salesforce (US), SAP (Germany), Broadcom (US), Okta (US), Akamai Technologies (Canada), Ping Identity (US), ForgeRock (US), LoginRadius(US).
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