Consumer Identity and Access Management Market Share Expected to Reach $37,239.29 Million by 2030

According to a recent report published by Allied Market Research, titled, “Consumer Identity and Access Management Market Analysis by Solution, Service, Deployment Type, Industry Vertical, and Region: Global Opportunity Analysis and Industry Forecast, 2021-2030,”

The global consumer IAM market size was valued at $­­7,793.5 million in 2020, and is projected to reach $37,239.29 million by 2030, growing at a CAGR of 17.2% from 2021 to 2030.

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, is expected to fuel the 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). The increase in 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 the 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 fact that increases the availability of products and services offered by companies on the digital platform that accelerates the growth of the on-premise consumer IAM market. 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, 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 growth in adoption of cloud-based IT infrastructures by companies in various sectors, including retail & consumer goods, IT & telecom, healthcare, public, and others. Hence, surge in amount of critical and confidential data of consumers in these sectors fuel 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. 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 increase in interaction of customers in the consumer goods & retail sector through various methods, including web browser, mobile browser, and mobile apps, has resulted in rise in 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 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%.

The COVID-19 outbreak had a positive impact on the growth of the consumer identity and access management market due to security and safety reasons. However, the outbreak of COVID-19 has affected communities globally, while governments and other sector are trying their best to respond faster to the challenges posed by this pandemic. Furthermore, governments and businesses are increasingly asking employees to work from home or are shifting work to employees in less affected areas to maintain business continuity during the pandemic. However, the situation has accelerated the adoption of advanced technologies such as artificial intelligence (AI), machine learning (ML), automation, and IoT to control costs while improving customer experience, which provide the lucrative opportunities for consumer identity and access management market. Further, industries such as public sector, banking & financial sector, government sector, and healthcare sector have shown increased adoption of consumer identity and access management and are anticipated to continue using them owing to the rise in focus on digitization, growth in technological awareness, and need for better security systems. Increased government initiatives to deploy advanced security solutions for better safety and convenience are anticipated to create significant growth opportunities for major players.

Key Findings Of The Study

• On the basis of solution, the advanced authentication segment dominated the consumer identity and access management market in 2020. However, the identity proofing services segment is expected to exhibit significant growth during the forecast period.
• On the basis of service, the professional services segment dominated the enterprise application market in 2020. However, the managed services segment is expected to exhibit significant growth during the forecast period.
• On the basis of deployment type, the on-premises segment accounted for the highest revenue of market in 2020; however, the cloud segment is expected to witness the highest growth rate during the forecast period.
• On the basis of industry vertical, the BFSI industry accounted for the highest revenue of market in 2020; however, the consumer goods & retail industry is expected to witness the highest growth rate during the forecast period.
• Region wise, the consumer identity and access management market was dominated by North America in 2020. However, Asia-Pacific is expected to witness significant growth in the coming years.

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.