Bharat Book Bureau Provides the Trending Market Research Report on “Consumer IAM Market by Offering, Solution, Services, Deployment mode, Vertical and Region - Global Forecast to 2028”under Services Market Research Report Category. The report offers a collection of superior Market research, Market analysis, competitive intelligence and Market reports.
The global Consumer Identity and Access Management Market size is projected to grow from USD 8.6 billion in 2023 to USD 18.1 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 16.2% during the forecast period. The CIAM market is propelled by key factors shaping its growth trajectory. These include the demand for a frictionless customer experience and growing awareness of regulatory compliance and access management tools. Furthermore, difficulties addressing the complexity of advanced threats may hinder market growth.
“By vertical, the BFSI segment holds the largest market size.”
Financial institutions increasingly recognize the importance of leveraging technological advancements to enhance the customer experience and safeguard against security breaches. They have a strong understanding of how CIAM solutions can effectively address the challenges posed by fraud and identity theft.
The banking, financial services, and insurance (BFSI) sector is undergoing significant digital transformation. Organizations within this vertical are deploying web and mobile applications for services like Internet banking, mobile banking, and stock trading. These applications enable customers to access banking services conveniently from any location and anytime. The BFSI sector is actively focused on understanding customer behavior, preferences, and choices in the digital realm. Customers are becoming more tech-savvy, and banking organizations strive to provide a personalized experience that meets their unique requirements. Additionally, ensuring the security of sensitive customer data is a top priority for the BFSI sector.
“By deployment mode, the cloud segment registered the highest CAGR during the forecast period.”
Cloud deployment has emerged as the fastest-growing model in the CIAM market, particularly favored by SMEs. This deployment option allows organizations to concentrate on their core competencies rather than investing capital in security infrastructure. By leveraging cloud-based solutions, businesses can avoid expenses associated with hardware, software, storage, and technical personnel.
Ensuring the security of consumer credentials is a top priority, as they are prime targets for attackers. Cloud-based platforms offer a unified approach, such as SaaS-based CIAM services, to secure business applications. This is particularly advantageous for organizations with limited budgets for security investments. Additionally, cloud-based solutions are easy to maintain and upgrade, which further contributes to the growth of this deployment segment.
“By Solution, identity verification and authentication registered the highest CAGR during the forecast period.”
As digital interactions and transactions become more prevalent, the risk of identity theft and fraud is a growing concern for individuals and businesses alike. Consumer Identity and Access Management (CIAM) solutions provide robust identity verification and authentication mechanisms to ensure the legitimacy of users accessing online services and applications. The need to protect sensitive information, prevent unauthorized access, and establish trust in digital transactions is driving the adoption of CIAM solutions.
The increasing use of web and mobile applications has led to complexities in authenticating users, driving the widespread adoption of identity authentication solutions worldwide. These solutions help ensure secure and reliable authentication for individuals accessing digital services.
“By region, North America holds the largest market size.”
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