Nov 09, 2021, 09:00 ET
LONDON, Nov. 9, 2021 /PRNewswire/ -- The consumer IAM market size reached a modest valuation of 7561.8 Million in 2020. The market size is expected to grow at 15.9% to reach USD 22971.3 Million in 2027. The growing interest of venture funds in IAM solutions, the increasing demand from corporates for CRMs, and growing global clout of legislations like GDPR remain key drivers in the consumer IAM market.
The consumer IAM or Identity Access Management is a digital solution to track, manage, and profile consumer identity in line with legal compliance. These solutions are essential for companies to understand visitors to their websites, their particular interest, their background such as income levels, and their preference in relation to privacy. Solutions like Customer Relationship Management Platforms or CRMs increasingly integrate such digital identity solutions for corporates. The strong penetration of digital solutions globally, the growing ROI of digital tracking and analytics, and promise of futuristic developments like machine learning remain key promise for growth for players in the consumer IAM market.
Consumer IAM (CIAM) Market: Impact of the Covid-19 Pandemic
The covid-19 pandemic proved to be a major boost for players in the global consumer IAM market. The increased digitalization during this period, combined with increased demand from corporate for data tracking, and analytics remained key drivers of growth. The reduced spending capacities of company's globally remained a restraint to growth. However, the growth in new companies in established markets, the expansion in new regions, and increased growth for key sectors through digitalization also promise a non-reversible track in growth.
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Consumer IAM Market: Key Trends
The GDPR legislation also makes the Consent Management platforms liable for user data, becoming a key driver of growth for this software. Many small and medium sized businesses rely on these solutions to manage data for European, and global users. This software increasingly provides access to individual user data based on personal preferences, with abilities to revoke data permission for users for marketing purposes.
The added abilities of CRM to deliver features like multi-factor authentication, single sign-on (SSO), account management, preferences, and data tracking, and reporting make them an ideal tool for most end-users. The high costs of CRM software, and lack of awareness about legislations like GDPR remain key restraints to growth in the global consumer IAM market.
CIAM Market: Segment Analysis
The consumer IAM market caters to various industries including manufacturing, retail, healthcare, education, media, energy, transportation, public sector, and BFSI among others. Among these, the BFSI sector shows major promise for growth, as digitalization has provided financial institutions a means to scale up conventional products like loans, credit cards, among others to reach new target audiences. Furthermore, digitalization has also brought more transparency within banking systems leading to more timely and cost-effective checks for availing products like loans. The growth of this vertical in new regions, among new customers, with cost-effective strategy remains a major driver of growth in the consumer IAM market. The BFSI sector is likely to hold the highest CAGR in the global consumer IAM market during the 2020-2027 periods.
Different Types of Consumer IAM
Consumer IAM involves three types of products. These include identity as a service, customer relationship management, and consent management for legal compliance. Identity as a service is a basic tool for companies to identify consumers, and verify their credentials for providing access to goods, and services. For example, if you are trying to access your bank account via net banking, all the basic identity services are part of the identity as a service model.
In CRMs, this information can be scaled to identify, and profile millions of users. The shared information and its scaling are essential components of CRMs. Furthermore, CRM also pop-up info to help customer executives serve real customers in real-time. The newly designed automated CRMs also helps filling with basic consumer information like name, KYC details, and others to help smoother consumer relationship management. Hence, CRMs are ideal for tracking, storing, and deploying a large database to maintain long-term relationships with consumers. These CRMs can guide companies to send birthday wishes to consumers and create a professional but engaging model for interaction.
Consent management platforms are essential tool for all organizations, due to growing global clout of legislations like GDPR. The legislation mandated organizations globally to protect the privacy of European consumers, with an immediate access to remove or delete information, and access. The consent management platforms remain limited in penetration directly among end-users due to requirement of large hardware, and software. These platforms are often availed as part of CRMs, or independently as subscription-based services.
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Consumer IAM Market: Competitive Analysis
The consumer IAM market is a fragmented landscape, with increased entry of small players catering to global companies with advanced CRM solutions. The highly sophisticated expertise required to deliver legal compliance solution remains a potential barrier to entry for small global players. This makes the access management solution a slightly limited product offering. However, growing experience in dealing with legislations like GDPR is likely to lead to a more widespread penetration of the product in the near future. Some key players in the global consumer IAM market are Microsoft (US), IBM (US), SAP (Germany), Salesforce (US), Okta (US), Broadcom (US), Ping Identity (US), Akamai Technologies (Canada) LoginRadius(US), ForgeRock (US).
The increased entry of small players and increased adoption of umbrella solutions on part of the large players remains the prospect of growth in the global consumer IAM market.
Consumer IAM Market: Regional Analysis
The consumer IAM market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa region. Among these, the Asia Pacific region is expected to register fastest growth, thanks to growing economies of china, India, Vietnam, and Japan. The increasing manufacturing in the region, and growing digitalization driven trends like automation, and increasing disposable incomes remain key drivers of growth in the region. The promising growth of public sector, healthcare facilities, and key sectors like energy, telecommunication, transportation, and manufacturing remain key promise for players in the global consumer IAM market.
The North America region is likely to hold the highest share of the global revenues during the 2020-2027 periods. The region remains home to some of the largest tech players, with high penetration of digital, and CRM technology. The growing policies to bring transparency in healthcare systems and increased drive to bring manufacturing back to the region with trends like 3D printing, and automation; the region will likely register robust growth during the 20202-2027 period.
Key Benefits for Global Consumer IAM Industry Report–
- Global Consumer IAM Market report covers in-depth historical and forecast analysis.
- Global CIAM Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, Regional and Country Level.
- Global Consumer IAM Market report helps to identify opportunities in marketplace.
- Global Consumer IAM Market report covers extensive analysis of emerging trends and competitive landscape.
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