Consumer Identity and Access Management Market
According to a report by Allied Market Research, the global consumer identity and access management (IAM) market was valued at $7,793.5 million in 2020. The market is projected to reach $37,239.29 million by 2030, growing at a compound annual growth rate (CAGR) of 17.2% during the forecast period from 2021 to 2030.
Consumer IAM solutions are increasingly required to function effectively under conditions of heightened network traffic, fluctuating demand, and varying usage patterns. The design and development of these solutions, which allow for flexible operation during instances of elastic demand and peak consumer usage of different applications, are anticipated to drive market growth. Organizations now demand consumer IAM solutions that can securely manage millions of users simultaneously while maintaining high performance.
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Additionally, the growing adoption of IoT among both consumers and organizations has made devices and applications more susceptible to advanced persistent threats (APTs). The rise in mobile device usage further complicates the task of IT teams in tracking and managing data flow across various systems. Consequently, organizations are increasingly adopting advanced authentication and security solutions to safeguard sensitive information by identifying, monitoring, and mitigating potential threats.
In terms of deployment type, the on-premises segment led the consumer IAM market in 2020, and this trend is expected to continue throughout the forecast period. This dominance is driven by the increased availability of products and services offered digitally, which fuels the growth of the on-premise IAM market. The need to protect critical consumer data from information threats and to monitor the flow of data within organizations also contributes to market expansion.
Furthermore, the rise in digitization across sectors like government, manufacturing, and education is expected to boost demand for on-premise IAM services. Nevertheless, the cloud segment is projected to witness the fastest growth in the coming years, largely due to the growing adoption of cloud-based IT infrastructures across sectors such as retail, IT & telecom, healthcare, and public services. The increasing volume of sensitive consumer data in these industries further propels the market growth of the cloud-based IAM segment.
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Based on industry verticals, the BFSI (banking, financial services, and insurance) sector garnered the largest share of the consumer IAM market in 2020, and this trend is expected to continue. The financial sector’s need to enhance customer authentication processes has led to high adoption of consumer IAM solutions. Customers’ use of biometrics and unique identification codes at ATMs and financial institutions helps in reducing fraud.
Advancements in IAM technologies, such as biometrics, fingerprint readers, finger-vein readers, palm-vein readers, and voice recognition systems, are likely to present ample opportunities for growth within the BFSI industry. However, the consumer goods and retail sector is anticipated to experience the highest growth in the coming years, as customers increasingly interact with businesses through various digital channels, including web browsers, mobile browsers, and mobile apps. The shift from traditional shopping to online shopping necessitates fast, secure, and easily accessible services, thus creating growth opportunities for IAM solutions in this sector.
In the post-COVID-19 scenario, the global consumer IAM market is expected to grow from $8,939.14 million in 2021 to $37,239.29 million by 2030, at a CAGR of 17.2%. The pandemic had a positive impact on the market, driven by security concerns and safety protocols. As organizations transitioned to remote work and sought to maintain business continuity, the adoption of technologies such as artificial intelligence (AI), machine learning (ML), automation, and IoT surged. This has presented new opportunities for the consumer IAM market.
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Various sectors, including public, banking, government, and healthcare, have seen increased adoption of IAM solutions in response to the pandemic. This trend is expected to continue as the focus on digitization and technological awareness grows, along with the need for enhanced security systems. Additionally, government initiatives aimed at implementing advanced security solutions are likely to create significant growth opportunities for key market players.
Key findings from the report include:
Solution: The advanced authentication segment dominated the consumer IAM market in 2020. However, the identity proofing services segment is expected to grow significantly during the forecast period.
Service: The professional services segment led the market in 2020, while the managed services segment is expected to experience notable growth in the coming years.
Deployment Type: The on-premises segment accounted for the highest market revenue in 2020, but the cloud segment is expected to exhibit the highest growth rate during the forecast period.
Industry Vertical: The BFSI sector generated the highest revenue in 2020, but the consumer goods and retail sector is forecasted to experience the fastest growth during the forecast period.
Regional Insights: North America dominated the consumer IAM market in 2020, while the Asia-Pacific region is expected to show significant growth in the coming years.
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Prominent market players profiled in the study 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. The report provides detailed analysis of market trends, future projections, and key investment opportunities.
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