This revised consumer identity and access management analysis by Persistence Market Research states that the global market held a net worth of US$ 9.5 Bn in 2020, and is expected to bloat in valuation to US$ 29.5 Bn by the end of 2031. As per this updated analysis, the global consumer identity and access management market is slated to surge at a CAGR of 12% over the decade.
The world has become more digitized than it ever was, and this trend is expected to be a prominent one over the next ten years as well. From large to small enterprises, all have been adopting advanced technologies to make businesses more efficient and productive. Consumer identity and access management makes it easy for organizations to interact with their consumers and clients in a very effective and secure manner.
Cybersecurity is a major concern since the instances of identity theft and identity fraud have risen substantially over the past decade and continue to do so. Consumer data needs to be protected, and consumer IAM solutions and services do that with proficiency, which makes them a popular choice across organizations.
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Increasing proliferation of technology, rapid urbanization, and digitization across the globe; rising cybersecurity threats; and adoption of cloud-based connected systems are some of the major factors that influence demand for consumer identity and access management.
Prime providers of consumer identity and access management are focusing on mergers and acquisitions to enhance their offerings and cement their position in the global market landscape.
- ForgeRock, a rising identity management provider, has been making huge strides in the identity management industry, and recently, in November 2021, it unveiled new passwordless authentication for its cloud platform for organizations.
- In August 2021, 1Kosmos, an emerging name in the digital identity industry, completely revamped its identity by rebranding and relaunching its website. The company is the only one in the industry providing identity proofing along with passwordless authentication.
Key Takeaways from Market Study
- Analysts predict the consumer identity and access management market to rise at an impressive CAGR of 12% through 2031.
- Increasing instances of identity thefts and frauds, rising security awareness, and increasing use of cloud-based solutions across multiple organizations are factors that favor market growth.
- High costs, complex implementation, and doubts regarding risks associated with the use of consumer IAM are some aspects that may restrain market growth.
- Estimated net worth of the global market is expected to be US$ 29.5 Bn by the end of the decade.
- The market in North America is expected to have a dominant outlook over the next ten years.
- The research reveals that the market enjoyed a valuation of US$ 9.5 Bn in 2020.
“Demand for consumer identity and access management solutions and services is expected to be prominent in emerging economies such as India,” says a Persistence Market Research analyst.
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The global market for consumer identity and access management is anticipated to see stellar growth in demand over the next ten years, and many key players in the industry are focusing on mergers and acquisitions to widen the services and solutions they can provide.
Some of the key market players included in the report are IBM Corporation, Microsoft Corporation, SAP SE (Gigya Inc.), Ping Identity, Okta Inc., Forgerock Inc., Janrain Inc., Loginradius Inc., Iwelcome B.V., Globalsign, Trusona, and Acuant Inc.
There are more key players mentioned in the research report, which will give a better overview of what the competitive landscape of the consumer identity and access management industry looks like.
More Valuable Insights on Offer
Persistence Market Research, a research and consulting firm, has published a revised market research report on the global consumer identity and access management market that contains industry analysis of 2016–2020 and opportunity assessment for 2021–2031.
The report provides an in-depth analysis of the market through different segments, namely, component, deployment, vertical, and region. The report also provides supply and demand trends along with an overview of the parent market.
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