Consumer Iam Market

Consumer IAM Market Insights

The consumer identity and access management (IAM) market is estimated to grow at a CAGR of 16.2% during the forecast period. Frequent cases of cyber-attacks and data breaches over the world are giving rise to a need for secure and efficient business solutions. Consumer identity and access management secures sensitive data from consumers and protects them from cyber-attacks and online threats. The product finds applications in almost all major industries including healthcare, education, government, telecommunication, retail, e-commerce, and hospitality among others.

The exponential rise in the adoption of smart devices, digitization of businesses, rising need to prevent cyber frauds is some of the factors expected to drive growth in the consumer IAM market. Subsequently, encouragement and investment by the government in the field to optimize operations is expected to generate market opportunities in the consumer IAM market.

Consumer IAM Market: Solution Insights

Based on a solution, the consumer IAM market can be segmented into Directory Services, Identity Proofing/Verification, Identity Authentication, Identity Analytics, Identity Administration and Authorization. Consumer IAM enables optimization of business operations, provides high levels of security and allows organizations to function without any operational hassles. The Identity Proofing/Verification segment is estimated to hold the largest market share owing to rising adoption of consumer identity services by various businesses. Accordingly, the Identity authentication and Analytics segment is also expected to demonstrate steady growth. The identity analytics segment is likely to grow at the fastest CAGR during the forecast period.

Consumer IAM Market: Service Insights

The Consumer IAM market based on service is classified as Managed Services, Professional Services. The professional services segment includes Implementation, Training & Support and Consulting services. The professional services segment is estimated to hold the larger market share in terms of revenue during the forecast period. This can be attributed to growing demand for consumer IAM services, and the larger number of organizations deploying consumer authentication and identity proofing solutions.

Consumer IAM Market: Authentication Type Insights

Based on Authentication Type, the Consumer IAM market is segmented into Passwords, Knowledge-Based Answers, Tokens, Biometrics, Pin, and Security Certificates. The password based authentication segment being widely used conventionally is expected to hold the major portion of the market share during the forecast period. Password-based authentication is the easiest and widely accepted authentication method. Subsequently, the biometrics-based authentication segment is expected to demonstrate the fastest growth in the coming years. Consumers are shifting to more advanced technology for better security and ease of application. Biometric authentication is being adopted at a fast rate across all industrial verticals.

Consumer IAM Market: Deployment Type Insights

The Consumer IAM market based on deployment type is classified into On-Premises and Cloud. On-premise solutions are a traditional method of deployment of consumer IAM solutions. Cloud-based solutions have become popular due to the easy availability of internet services, rapid technological advancements are benefits provided by cloud-based solutions. The Cloud-based solutions market segment is thus expected to grow at the fastest rate during the forecast period.

Consumer IAM Market: Vertical Insights

Based on vertical, the Consumer IAM market can be classified into Banking, Financial Services, and Insurance, Government, Healthcare, Education, Retail & Consumer Goods, Telecommunication, Media & Entertainment, and Travel & Hospitality. The telecommunications segment is estimated to grow at the fastest CAGR during the forecast period. The telecommunications industry demand for fast and secure identification processed, which in turn is driving the Consumer IAM market growth in the segment.

The BFSI sector is expected to hold the highest market share in terms of revenue. Investments in BSFI infrastructure for better consumer experience, encouragement by the Government to adopt new technology for efficient and secure transactions are factors fueling market growth in the segment. Additionally, banks are taking further efforts to incorporate more secure methods for payments to attract consumers, in accordance with the heavy digitization of transactions.

Consumer IAM Market: Regional Insights

North America is expected to lead the Consumer IAM market during the forecast period in terms of revenue. This is primarily because of stringent regulations with respect to identity and consumer protections in the U.S. Businesses in the U.S. have to comply with these regulations to protect their businesses and customers as well. Europe is expected to hold the second largest market share in the consumer IAM market.

Asia-Pacific region is estimated to grow at the highest CAGR. This growth can be attributed to the high volume of the digitally skilled population in the region, which is more compliant and comfortable with using digital payments and identification platforms. More online transactions are expected to generate more demand for secure payment and consumer IAM platforms. Emerging economies such as India, South Korea, and China are expected to contribute heavily to growth in the Consumer IAM market.

Consumer IAM Market: End-Use Landscape

The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase Consumer IAM over the coming years. Some leading consumers of this market are Bank of America, Vodafone, Apollo Hospitals among others.

Consumer IAM Market: Vendor Landscape

The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.

Consumer IAM Market Share & Competitor Analysis

Major companies operating in the Consumer IAM market are Microsoft Corporation, Gigya Inc, ForegeRock Inc, IBM Corporation, Janrain Inc, LoginRadius Inc, GlobalSign, Okta Inc, Ping Identity Corporation, Trusona, Amare Inc, and Mitek Systems among others.

Please note: This is not an exhaustive list of companies profiled in the report.

In January 2018, Trusona and ForgeRock partnered to boost their identity management services. The collaboration is aimed to eliminate passwords to provide consumers with more secure authentication services.

In October 2017, Gigya Inc launched the Gigya Enterprise Preference Manager. The platform is designed to facilitate organizations in building customer relations and deal with emerging privacy regulations.

In February 2016, GlobalSign and MePIN partnered to deploy advanced mobile authentication services for mobile operators and financial institutions.