Understanding Consumer Identity and Access Management: Benefits, Components, and Trends

 

Consumer Identity and Access Management helps organizations securely capture and manage customer identity and profile data. Also, it controls customer access to applications and services. The components involved in the CIAM solutions include Identity verification and validation, User registration and authentication, Consent and preference management, Profile management, Access control, and authorization, and Analytics and reporting. Further, these solutions are utilized by various industries such as healthcare, retail, entertainment, and banking, to offer secure and personalized digital experiences to their customers.

The factors enhancing the growth of the Consumer Identity and Access Management Market include:

·        Rising awareness about data privacy and security is propelling the growth of the consumer identity and access management market as cyber-attacks and high-profile data breaches making headlines regularly so consumers become more aware of the importance of protecting their personal data.

·        Growing acceptance of digital technologies is driving the growth of the market as the requirement for secure & reliable identity and access management solutions is rising to secure customer data and ensure seamless user experiences.

·        Increasing demand for personalized and seamless customer experiences across various channels and devices is propelling the growth of the market as these solutions help in providing personalized experiences to customers by capturing and controlling customer data, preferences, and behaviors.

·        Rising demand for cloud-based CIAM solutions is anticipated to boost the market as the appearance of cloud-based CIAM solutions offers various advantages over traditional on-premises solutions, that includes flexibility, scalability, and cost-effectiveness.

According to a study published by Emergen Research, Consumer Identity and Access Management Market Size was valued at $9.80 billion in 2022 and is estimated to reach a revenue CAGR of 15.3% over the projection period.

However, the absence of awareness and data privacy coupled with compliance concerns are the major factors restricting the growth of the global consumer identity and access management market. Further, huge cost and completion are the other factors anticipated to hinder the growth of the market over the foreseen period.

The increasing investment by major companies in the evolution of consumer identity and access management is another trend uplifting the growth of the global market. Major companies are investing heavily in the development of the industry to gain a competitive advantage in the market.

Some of the major players in the global identity and access management market include Amazon Web Services, Inc., One Identity LLC., Broadcom, IBM, Okta, ForgeRock, OneLogin, Intel Corp., McAfee, LLC, Ping Identity, HID Global Corp., SecureAuth, Evidian, Microsoft, and Oracle.

For instance, in May 2022, WSO2, an industry-leading, cloud-native, and open-source technology for API management, integration, and customer identity and access management (CIAM) company, announced that the company had completed its Series E funding round with the addition of RedStart Labs (India), a subsidiary of Info Edge. The move brings the total growth capital raised to USD 93 million.

In conclusion, the customer identity and access management market is poised for significant growth over the forecasting period, driven by the rising requirement for businesses to offer secure and seamless digital experiences to their customers. Further, as more businesses recognize the importance of CIAM solutions, the industry is anticipated to become highly competitive, with companies vying for market share through innovation and strategic partnerships.