Consumer IAM Market Growing at a CAGR 15.3% | Key Player Broadcom, Okta, Akamai Technologies, Ping Identity, Forgerock

Consumer IAM Market Growing at a CAGR 15.3% | Key Player Broadcom, Okta, Akamai Technologies, Ping Identity, Forgerock
IBM (US), Microsoft (US), Salesforce (US), SAP (Germany), Broadcom (US), Okta (US), Akamai Technologies (US), Ping Identity (US), ForgeRock (US), Loginradius (Canada), Manageengine (US), Widasconcept (Germany), Acuant (US), Omada (Denmark), Iwelcome (Netherlands), Globalsign (UK), Ubisecure (Finland), Secureauth Corporation (US), WSO2 (US), AWS (US)
Consumer IAM Market with COVID-19 Impact Analysis, by Component (Solutions and Services), Solutions (Identity Governance, Identity Verification and Authentication), Deployment Mode, Organization Size, Vertical and Region - Global Forecast to 2026

The CIAM market size is projected to grow from USD 8.6 billion in 2021 to USD 17.6 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 15.3% during the forecast period. The major driving factors contributing to the high growth rate of CIAM market include Rise in security breaches and cyber-attacks; Demand to deliver a frictionless customer experience; Identity theft and frauds; and Growing awareness of regulatory compliance and access management tools.

By component, the services segment to register the highest growth rate during the forecast period

Based on component, the global CIAM market is segmented into solutions and services. Robust CIAM solutions and services usually provide a combination of features, including customer registration, self-service account management, consent and preference management, SSO, Multi-Factor Authentication (MFA), access management, directory services, and data access governance. These components assist organizations in improving their security capabilities for mitigating cyber threats proactively.

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An average of 30% of users were affected by web-threat incidents, as per Kaspersky Security Network. Cybercrimes such as espionage, data thefts, malware attacks, and phishing crimes have intensified amid the COVID-19 outbreak. Major industry verticals such as Banking, Financial Services, and Insurance (BFSI), media and entertainment, and healthcare are lucrative targets for cybercriminals. There have been instances of ransomware attacks on healthcare departments, universities, and SMEs amid the pandemic. As a result, organizations are embedding security solutions to combat COVID-related malicious cybercrimes in their enterprise networks. More organizations and industry verticals are looking to rapidly outsource the best-of-breed cybersecurity solutions for solving unique business challenges.

Key and innovative vendors in CIAM market include IBM (US), Microsoft (US), Salesforce (US), SAP (Germany), Broadcom (US), Okta (US), Akamai Technologies (US), Ping Identity (US), ForgeRock (US), Loginradius (Canada), Manageengine (US), Widasconcept (Germany), Acuant (US), Omada (Denmark), Iwelcome (Netherlands), Globalsign (UK), Ubisecure (Finland), Secureauth Corporation (US), WSO2 (US), AWS (US), Simeio Solutions (US), Autho (US), Cyberark(US), Onelogin(CA), Trusona (US), Fusionauth (US), Idnow (Germany), Strata Identity (US), Passbase (Germany), and Evident(Georgia).

These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their presence CIAM market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2018 to 2021 to innovate their offerings and broaden their customer base.

IBM is a multinational computer technology and consulting corporation. It operates through five business segments, namely, Technology Services and Cloud Platforms, Cognitive Solutions, Global Business Services, Systems, and Global Financing. The company offers different products and services, including IBM Cloud Identity and IBM IAM, in the consumer IAM market through the Cloud Platforms and Cognitive Solutions segments. These solutions are scalable to multimillion users and can support the registration and login of social identities. The company provides a large number of authentication options and are equipped with multiprotocol federation capabilities. It also offers robust user authentication, which helps protect user identities from web security threats. IBM Cloud Identity (IDaaS) can be integrated with cutting-edge analytics-based security solutions to provide a modern, intelligent approach for securing consumer identities and protecting the valuable assets of organizations. IBM also provides professional and managed services in the field of consumer IAM.

IBM caters its solutions to various industries, including IT, healthcare, life sciences, government, telecom, automobile, manufacturing, Fast-Moving Consumer Goods (FMCG), chemicals and petroleum, electronics, energy and power, media and entertainment, mining, retail, BFSI, travel and transportation, and education. The company has its presence in more than 175 countries, including the regions of North America, Europe, APAC, MEA, and Latin America.

Founded in 1975 and headquartered in Washington, US, Microsoft is one of the key developers and manufacturers of computer software, personal computers, consumer electronics, and services. It also provides services associated with these offerings, and other professional as well as managed services. The company operates through three major business segments, namely, Personal Computing, Productivity and Business Processes, and Intelligent Cloud.

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Azure Active Directory B2C is Microsoft’s cloud consumer IAM solution that helps organizations connect with their customers in a reliable and cost-effective way. The company caters to cloud customers through its DC network, which has a global presence in 54 azure locations and offers more than 70 compliance offerings in the cloud. It also provides smooth integration with Microsoft applications. Microsoft Intune is another cloud product that helps the organization assist employees in using devices and applications they love while configuring device settings to meet compliance needs. The solution is scalable to multimillion identities and can handle billions of authentications on a daily basis. It can also be easily integrated with web and mobile platforms and enables consumers to log in to all applications using their existing social media accounts.

Microsoft caters to individuals, small, midsized, and large enterprises across various industry verticals, including IT and telecom, BFSI, government, aerospace and defense, healthcare, manufacturing, education, and consumer goods and retail. The company has a huge customer base in North America, Europe, the Asia Pacific, the Middle East and Africa, and Latin America.

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