The Consumer identity and access management market is projected to grow from USD 7.6 billion in 2020 to USD 15.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 15.1% during the forecast period. The increasing venture capital funding and growing investments in consumer identity and access management technology to drive the market growth.
By service, integration and deployment service segment to register the highest growth rate during the forecast period
Integration and deployment services are used by highly qualified industry experts, domain experts, and security professionals. These professionals help organizations formulate and implement consumer identity and access management strategies, prevent revenue losses, minimize risks, understand cybersecurity solutions, and enhance security in the existing information system. Integration and deployment services are important for companies because non-IT companies do not have the expertise to understand security technologies and secure organizational information.
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Based on vertical, BFSI to grow at the highest CAGR during the forecast Period
BFSI organizations deal with critical data and information, these organizations have seen the strong adoption of advanced technologies in recent years. Consumer identity and access management solutions provide comprehensive insights about customers’ BFSI organizations, which helps deliver a unified experience. The applications used in the BFSI industry vertical are becoming prime targets for cybercriminals to access sensitive data. Therefore, BFSI registers the highest growth rate during the forecast period.
Major vendors covered in the market report include IBM (US), Microsoft (US), Salesforce (US), SAP (Germany), Broadcom (US), Okta (US), Akamai Technologies (Canada), Ping Identity (US), ForgeRock (US), LoginRadius(US).
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 in the consumer identity and access management market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2017 to 2020 to innovate their offerings and broaden their customer base.
IBM (US) is a prominent provider of consumer identity and access management solutions. 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. In October 2019, IBM launched VeridiumID Passwordless Biometric Authentication, VeridiumID supports native iPhone and Android biometrics like Touch ID and third-party biometrics. 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 a global presence across North America, Europe, Asia Pacific (APAC), MEA and Latin America.
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Salesforce (US) is another top player in the consumer identity and access management market. The company provides Salesforce Identity, a cloud-based consumer IAM solution that connects users with external applications and services while providing administrative tools for monitoring, maintaining, and reporting user apps and user authorization. In May 2020, Salesforce partnered with Workday, and now businesses are able to synchronize critical worker data to foster collaboration, drive smart decisions quickly, and communicate to their workers more effectively. The company provides its platform and services to SMEs and large enterprises across different industries, including BFSI, IT and telecom, and government.
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