Consumer Identity and Access Management (CIAM) Market

The global Consumer Identity and Access Management Market is to be worth more than 43 billion USD by 2033

The increasing scope of application for consumer identity and access management across various fields such as hospitality, education, consumer goods and retail, automotive and industrial, and banking financial services insurance (BFSI), among others, are primary factors supporting the market opportunities. End-user awareness of the importance of data security, backed by increased budget allocation for such operations, is advancing commercial potential. Megaprojects on the commercial, military, and government fronts by countries such as the United Kingdom, the United States, China, Japan, and Russia, among others, significantly assist market growth. Stringent government restrictions, such as the Gramm-Leach-Bliley (GLB) Act, for example, play an important role in the adoption of consumer identity and access management solutions in the United States. The act compels securities firms and financial institutions to apply strong standards for preserving consumer data privacy, including the establishment of a programme that analyses data risks and safeguards against threats.

Companies in the consumer identity and acess management sector are expanding their global footprint through mergers, collaboration, acquisition, long-term contracts, and service agreements. For example, ForgeRock, a worldwide digital identity pioneer, said today that it has entered into a definitive agreement to be purchased by Thoma Bravo, a renowned software investment group, in an all-cash transaction valued at roughly $2.3 billion, in October 2022.

According to the CXOs and primary research conducted, the surge in the use of A safe and trustworthy system to control client identities and access is increasingly necessary as more and more company transactions are conducted online. Consumers are becoming increasingly conscious of the importance of data security and privacy. CIAM solutions help to avoid fraud and identity theft by providing trustworthy methods for authentication and verification. They can also detect suspicious activities and help to reduce potential hazards. According to a research provided by the Identity Theft Resource Centre (ITRC), the United States had a record number of 1862 data breaches in 2021. The number of data breaches in 2021 surpassed the previous year's total of 1506 and marked a 68% rise over the 1108 breaches in 2020. BFSI, healthcare, business, and retail are the most regularly targeted industries, affecting millions of Americans each year.

The Consumer Identity and Access Management market is analyzed across North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. In line with the analyzed region, the North American region will witness the highest market share, followed by Europe, Asia-Pacific, Latin America, and Middle East & Africa. Quick adoption of new technologies, support by the several small and large organizations acorss the globe along with the presence of major industry players within the region are primary factors supporting market potential within the North American region. The major companies operating within the market are Aware Inc, Broadcom, Evident, IBM, Microsoft, Morphotrust, Salesforce, SAP, Simeio Corporation, and Strata Identity.

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