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Consumer Identity and Access Management (CIAM) market size was USD 10.35 Billion in 2022 and is expected to reach USD 38.7 Billion in 2032 and CAGR of 15%

NEW YORK, NY, UNITED STATES , May 10, 2023 /EINPresswire.com/ -- The global Consumer Identity and Access Management (CIAM) Market was USD 10.35 Billion in 2022. It is projected to reach USD 38.7 Billion by 2032, with a rapid revenue compound annual growth rate (CAGR) of 15% during the forecast period. The market's revenue growth is primarily driven by the increasing demand for advanced customer engagement strategies and the growing need for compliance with regulations such as the General Data Protection Regulation (GDPR), California Consumer Privacy Act (CCPA), and Health Insurance and Portability Accountability Act (HIPAA). Consumer IAM solutions offer authentication services, manage customer identities, store customer profile data, and enable organizations to deliver a secure, unified, and improved customer experience.

The proliferation of digital channels in recent years has resulted in a rise in identity theft, fraud, and security breaches. To safeguard their customers' identities and provide seamless access to services across multiple channels and devices, businesses are increasingly adopting CIAM solutions. Additionally, the demand for sophisticated CIAM solutions capable of capturing and analyzing real-time consumer data has grown in response to the need for personalized and omnichannel experiences.

Furthermore, the increasing popularity of Bring Your Own Device (BYOD) and Internet of Things (IoT) has heightened the demand for advanced CIAM solutions that can ensure secure access to data and applications across diverse devices and platforms. Businesses must ensure the security of client data and restrict access to authorized personnel as the number of mobile devices and applications continues to grow.

Moreover, the market revenue growth is also driven by the increasing adoption of cloud-based CIAM systems. Compared to traditional on-premise solutions, cloud-based CIAM solutions offer greater flexibility, scalability, and cost-effectiveness. They can be easily integrated with other cloud-based services and applications, allowing organizations to leverage the benefits of digital transformation.

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Segments Covered in the Report

In terms of solution types, the Consumer Identity and Access Management (CIAM) market encompasses several key categories. One of these is authentication, which involves verifying the identity of users accessing systems or services. Authentication methods ensure that only authorized individuals can gain access, enhancing security and protecting sensitive information.

Another solution type is identity proofing. This process involves verifying the identity of individuals by collecting and validating their personal information. Identity proofing is crucial for establishing trust and ensuring that users are who they claim to be, particularly in digital transactions and online interactions.

Identity analytics is another essential solution offered by CIAM. It involves analyzing and monitoring user behavior and activity to identify potential threats, suspicious patterns, or unauthorized access attempts. By leveraging advanced analytics techniques, organizations can detect anomalies and take proactive measures to mitigate risks and enhance security.

Identity administration plays a crucial role in CIAM as well. It involves managing user identities, permissions, and access rights within an organization. Identity administration solutions enable organizations to streamline user provisioning, access requests, and user lifecycle management, ensuring efficient and secure access control.

Authorization is another key solution type in CIAM. It involves granting or denying access to specific resources or services based on predefined rules and policies. Authorization solutions ensure that users are granted appropriate privileges and access levels, safeguarding sensitive data and maintaining regulatory compliance.

When considering deployment modes, cloud-based solutions have gained significant traction in the CIAM market. Cloud-based CIAM offers numerous advantages, including flexibility, scalability, and cost-effectiveness. These solutions can be easily integrated with other cloud services and applications, enabling organizations to leverage the benefits of digital transformation and adapt to evolving business needs.

Alternatively, some organizations still opt for on-premises deployment of CIAM solutions. With on-premises CIAM, the infrastructure and software are maintained and operated within the organization's own premises. This approach provides organizations with complete control over their CIAM systems and can be suitable for industries with stringent security and compliance requirements.

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Strategic development:

In 2021, Okta, Inc. made an announcement regarding its acquisition of Auth0, a prominent provider of CIAM solutions, for a substantial amount of $6.5 billion. The acquisition's primary objective was to broaden Okta's range of products in the CIAM market and solidify its position as a leading player in the industry.

ForgeRock, in 2020, formed a partnership with Accenture to deliver innovative CIAM solutions to their respective clients. This collaboration aimed to offer secure and convenient digital experiences to consumers while ensuring compliance with data privacy regulations.

In the same year, LoginRadius introduced its latest CIAM solution called the Identity Experience Framework (IXF). This solution provides a highly customizable and secure platform for managing customer identities and access across multiple channels and platforms.

IBM Corporation, in 2020, made an acquisition announcement regarding Spanugo, a prominent provider of cloud cybersecurity posture management solutions. The acquisition aimed to strengthen IBM's position in the CIAM market and enhance its overall security capabilities.

Furthermore, Salesforce announced its acquisition of Mobify, a leading provider of mobile commerce solutions, in 2020. This strategic acquisition was intended to expand Salesforce's product offerings in the CIAM market and enhance its mobile capabilities.

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Competitive Landscape:

Okta, Inc.
ForgeRock
LoginRadius
IBM Corporation
Salesforce
Microsoft Corporation
Auth0
OneLogin
Amazon Web Services
Ping Identity

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