The intensity and sophistication of cybersecurity attacks, data theft, and identity frauds have been on a consistent rise, giving the global consumer identity and access management (IAM) market worthwhile opportunities. Consequently, organizations across the globe race to adopt advanced cybersecurity technologies to build robust cyber defenses. Moreover, as businesses shift to remote-first workplaces, the demand for cybersecurity services has surged to enhance customer experience, while embracing cyber resilience. This need for foolproof cybersecurity has opened favorable business opportunities for consumer identity and access management (IAM) solutions. Consumer IAM solutions enable organizations to securely store and manage customer identity and profile data, while controlling customer’s access to services and applications. Over the forecast period, growing awareness of regulatory compliance, increased adoption of access management tools, and the ever-expanding cyberattack surface are poised to significantly expand the consumer IAM market.
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COVID-19 Accelerates Digital Transformation, Creating Demand for Consumer IAM Solutions
The COVID-19 pandemic accelerated organization’s move to digitally-enabled platforms, systems, and services. This overnight digital shift propelled businesses to build stronger cyber defenses by adopting sophisticated technologies. In this backdrop, consumer IAM (CIAM) emerged as the foremost solution to secure the online perimeters of public and private enterprises. CIAM can facilitate frictionless online transactions and customer experience, while protecting customers from identity theft or fraud. Owing to this, in the coming years, the adoption of consumer IAM solutions is expected to increase, particularly across organizations in the BFSI, healthcare, manufacturing, retail, and transport and logistics sectors. Further, companies are also set to turn to CIAM solutions to increase employee accountability, process efficiency, and to strengthen compliance. These trends are predicted to translate into robust expansion of the global consumer IAM market.
Adoption of Cloud-Based CIAM Solutions Rises Amidst Fast-Maturing Cloud Market
In recent years, the cloud market has matured favorably. Cloud security is a priority for business across all industries, with organizations seeking solutions to enable their workforce to securely access multiple accounts via the cloud. With this increased adoption of cloud technologies, the implementation of cloud-based CIAM services has become easier and more cost-effective, as opposed to traditional CIAM on-premises implementation. Now, companies of all sizes can readily implement cloud-enabled CIAM solutions, attracting sound growth opportunities in the consumer IAM market. During the study period, this trend is projected to contribute significantly towards widespread implementation of consumer IAM solutions. However, challenges pertaining to shortage of skilled cybersecurity talent, lack of identity standards, and budgetary concerns are expected to restrict rapid growth in the consumer IAM market over the forecast period.
North America Emerges as Regional Leader Across Global Consumer IAM Market
North America is poised to hold the highest market share in the global consumer IAM market. The foremost factors for this region’s dominance in the consumer IAM market include presence of leading vendors, early adoption of CIAM solutions, and strong commitment by businesses to implement data security and vulnerability management solutions. Over the assessment period, these factors are expected to phenomenally boost the adoption of CIAM solutions across North America.
Prominent leaders in the global consumer IAM market are Salesforce, IBM, SAP, ForgeRock, Okta, Microsoft, Akamai Technologies, Broadcom, and LoginRadius. These companies are creating headways for robust growth across the global consumer IAM market. Through innovation, strategic partnerships, and mergers and acquisitions, these industry leaders are on track to increase their market share and to gain a competitive edge.
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Consumer IAM market is Customer identity and access management helps an organization to manage and secure customer’s profile data, identity and control of access to services and applications.
Customer IAM solution offers various benefits such as Seamless customer experiences, powerful security, Performance & scalability and Privacy.
Increase in the Internet of Things and growth in the online business such as ecommerce will ultimately drive the market growth.consumer IAM market is estimated to rise by 2026, registering a healthy CAGR of 17.7 in the forecast period of 2019-2026.
This rise in market value can be attributed to the increase in the demand for centralized monitoring, rise in the adoption of Internet of Things and increase in the growth of cyber threats.This Global Consumer IAM Market research report intensely analyses the potential of the market with respect to current scenario and the future prospects by considering several industry aspects of Cardinal Health industry.
The report also recognizes and analyses the rising trends along with major drivers, challenges and opportunities in the market.
This Global Consumer IAM Market report provides major statistics on the market status of global and regional manufacturers and is a helpful source of assistance and direction for companies and individuals interested in Healthcare industry.
MarketsandMarkets expects the global conversational Ai market size to grow from USD 4.8 billion in 2020 to USD 13.9 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 21.9% during the forecast period.
Conversational AI is a form of technology that utilizes speech-based assistants and facilitates stronger interactions and greater engagement at scale across users and platforms.
It combines speech-based technology, NLP, and ML into a single platform to develop and build applications for specific, as well as multiple use cases across verticals.Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=49043506The personal assistant segment to record the highest growth rate during the forecast periodUnder the applications segment, the personal assistant segment is expected to grow at the highest growth rate during the forecast period.
The growth of the personal assistant application is attributed to the ease and accuracy offered by personal assistant solutions across platforms, as well as the increasing adoption of various digital channels, such as mobile and social media platforms, to explore the latest products.
Enterprises are leveraging the benefits of the AI technology by utilizing a combination of ML and Natural Language Understanding (NLU), enabling assistants to be trained with industry-specific knowledge and unique business data for a faster time-to-market.Intelligent Virtual Assistants (IVA) segment to record the higher CAGR during the forecast periodIn the conversational AI market by type, the Intelligent Virtual Assistants (IVA) segment is expected to record the higher CAGR during the forecast period.
With the help of IVA, complex customer queries can be handled effectively.
