Global Consumer Identity and Access Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Market Overview

The global consumer identity and access management market is expected to register a CAGR of 18.2% during the forecast period 2022 to 2027. The factors propelling the market growth are the growing awareness of an organization's security, privacy, and compliance posture, increasing compliance mandates and regulations, and growing demand from vertical markets, among others.

• The demand for consumer identity and access management is rapidly increasing due to compliance mandates, a growing desire to manage alternative user populations, like on-premises visitors, and an emphasis on timely and secure access. It also allows organizations to manage the lifecycle of identities, such as employees, contractors, and vendors.
• Nowadays, with growing digitization across the world, nearly every business transaction is now processed digitally. This is a big attraction for hackers. Moreover, data breaches are not only committed by hackers, but individuals also commit many within an organization who have access to sensitive parts of networks or facilities. Many companies are planning to increase their data security budget, which will drive the need for consumer identity and access management across various end-user segments.
• Moreover, consumer identity and access management deployments are needed to safeguard the system from outside threats, such as unauthorized users. Various end-user industries, such as BFSI, IT, Telecom, etc., are characterized by many critical and highly valuable information and assets; any breach or lapse in security can be disastrous and costly, with revenue loss. As a result, it is becoming essential for these end-user sectors to be able to recognize potential threats as soon as possible.
• Moreover, The many benefits associated with consumer identity and access management revolve around data protection and cyber security. When an organization implements a consumer identity and access management system, best practices for credential management are put into place to eliminate these and related issues by requiring employees to frequently change their passwords, which mitigates the possibility of a password being stolen when better authentication methods are not available.
• However, the growing adoption of mobile technologies and cloud-based services enables organizations to be more agile and quick in their business processes. Still, it makes managing access even more complex. And without proper adoption of innovative mobile technologies, enterprise customers may face the security of data stored in third-party or cloud services. This may hamper the growth of the market.
• During the COVID-19 pandemic, when lockdowns and strict measures were adopted to stop the spreading of the virus, the dependency on online businesses increased significantly. Various end-user industries such as BFSI, healthcare, IT and telecom, etc., relied on the internet ecosystem to provide necessary services to consumers. Further, during the outbreak, businesses have experienced an increased demand for a consumer identity and access management system.

Scope of the Report

Consumer identity and access management (IAM) is a set of processes, policies, and tools that work together to ensure that the right people gain access to the right systems and data while keeping unauthorized access at bay.

The Global Consumer Identity and Access Management Market is Segmented by Component (Solutions, Services), Deployment (On-Premises and Cloud Based), End-user Industries (BFSI, Healthcare, IT and Telecom, Government, Energy, and Utilities), and Geography (North America, Europe, Asia Pacific, Latin America, and Middle-East and Africa)

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Key Market Trends

BFSI Segment is Expected to Gain Significant Traction

• Banks and other financial institutes (BFSI )are under increasing scrutiny to ensure they have the appropriate security measures in place, especially in the wake of the numerous high-profile data breaches that have taken place over the last few years. In addition, financial institutions store highly valuable data, and their digital transformation efforts create greater opportunities for cyber attackers to access that data.
• For instance, in February 2022, Mortgage lender, Radius Financial Group, fell victim to a data breach when an unauthorized party accessed its server and stole private data pertaining to 16,000 customers. Additionally, in April 2022, a data breach occurred at A Square (now known as Block), impacting 8.2 million current and former employees. These data breaches in the finance sector are growing the demand for consumer identity and access management solutions.
• Furthermore, a growing number of banking frauds in major countries is increasing the need for better infrastructure and security solutions, thus increasing the demand for consumer identity and access management systems in the BFSI sector. For instance, as per data published by the Reserve bank of India, the number of bank fraud cases in India increased from 5,076 in FY 2017 to 7,400 in FY 2021.
• Many banks and financial institutions have recognized the critical need to secure the valuable and sensitive financial assets their customers trust to keep them safe. Hence, most of these organizations have invested in advanced technologies to prevent lapses in security, which may negatively impact their revenues, operating costs, reputation, and much more. Consumer identity and access management solutions may provide unexpected ROI to banks and other financial institutions that help protect their bottom line.

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