United States Consumer Identity and Access Management Market Size

US Consumer Identity & Access Management Market Analysis

The United States Consumer Identity and Access Management Market size is estimated at USD 6.37 billion in 2024, and is expected to reach USD 13.10 billion by 2029, growing at a CAGR of 15.53% during the forecast period (2024-2029).

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.

• Through consumer identity and access management (CIAM), businesses can securely collect, store, and manage consumer identity and profile data and monitor and restrict consumer access to software and services.
• CIAM includes features such as customer registration, self-service account management, consent and preference management, single sign-on (SSO), multi-factor authentication (MFA), access management, directory services, and data access governance.
• With the growing need for consumer identity and access management solutions in the region, major CIAM vendors are trying to acquire more market share. For instance, in November 2021, the massive cybersecurity company GBG announced to acquire the Acuant, its erstwhile competitor. The merger brings two companies together within a single organization. The acquisition of Acuant enables GBG to further expand into the United States, the world's largest and most strategically important market for location, identity, and fraud services.
• With the increase in customer expectations and concerns regarding their data security, coupled with the growing technological capabilities and regulatory requirements in the United States, consumers are stimulated to adopt a proactive approach to security. Thus, this fuels the demand for consumer identity and access management (CIAM) solutions.
• As hackers target consumer accounts across several platforms and providers with access to multiple systems, data from one individual is frequently used to get into another's account. This means that personal information or identity numbers acquired from another individual can lead to significant data breaches and even more serious crimes, like financial transfers or deleting client data from an insurance provider.
• According to the IC3 2021 report, with 241,342 victims, phishing, including vishing, SMiShing, and pharming, was the most common threat in the United States in 2020. This was followed by identity theft (45,330 victims), extortion (76,741), non-payment/non-delivery (108,869), and personal data breach (45,741).
• Several websites are using the internet to offer essential services to customers. The need for a CIAM system has grown among users. Several governments and regulatory bodies have ordered both public and private businesses to adopt new teleworking techniques and preserve social distance in the wake of the COVID-19 pandemic.