Market Trends of United States Consumer Identity and Access Management Industry
This section covers the major market trends shaping the US Consumer Identity & Access Management Market according to our research experts:
Cloud Segment is Expected to Gain Significant Traction
- Customers are implementing digital technologies to enhance productivity with the advancement in technologies. Cloud technologies enable service providers to deploy convenient, on-demand access to a shared pool of configurable resources, such as networks, servers, storage, applications, and services, which can be quickly provisioned and released with minimal management effort.
- By using the cloud, consumers can benefit from advantages such as scalability, dexterity, quick returns, rapid implementation of hardware and software, and many more. Furthermore, cloud technologies enable consumers with various advantages, such as increased data storage, seamless access to the web, email, social media, etc. Due to such advantages, different consumer products companies and many consumers are adopting cloud technologies.
- Companies in the united states are developing solutions to sustain themselves in the market. For instance, In October 2021, WSO2 introduced its next-generation identity as a service (IDaaS) solution, Asgardeo. This solution enables developers without security expertise to easily embed advanced CIAM features into their apps within minutes. It provides CIAM best practices and workflows via various templates and other no-code/low-code options.
- Furthermore, in June 2022, Carahsoft Technology Corp., an IT solutions provider, announced an alliance with identity authentication providers Okta and LexisNexis Risk Solutions. This alliance provides a risk-based authentication solution that is easily scalable, offers versatile authentication choices to minimize user friction, and provides online self-service options for ease of administration and auditability.
- Users that have been considering moving from an on-premise CIAM solution to a cloud-based CIAM solution are primarily checking the potential solutions for their capabilities concerning critical features that include supporting a wide range of operating systems, platforms, and providers through one central console, providing consistently control access to all of the platform's resources from anywhere, increased compliance and audibility and increased speed of deployment.
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Increasing Cyber Attacks Drives the Market Growth In United states
- In the digitalized world, when every activity is online, the birth of cybercrime has threatened the safety of individuals, resulting in financial or other losses. The growing number of data breaches across various users in the United States is driving the need for consumer identity and access management solutions in the region. Moreover, cybercriminals are constantly exploring new methods, and a series of significant data breaches across the various users in the region have again demonstrated that supposedly secure systems are often surprisingly vulnerable.
- For instance, according to a report published by the Identity Theft Resource Center (ITRC), a record number of 1862 data breaches occurred in 2021 in the United States. The number of data breaches in 2021 broke the previous 1506 set in 2017 and represented a 68% increase compared to the 1108 breaches in 2020.
- Additionally, stringent government regulations, such as the Gramm-Leach-Bliley (GLB) Act, play a crucial role in adopting consumer identity and access management solutions in the United States. The act requires securities firms and financial institutions to implement strict regulations for protecting consumer data privacy by establishing a program that assesses risks to the data and protects against threats.
- Many people were affected by ransomware attacks and were either compelled to pay the ransom or risk having their personal information stolen. According to HelpNetS Security, 88 percent of evaluated apps failed one or more cryptographic tests, making cryptographic weaknesses one of the most pervasive and deadly threats. Since many financial apps use encryption, fraudsters will probably find it easy to break it, potentially disclosing critical customer and payment information and putting the application code at the risk of being looked over and changed.
- A record 847,376 complaints of cybercrime were submitted to the FBI by the public in 2021, up 7% from 2020, according to the FBI's Internet Crime Report.
- In 2021, the Consumer Sentinel Network of the Federal Trade Commission (FTC) received approximately 5.7 million reports, of which 25% were about identity theft and 49% were about fraud. Attackers frequently use stolen data to execute other crimes, such as breaking into accounts, transferring payments, and committing fraud.
