The global Consumer IAM Market size is projected to grow from USD 8.6 billion in 2023 to USD 18.1 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 16.2% during the forecast period, according to a new report by MarketsandMarkets™.
The growth of the CIAM market is being driven by several factors. These include growing awareness of regulatory compliance, access management tools, and growing identity theft and fraud.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=87038588
The promising growth of the CIAM market can be attributed to various factors, including the introduction of AI-powered CIAM solutions, the blockchain aspect, and the proliferation of cloud-based CIAM solutions and services.
Trend: Artificial Intelligence
CIAM platforms use AI to give enhanced insights for a customized client experience. Adaptive authentication enabled by artificial intelligence evaluates a number of variables, including user behavior, device information, location, and context, to determine the proper degree of authentication needed for each user. This reduces the requirement for too stringent authentication procedures for low-risk operations, balancing security and user ease. To identify patterns associated with fraudulent activities, AI systems analyze enormous amounts of user data, including login attempts, transactions, and past behavior. Immediately identifying and stopping suspicious activity makes it possible to prevent fraud proactively, safeguarding user accounts and essential data. The AI considers all prior interactions and transactions to provide customized product suggestions
.
Trend: Blockchain
CIAM systems built on blockchain can provide consumers visibility and granular control over their personal data. On the blockchain, users may control their consent choices, controlling which applications or organizations can access their data and the purpose behind accessing it. This improves data privacy and gives people more power over how their data is utilized. The distributed nature of blockchain offers resistance to data loss and system malfunctions. Users may rely on their identification traits saved on the blockchain for recovery in the case of a data breach or system failure, providing service continuity without relying on centralized databases.
By offerings, the solutions segment accounts for a larger market size.
CIAM solutions play a crucial role in managing consumer data and regulating consumer access to applications for organizations' workforce. When users visit a website, CIAM is the first point of interaction they encounter. These solutions facilitate a personalized and streamlined experience, contributing to a positive user journey. By incorporating features like various authentication options, communication preferences, integration with social profiles, multi-factor authentication, and single sign-on, CIAM enhances customer interactions with the website. Some CIAM solution providers collaborate with industry cloud providers to ensure system and application-level security. Additionally, conducting vulnerability scans, penetration testing, and intrusion detection on CIAM platforms can effectively mitigate the risk of detrimental breaches.
Get More Info : https://www.prnewswire.com/news-releases/consumer-iam-market-worth-18-1-billion-by-2028---exclusive-report-by-marketsandmarkets-301894412.html
By solution type, the Identity verification and authentication segment accounts for a larger market size.
Identity verification is a comprehensive process that involves multiple levels of analysis to establish the authenticity and uniqueness of an individual's identity. Its primary purpose is to confirm the validity of an individual's identity, enabling the seamless provision of services or entitlements. Identity verification relies on various factors, including biometric information, biographic details, identity documents, and personal knowledge of relevant information or events. With technological advancements, such as biometric sensors and high-resolution cameras, identity-proofing methods are evolving.
Organizations employ these solutions to ensure the accuracy and legitimacy of the information provided by their customers, verifying that it corresponds to the real person's identity. Identity verification can take the form of documentary verification, where supporting documents are used, or non-documentary verification, which relies on other means of validating identity. Identity verification can be done online as well as in person.
Opportunity: Proliferation of cloud-based CIAM solutions and services
Organizations considered CIAM technologies as capital expenditure, and these technologies had to be implemented and purchased on-premises. A huge cost structure was associated with the successful implementation of CIAM projects, which required months of rigorous labor. Cloud computing offers a cost-effective model for businesses. Utilizing cloud services allows companies to only pay for the resources they use, saving money on infrastructure and maintenance costs for on-premises technology. As a result, there is no longer a need for up-front capital investments, and operational expenses for hardware, upkeep, and updates are decreased. The trend is now changing due to the cloud market's growth, and implementing and accessing cloud-based CIAM services is becoming easier with each passing day. This factor, along with the development of SMEs, is expected to increase the adoption of CIAM solutions among organizations of all sizes.
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
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.
