Consumer Identity and Access Management (CIAM) Market to Soar to USD 38.7B by 2032 with 15% CAGR – Reports and Data

June 5, 2023 Off Uncategorized,

Reports And Data

Consumer Identity and Access Management (CIAM) market size is expected to reach USD 38.7 Billion in 2032, and register a rapid revenue CAGR of 15%

NEW YORK CITY, NY, UNITED STATES, June 5, 2023/EINPresswire.com/ — The global Consumer Identity and Access Management (CIAM) market was valued at USD 10.35 billion in 2022 and is projected to reach USD 38.7 billion by 2032, with a rapid revenue growth rate of 15% during the forecast period. The main drivers of this market growth include the increasing demand for advanced customer engagement strategies and the need to comply with regulations such as GDPR, CCPA, and HIPAA. CIAM solutions play a vital role in providing authentication services, managing customer identities, storing customer profile data, and enabling organizations to deliver secure, unified, and improved customer experiences.

The proliferation of digital channels in recent years has resulted in a rise in identity theft, fraud, and security breaches. As a result, businesses are increasingly adopting CIAM solutions to safeguard their customers’ identities and provide seamless access to services across different channels and devices. Additionally, there is a growing requirement for sophisticated CIAM solutions that can capture and analyze consumer data in real-time to meet the increasing demand for personalized and omnichannel experiences.

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The popularity of Bring Your Own Device (BYOD) and Internet of Things (IoT) has further fueled the demand for advanced CIAM solutions that can ensure secure access to data and applications across various devices and platforms. Businesses must prioritize the security of client data and restrict access to authorized personnel, especially considering the growing number of mobile devices and applications.

Furthermore, the adoption of cloud-based CIAM systems is expected to contribute to market growth. Compared to traditional on-premise solutions, cloud-based CIAM solutions offer higher flexibility, scalability, and cost-effectiveness. They can be easily integrated with other cloud-based services and applications, allowing organizations to leverage the benefits of digital transformation.

However, there are several factors that could impede market revenue growth, including enterprises’ lack of knowledge and understanding of CIAM solutions, the high cost of implementation, and the challenges associated with system integration. Additionally, the increasing frequency of cyberattacks and data breaches poses a significant threat to market growth.

Overall, the global CIAM market is poised for substantial growth due to the increasing demand for secure and personalized customer experiences, compliance with regulations, and the adoption of advanced technologies.

Segments Covered in the Report:

The global Consumer Identity and Access Management (CIAM) market has been analyzed and segmented based on solution type, deployment mode, and region. This report provides historical data and revenue forecasts for the period from 2019 to 2032, offering insights into market trends within each segment and sub-segment.

The market size of the CIAM industry was valued at USD 10.35 billion in 2022, with a projected compound annual growth rate (CAGR) of 15% from 2022 to 2032. By 2032, the revenue in the CIAM market is expected to reach USD 38.7 billion. The base year for estimation is 2022, and the report covers historical data from 2020 to 2021, with a forecast period from 2022 to 2032. The quantitative unit used for measurement is revenue in USD billion.

The report provides a comprehensive analysis of various parameters, including revenue forecasts, company rankings, competitive landscape, growth factors, and trends in the CIAM market. The market segments covered in this report include Solution Type Outlook and Deployment Mode Outlook. Under Solution Type Outlook, the segments considered are Authentication, Identity Proofing, Identity Analytics, Identity Administration, and Authorization. The Deployment Mode Outlook segments include Cloud-based and On-premises solutions.

The geographical scope of the report encompasses North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The analysis provides insights into the market trends and growth opportunities in each of these regions.

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Strategic Developments:

In 2021, Okta, Inc. made an announcement regarding the acquisition of Auth0, a leading provider of CIAM solutions, for a sum of $6.5 billion. This acquisition aimed to broaden Okta’s range of products in the CIAM market and strengthen its position as a prominent player in the industry.

ForgeRock partnered with Accenture in 2020 to deliver innovative CIAM solutions to their clients. The objective of this partnership was to offer secure and convenient digital experiences to consumers while ensuring compliance with data privacy regulations.

In 2020, LoginRadius introduced their new CIAM solution named Identity Experience Framework (IXF). This solution provides a highly customizable and secure platform for managing customer identities and access across various channels and platforms.

IBM Corporation acquired Spanugo, a leading provider of cloud cybersecurity posture management solutions, in 2020. This acquisition aimed to reinforce IBM’s position in the CIAM market and enhance its capabilities in terms of security.

Salesforce acquired Mobify, a leading provider of mobile commerce solutions, in 2020. The acquisition aimed to expand Salesforce’s product offerings in the CIAM market and strengthen its mobile capabilities.

New Product Launches:

Okta, Inc. launched a new CIAM solution called Okta Identity Engine in 2021. This solution offers a highly customizable and scalable platform for managing customer identities and access across multiple channels and platforms. It also includes advanced security features such as multi-factor authentication and adaptive access policies.

ForgeRock introduced a new version of its CIAM solution called ForgeRock Identity Cloud in 2020. This solution provides a highly scalable and secure platform for managing customer identities and access across multiple channels and platforms. It also offers advanced features like single sign-on, multi-factor authentication, and user consent management.

LoginRadius launched a new CIAM solution called LoginRadius Identity Platform in 2021. This solution provides a highly scalable and secure platform for managing customer identities and access across multiple channels and platforms. It includes advanced features such as single sign-on, social login, and passwordless authentication.

IBM Corporation launched a new CIAM solution called IBM Security Verify in 2021. This solution offers a highly scalable and secure platform for managing customer identities and access across multiple channels and platforms. It provides advanced features like risk-based authentication and customer consent management.

Salesforce introduced a new CIAM solution called Salesforce Identity in 2020. This solution offers a highly scalable and secure platform for managing customer identities and access across multiple channels and platforms. It includes advanced features such as social login and multi-factor authentication.

Competitive Landscape:

The global CIAM market is characterized by intense competition, with several major players striving to maintain their positions in the industry. These companies are actively investing in research and development initiatives, forging strategic partnerships, and making strategic acquisitions to enhance their competitiveness. Some of the prominent companies operating in the global CIAM market include Okta, Inc., ForgeRock, LoginRadius, IBM Corporation, Salesforce, Microsoft Corporation, Auth0, OneLogin, Amazon Web Services, and Ping Identity.

Okta, Inc. is a significant player in the CIAM market, offering a comprehensive range of solutions and services. ForgeRock is another key player known for its innovative CIAM solutions. LoginRadius has gained prominence with its highly customizable and secure CIAM platform. IBM Corporation and Salesforce have also established themselves as leading providers of CIAM solutions, leveraging their extensive expertise and resources.

Other notable players in the market include Microsoft Corporation, Auth0, OneLogin, Amazon Web Services (AWS), and Ping Identity, each contributing their unique strengths and capabilities to the CIAM landscape.

To maintain a competitive edge, these companies are continuously innovating and expanding their product portfolios to meet evolving customer demands. They are focused on delivering advanced features, such as multi-factor authentication, adaptive access policies, risk-based authentication, and customer consent management. Additionally, these companies emphasize the scalability, security, and seamless integration of their CIAM solutions across various channels and platforms.

Overall, the global CIAM market is witnessing fierce competition among these major companies, driving innovation and advancements in the field.

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