Global Consumer IAM Market 2022: Proliferation of Cloud-based CIAM Solutions & Services, and High Volume of Online Transactions Present Lucrative Opportunities - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Global Consumer IAM Market with COVID-19 Impact Analysis by Component (Solutions, Services), Solutions (Identity Governance, Identity Verification & Authentication), Deployment Mode, Organization Size, Vertical, and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global CIAM market is projected to grow from USD 8.6 billion in 2021 to USD 17.6 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 15.3% during the forecast period.
The major driving factors contributing to the high growth rate of CIAM market include the rise in security breaches and cyber-attacks; demand to deliver a frictionless customer experience; identity theft and frauds; and growing awareness of regulatory compliance and access management tools.
Based on component, the global CIAM market is segmented into solutions and services. Robust CIAM solutions and services usually provide a combination of features, including customer registration, self-service account management, consent and preference management, SSO, Multi-Factor Authentication (MFA), access management, directory services, and data access governance. These components assist organizations in improving their security capabilities for mitigating cyber threats proactively.
An average of 30% of users were affected by web-threat incidents, as per Kaspersky Security Network. Cybercrimes such as espionage, data thefts, malware attacks, and phishing crimes have intensified amid the COVID-19 outbreak. Major industry verticals such as Banking, Financial Services, and Insurance (BFSI), media and entertainment, and healthcare are lucrative targets for cybercriminals. There have been instances of ransomware attacks on healthcare departments, universities, and SMEs amid the pandemic. As a result, organizations are embedding security solutions to combat COVID-related malicious cybercrimes in their enterprise networks. More organizations and industry verticals are looking to rapidly outsource the best-of-breed cybersecurity solutions for solving unique business challenges.
Based on application area, the healthcare segment will grow at the highest CAGR during the forecast period
The Healthcare segment is projected to witness the fastest growth rate of during the forecast period. The healthcare vertical comprises hospitals, health clinics, medical and dental practices, healthcare equipment and services providers, pharmaceutical companies, biotechnology companies, and related life sciences services providers. Healthcare is one of the most targeted sectors across the world by cybercriminals. The healthcare vertical is rapidly deploying cutting-edge technologies to offer patients improved, intuitive, and personalized care and experience. CIAM solutions help healthcare organizations address the security issues related to users' credentials and help them deliver an enriched experience to their patients. The lack of patient identity safeguards many challenges for patients. For instance, patients can become victims of medical identity theft, resulting in their health records containing false medical and health data, which puts further treatments at risk. All these lead to unsafe and inefficient patient care.
Additionally, an increasing number of cyberattacks on PII, Electronic Health Records (EHRs), and PHI is major concern for healthcare organizations. In healthcare, CIAM solutions offer control of digital identities and data sharing choices to patients, with comprehensive preference and consent management. Moreover, these solutions help healthcare organizations comply with stringent HIPAA and PCI DSS compliances. CIAM solutions ensure security, privacy, and compliance while providing unified, frictionless access to patients and partners.
Key Topics Covered:
- Brief Overview of the Consumer Identity and Access Management Market - The Increasing Instances of Cyber Breaches and Stringent Regulatory Norms to Drive the Growth of the CIAM Market
- Market, by Solutions, 2021 - Identity Verification and Authentication Segment to Hold the Largest Share During the Forecast Period
- Market, by Services, 2021 - Integration and Deployment Segment to Hold the Largest Market Size During the Forecast Period
- Consumer IAM Market, by Vertical - Healthcare Segment to Grow at the Highest Growth Rate During the Forecast Period
- Market Investment Scenario - Europe to Emerge as the Best Market for Investments in the Next Six Years
Market Overview and Industry Trends
- Rise in Security Breaches and Cyber-Attacks
- Demand to Deliver a Frictionless Customer Experience
- Identity Theft and Fraud
- Organizations are Becoming Increasingly Concerned About Security to Increase Growth
- Growing Awareness of Regulatory Compliance and Access Management Tools
- Lack of Identity Standards and Budgetary Constraints in Deploying CIAM Solutions
- Cultural Shift from Traditional IAM to CIAM
- Proliferation of Cloud-based CIAM Solutions and Services
- High Volume of Online Transactions
- Scarcity of Skilled Cybersecurity Professionals Among Enterprises
- Difficulties in Addressing the Complexity of Advanced Threats
Consumer Identity and Access Management Market
- by Component
- by Solution
- by Services
- by Deployment Mode
- by Organization Size
- by Vertical
- by Region
- Akamai Technologies
- Ping Identity
- SecureAuth Corporation
- Simeio Solutions
- Strata Identity
For more information about this report visit https://www.researchandmarkets.com/r/s7xs6v
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