What Are The 5 Takeaways From The Consumer Identity and Access Management Market Overview 2024
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The Business Research Company’s Consumer Identity and Access Management Global Market Report 2024 offers crucial insights into the consumer identity and access management market help businesses analyse and build stronger strategies.
The consumer identity and access management (CIAM) market has experienced significant growth in recent years, driven by various factors such as personalization, regulatory compliance, and security concerns. Looking ahead, the market is poised for further expansion, propelled by emerging trends and technological advancements.
Current Market Dynamics:
- The CIAM market size surged from $31.66 billion in 2023 to $37.04 billion in 2024, reflecting a robust compound annual growth rate (CAGR) of 17.0%.
- Factors contributing to this growth include personalization, mobile app proliferation, e-commerce expansion, and heightened user data security concerns.
Future Projections and Influential Factors:
- Forecasts predict a continued upward trajectory, with the CIAM market projected to reach $71.59 billion by 2028, boasting a CAGR of 17.9%.
- Anticipated drivers of growth include consent management, identity verification services, and the globalization of businesses.
- Notable regulatory frameworks like GDPR and evolving privacy regulations also shape market dynamics.
Trends Shaping the CIAM Landscape:
- Multi-factor authentication (MFA) adoption is on the rise, enhancing security measures.
- Consent management and privacy compliance mechanisms are becoming increasingly essential.
- Progressive profiling facilitates more nuanced user data collection.
- Cloud-based CIAM solutions offer scalability and flexibility.
- Globalization efforts necessitate localization features to cater to diverse user bases.
IoT Devices Driving Market Growth:
- The proliferation of IoT devices contributes significantly to the expansion of the CIAM market.
- IoT’s inherent security and privacy risks underscore the importance of robust identity management solutions.
- CIAM ensures user identity security in IoT ecosystems, fostering trust and reliability.
Decentralized Identity Management Solutions:
- Companies are developing decentralized identity management solutions to address growing customer bases and revenue streams.
- These solutions offer individuals greater control over their personal information and digital identities, leveraging blockchain technology for secure storage and management.
- Innovations like PingOne Neo exemplify advancements in decentralized identity management, emphasizing data security, privacy, and compliance.
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Key Industry Movements:
- Okta’s acquisition of Auth0 underscores the consolidation and strategic partnerships within the CIAM sector.
- This $6.5 billion acquisition enhances Okta’s position in IAM and CIAM sectors, positioning it for further market dominance.
- The CIAM market is segmented by component, deployment mode, organization size, and vertical.
- Components include solutions and services, while deployment modes encompass cloud and on-premises options.
- Organizations are categorized into large enterprises and SMEs, with various verticals such as BFSI, healthcare, IT, telecom, and more.
- North America leads the CIAM market, reflecting its technological advancements and regulatory frameworks.
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The Consumer Identity and Access Management Global Market Report 2024 provides a comprehensive outlook of the consumer identity and access management market for the historic years (2010 – 2021) and ten years forecast (2023 – 2032). The consumer identity and access management market forecast offers a thorough analysis on consumer identity and access management market size, consumer identity and access management market share, prominent players and their strategies.
The Table Of Content For The Consumer Identity and Access Management Market Include:
1. Consumer Identity and Access Management Market Executive Summary
2. Consumer Identity and Access Management Market Segments
3. Consumer Identity and Access Management Market Size And Consumer Identity and Access Management Market Growth Rate
4. Key Consumer Identity and Access Management Market Trends
5. Major Consumer Identity and Access Management Market Drivers
25. Key Mergers And Acquisitions In The Consumer Identity and Access Management Market
26. Top Consumer Identity and Access Management Companies
27. Consumer Identity and Access Management Market Opportunities And Strategies
28. Consumer Identity and Access Management Market, Conclusions And Recommendations
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