New York, March 01, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Consumer IAM Market By component, By Deployment Type, By Enterprise size, By end user, By Regional Outlook, Industry Analysis Report and Forecast, 2021 – 2027” – https://www.reportlinker.com/p06240984/?utm_source=GNW
Customers’ identities are authenticated throughout digital and non-digital channels with the support of consumer IAM industry participants. Businesses can use consumer identity and access management solutions to help secure sensitive data and protect customers from cyber threats and other financial frauds. Furthermore, the market is being driven by an increase in cyber-attacks and a continuous trend of employing IoT across numerous sectors such as public, education, manufacturing, media & entertainment, defense, and others.
The COVID-19 pandemic has had an impact on many aspects of society, including individuals and corporations. The internet ecosystem has become increasingly important across the world. The reliance on internet enterprises has expanded dramatically as a result of the COVID-19 outbreak. The internet is being used by BFSI, manufacturing, healthcare and life sciences, retail, transportation and logistics, and other industries to deliver critical services to customers. The need for a CIAM system has surged, according to vendors. Governments of the world and regulatory agencies have forced both public and private organizations to accept new techniques of teleworking and preserving social distance in the wake of the COVID-19 pandemic. Since then, digital business practices and the use of emails on home servers have become the new business continuity plan (BCP) for a variety of enterprises.
Market Growth Factors:
Growing number of cyber-attacks and security concerns
The cyber-attack landscape has shifted dramatically in recent years. Organizations must invest in cybersecurity to secure their digital assets from ever-increasing cyber threats. In today’s continuously changing threat landscape, threat monitoring and cyber protection are critical. Phishing assaults, ransomware, malware, vishing, browser gateway scams, Distributed Denial of Service (DDoS), spear-phishing, and whaling are some of the most familiar cyber dangers. Endpoints, data, networks, and other IT infrastructure are targeted by cyber terrorists, resulting in massive financial damages for individuals, businesses, and governments.
High adoption of cloud-based CIAM solutions and services
As the cloud market expands, so does the need to protect and manage different accounts that employees can access via the cloud. As a result, CIAM solutions are becoming increasingly popular. CIAM technologies have traditionally been viewed as a capital expense, requiring them to be acquired and installed on-premises. The effective execution of CIAM initiatives came at a high cost, requiring months of hard work. Due to the rise of the cloud industry, this tendency is changing, and establishing and accessing cloud-based CIAM services, which is growing easier with each passing day.
Market Restraining Factors:
Absence of proficient cybersecurity professionals
Cyber threats target specific network flaws and exploit them to get access to an organization’s network. Many new zero-day attacks have developed as sophistication levels have raised. Attackers’ strategies and techniques for breaking into an organization’s corporate network go undiscovered. Organizations do not invest much in their security infrastructure due to a lack of understanding of emerging cyber threats, resulting in enormous losses. Furthermore, businesses with critical cybersecurity needs have reported a significant scarcity of competent personnel, making them even more vulnerable to assaults.
Based on component, the market is segmented into Solution (Identity Verification & Authentication, Access Management & Authorization, Behaviour Analytics, and Others) and Services. The services segment acquired a significant revenue share. It is owing to the customization and personal communication established by the service providers and their clients, which fulfills all the requirements of the customers in a more streamlined way. Access Management and Authorization segment garnered a significant revenue share. Contractors and business partners, as well as distant and mobile users and customers, all want safe access.
Deployment Type Outlook
Based on Deployment Type, the market is segmented into cloud and on premises. The on-premise segment garnered a substantial revenue share. Since cloud-based solutions have a high risk of data breach and unauthorized data sharing, companies would shift to the on-premise Solutions as they are considered to be more reliable.
Enterprise Size Outlook
Based on enterprise size, the market is segmented into Large Enterprises and Small & Medium Enterprises. The small and medium-sized enterprises segment procured a significant revenue share. The increasing competition in the market is motivating SMEs to deploy advance solutions to gain more profit and hence, augments the growth of the segment during the forecast period.
End User Outlook
Based on end user, the market is segmented into BFSI, Public Sector & Utilities, IT & Telecom, Healthcare, Transportation & Logistics, Retail & e-commerce, and Others. The retail & e-commerce segment procured a significant revenue share. The customer experience while interacting with a company has advanced dramatically as the retail and e-commerce industries enter a new era of digitalization.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America procured the largest revenue share. Early acceptance of CIAM, as well as the existence of a number of suppliers offering security and CIAM solutions, is projected to propel market expansion in the area.
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation is the major forerunners in the Consumer IAM Market. Companies such as SAP SE, Okta, Inc. and ForgeRock, Inc. are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Okta, Inc., Ping Identity Holding Corp. (Vista Equity Partners), ForgeRock, Inc., LoginRadius, Inc., IBM Corporation, Salesforce.com, Inc., Microsoft Corporation, SAP SE, Broadcom, Inc., and Akamai Technologies, Inc.
Recent Strategies deployed in Consumer IAM Market
Partnerships, Collaborations and Agreements:
Dec-2021: Okta teamed up with Adaptive Shield, the SaaS security company. Together, the companies have been providing businesses with an integrated solution for managing SaaS security configurations. It also expands Identity and Access Management and reinforced governance for privileged access.
Nov-2021: Okta partnered with SK, Inc. C&C for offering Universal Directory, Multi-factor Authentication, and Single Sign-On to Korean enterprise customers.
Aug-2021: Salesforce announced a partnership with Auth0, an authentication and authorization platform. The partnership focuses on delivering Salesforce Customer Identity Plus and helping the companies in managing and consolidating customer identities throughout all the apps.
Jul-2021: Ping Identity came into partnership with Anexinet Corporation, a provider of digital business solutions. The partnership integrated Anexinet’s cybersecurity assessments with Ping Identity’s centralized Identity Access Management for helping the customers in securing their data by single sign-on, multi-factor authentication. intelligent API security, directory, and data governance capabilities.
Apr-2021: Microsoft collaborated with Acuant, a provider of identity verification solutions. The collaboration wad focused on improving verifiability and securing information exchange in Azure Active Directory by Acuant’s My Digital ID. The organizations can verify identity information quickly with solutions such as Acuant’s My Digital ID, while individuals can own and control their credentials.
Sep-2020: Microsoft Intelligent Security Association, an ecosystem of independent software vendors announced its collaboration with ForgeRock, a provider in digital identity. Under this collaboration, Microsoft Security Intelligence has been integrated with ForgeRock’s identity expertise. Through this integration, customers can provide more secure and seamless digital experiences.
Jul-2020: Ping Identity partnered with One Identity, a company operating in identity-centered security. The partnership aims to deliver end-to-end identity management strategies and reinforce access security and control.
Product Launches and Product Expansions:
Dec-2021: Ping Identity launched PingOne Authorize for introducing cloud-based dynamic authorization capabilities for the enterprise identity security market. This technology broadens the PingOne Cloud Platform’s cybersecurity protection beyond authenticating users to controlling what users can see and do within applications.
Dec-2021: ForgeRock introduced two new features to the ForgeRock Identity Cloud named Organizations and Themed Users Journeys. These new features are developed on ForgreRock’s unique ability to serve every identity type from one platform for helping enterprises in reducing costs and increase brand loyalty with more secure and highly personalized customer experiences.
Jun-2021: LoginRadius introduced a step-up verification feature in their CIAM that strengthens conventional authentication systems. This security feature allows consumers to authenticate even if they have signed in recently. The feature accelerates customer and enterprise security by adding an extra layer of authentication.
Apr-2021: Okta launched Okta Privileged Access, a new product. This product unifies identity management with flexible, least privileged access controls for critical infrastructure for enhancing the development speed, improving Zero Trust Security, and operational agility at the deepest levels of enterprise technology environments.
Mar-2021: IBM launched tag-based access management, a new access management capability to manage access to IBM Cloud resources. This capability enables authorized users to create IAM policies based on access management tag. The tag can be added to IAM-enabled IBM Cloud resources, making these resources, objects of tag-based IAM policies.
Feb-2021: Ping Identity launched PingOne Verify, a new cloud service that helps enterprises make it easy for customers to verify their identity for rapid account onboarding, authentication, and fraud prevention. The new PingOne Service is the latest addition to Ping Identity’s suite of cloud services for identity and access management (IAM). 2021-Feb: Ping Identity introduced PingOne Verify, a cloud service. This service helps the enterprises in making it easy for customers to verify their fast account onboarding, fraud prevention, and authentication. This service is the addition to the company’s cloud services for Identity and access management.
Oct-2020: Ping Identity announced the launch of PingOne Services, a suite of standalone cloud services. These services offer advanced identity and access management capabilities with flexible integration options and rapid deployment. PingOne Services delivers multi-factor authentication as well as real-time threat detection for stronger security.
Oct-2020: Okta announced the launch of Okta Customer Identity Workflows. This product allows IT professionals and product builders to automate the complex digital transformation identity processes.
Acquisitions and Mergers:
Sep-2021: Ping Identity completed the acquisition of Singular Key, a no-code identity and security orchestration company. The acquisition helped the company in better serving its customers and partners.
Jul-2021: Microsoft acquired CloudKnox Security, an identity and access management startup. The acquisition strengthened Microsoft’s comprehensive approach to cloud security.
May-2021: Okta completed the acquisition of Auth0, a provider of identity platforms for applications. Jointly, the companies aimed to address a set of digital identity use cases, delivering secure access and allowing everyone to use any technology safely.
Oct-2020: Ping Identity completed the acquisition of ShoCard, a company that utilizes blockchain technology for customer identity management. With the acquisition, Ping has escalated its push into the personal identity management industry.
Scope of the Study
Market Segments covered in the Report:
o Identity Verification & Authentication
o Access Management & Authorization
o Behaviour Analytics
By Deployment Type
• On Premises
By Enterprise Size
• Large Enterprises
• Small & Medium Enterprises
By End User
• Public Sector & Utilities
• IT & Telecom, Healthcare
• Transportation & Logistics
• Retail & e-commerce
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Okta, Inc.
• Ping Identity Holding Corp. (Vista Equity Partners)
• ForgeRock, Inc.
• LoginRadius, Inc.
• IBM Corporation
• Salesforce.com, Inc.
• Microsoft Corporation
• SAP SE
• Broadcom, Inc.
• Akamai Technologies, Inc.
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Read the full report: https://www.reportlinker.com/p06240984/?utm_source=GNW
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