Increasing venture capital funding and growing investments in consumer identity and access management technology to drive the overall growth of the consumer identity and access management market.
The consumer identity and access management market is projected to grow from USD 7.6 billion in 2020 to USD 15.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 15.1% during the forecast period. The increasing venture capital funding and growing investments in consumer identity and access management technology to drive the market growth.
By component, services segment to grow at a higher CAGR during the forecast period
The services include the support offered by security vendors to assist their customers in using and maintaining consumer identity and access management efficiently. Vendors offer different services, such as integration and deployment, consulting, and support and maintenance. The services segment has witnessed tremendous growth in recent years. Therefore, servicessegment registers the highest growth rate during the forecast period.
By solution, Integration and Deployment segment to register the highest growth rate during the forecast period
Identity verification and authorization segment is expected to hold the highest growth rate during the forecast period, as it is used to authorize the uniqueness and validity of an individual’s identity to ease the provision of entitlement or service, and to rely upon different factors, such as biometric information, biographic information, identity documents, and knowledge of personally relevant information or events. The heavy deployment of web and mobile applications is creating complexities in consumer authentication. Hence, there is significant adoption of identity authentication solutions across the globe.
Asia Pacific to register the highest growth rate during the forecast period
Asia Pacific (APAC) has witnessed an advanced and dynamic adoption of new technologies and is expected to record the highest CAGR in the global consumer identity and access management market during the forecast period. APAC constitutes major economies, such as China, Japan, Australia and India, which are expected to register high growth rates in the consumer identity and access management market. Industries such as financial institutions, public sector, healthcare, retail, education, telecommunication, manufacturing, energy and utilities, transportation and logistics, hospitality, and media and entertainment are expected to adopt consumer identity and access management solutions at the highest rate in the region. Companies operating in APAC would benefit from the flexible economic conditions, industrialization-motivated policies, political transformation, as well as from the growing digitalization, which is expected to have a significant impact on the business community.
- By Company Type: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%
- By Designation: C-level – 35%, D-level – 25%, and Others – 40%
- By Region: North America – 45%,Europe– 20%, Asia Pacific– 30%,RoW – 5%
Major vendors offering Consumer identity and access management solutions include IBM (US), Microsoft (US), Salesforce (US), SAP (Germany), Broadcom (US), Okta (US), Akamai Technologies (Canada), Ping Identity (US), ForgeRock(US), LoginRadius(US).
The market study covers the consumer identity and access management market size across segments. It aims at estimating the market size and the growth potential of this market across different segments by component, by solution, by service, by deployment mode, by organization size, by vertical, and by region. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
- The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall consumer identity and access management market and its sub segments.
- This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies.
- The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.