Consumer identity and access management (IAM) market is estimated to flourish owing to the frequent occurrence of cyber-attack and breach of cyber security. Due to the digitalization process, large number of businesses such as banking, financial operations, healthcare and education adopt digital data backing system. Growing investment in telecommunication sector along with internet penetration to remote areas drive the market demand for consumer IAM system in recent years. Demography of Asia Pacific consists of larger proportion of young population who are more digitally skilled. This group of population use digital transaction to a large extent in comparison to older population and this drives the growth prospect of consumer IAM market in recent years. More online transaction leads to more possibility of cybercrime and this factor in turn will raise the market demand for consumer IAM market during the forecast period. Moreover, this region consists of large number of emerging economies such as India, China, South Korea which witnesses high growth rate and triggering growth potential for telecommunication, healthcare, education sectors and this is a major driving factor for the market of consumer IAM during the forecast period. Growing trend of digitalization has led to the adoption of consumer identification system by various business units and this is expected to foster the growth prospect of consumer IAM market over the forecast period.
There is growing trends of adoption of smart devices and IoT (internet of things) technology. There is rising trend for smart home, smart buildings and that provide an opportunity for the consumer IAM market during the forecast period.
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Consumer IAM market is segmented into ix sub segment on the basis of solution and the sub segments are directory, identity proofing, identity authentication, identity administration, identity analytics, and authorization. Identity analytics solution held the largest market share. This segment is estimated to hold its dominant position during the forecast period. The organizations face growing incidents of identity thefts and with the rising occurrence of identity cyber threats, this segment is estimated to grow at the highest CAGR (compound annual growth rate) during the forecast period. The organization adopt authenticated system for identity based analytics system thus fostering the growth prospect for consumer IAM market over the forecast period. Identity proofing and identity administration also held considerable market share over the forecast period.
Based on authentication type, consumer IAM market is segmented into biometric and password based consumer IAM system. Biometric based authentication type is estimated to grow at largest CAGR (compound annual growth rate) over the forecast period. This type of biometric system is applied in banking, financial organizations, healthcare, and government sectors to ensure consumer authenticated identity. Password related consumer authentication system held the largest market share in recent years. This segment is the traditional system to ensure consumer identity and authentication.
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On the basis of end use industries, the consumer IAM market is segmented into healthcare, banking and financial organization, telecommunication, education, government organizations and others. Telecommunication is expected to grow at highest CAGR (compound annual growth rate) during the forecast period. This industry require safe and secure data identification process and this in turn drives the consumer IAM market over the forecast period. Banking and financial organizations industry held the largest market share as this industry uses large amount of digital data. Online data transaction is very common in this region and thus this region accelerates the growth prospect for consumer IAM market during the forecast period.
In terms of region, consumer IAM market is classified into five regions such as North America, Europe, Asia Pacific, Middle East & Africa (MEA) and Latin America. North America held the largest market share in consumer IAM market owing to the greater utilization of digital data in banking, financial and healthcare system. Asia Pacific is estimated to be the fastest growing end use industry segment in consumer IAM market over the forecast period.
Some of the key players operating in the global consumer IAM market include, Microsoft Corporation, IBM Corporation, Ping Identity Corporation, Janrain Inc, iWelcome and others.