Global consumer IAM market was
valued at $7,968 million in 2015 and is expected to reach $23,589 million in
2022, growing at 16.9% CAGR during the forecasts period 2014-2022, according to
a new report published by Allied Market Research. The advanced authentication
solution segment dominated the global consumer identity and access management
market, accounting for revenue of $3,770 million in 2015. North America is
expected to be the leading contributor to the global consumer identity and
access management market.
The adoption of consumer IAM solutions has increased in the
recent years, owing to the growing consumer IAM trend of centralized monitoring
and stringent government regulations to protect customer data. In addition,
rise in incidents of cyber threats and increase in adoption of IoT (Internet of
Things) are expected to drive the market. However, lack of standardization in
industry regulations and concerns about cloud-based security hamper the market
growth. Growing popularity of mobile devices and flexible functionalities of
consumer IAM solutions to tackle increased network traffic, burgeoning demand,
and peak usage requirements of consumers for different applications are
expected to provide numerous opportunities for the growth and development of
the global consumer identity and access management market.
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The global consumer IAM market in 2015 is comprised of advanced
authentication which is $3,770 million, identity proofing services which is
$2,473 million, and other which is $1,725 million. In 2015, the banking,
financial service, and insurance (BFSI) industry segment accounted for the
maximum revenue share in the global consumer identity and access management
market segments, owing to the frequent incidents of internet frauds during
financial transaction worldwide. In addition, upsurge in customer interaction
through physical, social media, mobile, and other channels to access financial
services provide huge growth opportunities to the players in the BFSI sector.
Moreover, the energy & utility industry segment is projected to grow at a
CAGR of 17.2% during the forecast period, owing to technological advancements
such as automated meter infrastructure, cloud computing, modern electric
meters, real-time data access facility to customers, and others.
North America accounted for the major share of the global market
in 2015, and is expected to maintain its dominance during the forecast period,
owing to increase in implementation of legal regulatory and cyber laws to
improve data protection by government in the region. The Asia-Pacific region is
projected to grow at a significant rate during the forecast period, owing to
increase in events of cyber-attacks and growth in energy & power sectors
thereby fueling the consumer identity and access management industry in the
region.
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KEY FINDINGS OF CONSUMER IAM MARKET
- The BFSI industry segment dominated the
overall consumer IAM market in terms of revenue, in 2015. It is projected
to grow at a CAGR of 17.6% during the forecast period.
- The advanced authentication solution
segment is projected to grow at the highest CAGR of 17.8% from 2016 to
2022.
- In 2015, the identity proofing services
and others (password management, data aggregation, and registration)
segments contributed $2,473 million and $1,725 million, respectively.
- The on-premise deployment segment
dominated the consumer IAM market in 2015, and is projected to garner
notable revenue during the forecast period.
- Cloud-based IAM solutions constituted
around 47.4% share of the global market in 2015, and is expected to grow
at the highest CAGR of 18.2% during the forecast period.
- In 2015, North America generated the
highest revenue in the global consumer IAM industry.
- The Asia-Pacific region is expected to
grow at a remarkable CAGR of 19.3% during the forecast period.
The key players profiled in the report are Onegini, TransUnion,
Ping Identity Corporation, Gigya, Inc., Centrify Corporation, Okta, Inc.,
Experian PLC, Janrain, Inc., Mitek Systems Inc., Traxion Inc., LexisNexis Risk
Solutions Inc., MorphoTrust USA, GB Group, ID Analytics, Aware Inc., and
Equifax Inc. Market players have adopted various strategies such as product
launch, acquisition, collaboration, and partnership to expand their foothold in
the market. For instance, in December 2016, Experian PLC and Touch Bank, the
digital bank of OTP European Financial Group, launched FraudNet, which secures
online transactions, including open fake accounts, account takeover, or
fraudulent online transactions.
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