According to a research report "Consumer IAM Market by Offering (Solutions, Services), Solution (Identity Governance, Identity Verification and Authentication, Access Management, Behavioral Analytics), Services, Deployment mode, Vertical and Region - Global Forecast to 2028" published by MarketsandMarkets, the global CIAM market size is projected to grow from USD 8.6 billion in 2023 to USD 18.1 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 16.2% during the forecast period. The rise in identity and authentication fraud and the demand to deliver a frictionless customer experience drives the growth of the CIAM market. Moreover, difficulties addressing the complexity of advanced threats may hinder market growth.
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Based on offerings, the services segment is expected to grow at a higher CAGR during the forecasted period.
The services provided by security vendors aim to help customers effectively utilize and manage CIAM. These vendors offer various types of support, including consulting, training, education, and ongoing assistance. Their primary focus is to assist organizations in meeting their business objectives using their CIAM products. Vendors employ up-to-date techniques, comprehensive strategies, and expertise to address the security needs of organizations. They also provide tailored implementation and risk assessment and help deploy CIAM according to industry best practices.
By services, the integration and deployment services segment is expected to hold a larger market size during the forecast period.
Integration and deployment services are provided by experienced industry experts, domain specialists, and security professionals. These professionals assist organizations in designing and implementing effective CIAM strategies, mitigating risks, preventing revenue losses, and enhancing security within their existing information systems. These services are particularly crucial for non-IT companies with the expertise to navigate complex security technologies and safeguard their organizational data. By leveraging integration and deployment services, organizations can tap into the knowledge and guidance of experts to ensure a robust and secure CIAM implementation.
By region, Asia Pacific is expected to grow at the highest CAGR during the forecast period.
Asia Pacific is the fastest-growing region in the CIAM market, with promising growth opportunities in China, Japan, India, and other developing countries. The Asia Pacific has undergone tremendous economic growth, political transformation, and social change in recent years. Digitalization in the Asia Pacific market has accelerated due to increased internet use, expanding mobile connection, rising smartphone use, and an expanding tech-savvy populace. Companies in all the verticals in the Asia Pacific have introduced innovative digital financial services. Digitization has helped organizations expand their reach to a wide population in the region. According to Adobe's new 2022 Digital Trends: APAC in Focus research, 77% of Asia Pacific (APAC) firms reported a spike in new consumers through digital channels during the previous 18 months, and 76% observed new customer journeys. Rapid digitization in various industries has widened the opportunity for risks involving identities. More personal and sensitive data is exchanged and kept digitally as more services, transactions, and interactions occur online. Cybercriminals can use these chances to attack people and organizations for fraud and identity theft, which has increased the demand for effective CIAM solutions by organizations and governments.
IBM (US), Microsoft (US), Salesforce (US), SAP (Germany), Broadcom (US), Okta (US), Akamai Technologies (US), Ping Identity (US), ForgeRock (US), LoginRadius (Canada), HID Global (US), ManageEngine (US), WidasConcepts (Germany), Acuant (US), Omada (Denmark), OneWelcome (Netherland), GlobalSign (UK), Ubisecure (Finland), SecureAuth (US), WSO2 (US), AWS (US), Simeio Solutions (US), Auth0 (US), Cyberark (US), OneLogin (US), Trusona (US), FusionAuth (US), IDnow (Germany), Strata Identity (US), Evident (US) are the key players and other players in the CIAM market.
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