SecurityWorldMarket

03/10/2024

Rapid growth in online transactions drives ID & access markets

Delray Beach, Fl (USA)

When forecasted globally, the Consumer ID and Access Market, or CIAM,  is projected to rise from USD 12.5 billion in 2024 to USD 21.0 billion by 2030 at a CAGR of 8.9% during the forecast period. According to report authors from Marketsandmarkets, the increasing significance of strict regulatory compliance has rapidly driven CIAM adoption. Additionally, a high volume of online transactions requiring secure user access management is further driving significant expansion in this market sector.

Rising online transactions, the transition from traditional IAM to CIAM, and the growing popularity of cloud services create substantial prospects within the CIAM market. Also, the incorporation of lot devices, sophisticated analytics and Al, and the implementation of Zero Trust security frameworks are improving both security measures and user satisfaction. In addition to this, the ongoing market opportunities for the CIAM market are created by regulatory adherence and the emergence of decentralised identity solutions.

Integration, and deployment services

When segmenting the CIAM market by services, the integration and deployment services acquire the largest market size for several compelling reasons. The CIAM solution, while being implemented in an organisation, often poses difficult integration challenges with the existing IT infrastructure, applications, and databases. These integration and deployment services ensure that such solutions are seamlessly integrated into the business environment to provide interoperability and enhanced security. This segment is further driven by the fact that the demand for expert assistance in customising a CIAM solution remains so that it best fits organisational needs. Besides, with the increasing adoption of cloud-based CIAM solutions comes a greater requirement for professional deployment services that ensure smooth transitions and optimum performance of the solution implemented. Such services provide faster time-to-value, reduced implementation risks, and compliance with regulatory requirements, hence becoming essential in the CIAM market.

Healthcare vertical shows highest growth

The CIAM market is growing at the highest CAGR in the healthcare sector, and there are many factors contributing to this. Increasing digitalisation in the healthcare services sector, along with the need for high security in managing patients' data, generates high demand for robust CIAM solutions. Apart from this, healthcare institutions have to deal with a high number of sensitive data regarding patients, and because of it, they are prone to cyber threats, which in turn increases the demand for advanced security solutions like CIAM. Moreover, regulations like HIPAA in the US are imposing stringent security on patient information, thus raising the adoption rate of CIAM solutions. Further, the increasing adoption of telemedicine and other online health services is another driver for secure access management for patients and healthcare providers, thereby ensuring the confidentiality and integrity of healthcare data.

Geographical spread

It is estimated that North America holds the largest market size in the CIAM market; the reason, according to Marketsandmarkets, is attributed to its highly advanced technology infrastructure, coupled with the presence of influential economies like the US and Canada. Increasing demand for cloud-based services—fuelled by companies expanding their online presence—has increased security threats and increased the need for organizations to implement CIAM solutions, which assure the protection of digital identities. Moreover, the region has witnessed the effect of numerous data breaches, with 422 million people exposed in a year; this demands robust identity management.

The analysts suggest that the governments in North America regard cyber security as one of the prime national security challenges for which budgets and policies have been marked to ultimately make identity management a priority. Some of the Initiatives such as the 2021 executive order by the US president on cyber security support the adoption of CIAM solutions. Moreover, the heavy use of smart mobile devices and the exponentially growing eCommerce industry further support market growth in the region.

Major players

IBM, Okta, SAP, Microsoft, Ping Identity, Thales, Broadcom, AWS, Salesforce, Opentext, Akamai Technology, Deloitte, HID Global, Cyberark, Nevis Security, Simeio Solutions, Ubisecure, Onelogin, Secureauth, Loginradius, Idology, Omada Identity, WSO2, Widasconcepts, Fusionauth, Transmit Security, Idnow, Miniorange, and Strivacity are some of the key players active in this sector and mentioned with the report.


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