Businesses to Leverage Digital Transformation – A Key Factor Fuelling Consumer IAM Market Growth
Digital transformation is the “net new” that is providing significant exposure to a highly dynamic and fast growing market place. Businesses are leveraging digital transformation strategies to improve daily operations, including consumer interactions via digital channels. This has translated to a notion that focuses on defending a company’s reputation by safeguarding data security and privacy. Consumer IAM (Identity and Access Management), also referred to as B2C IAM, provides a framework to deliver outstanding customer experience, while maintaining balance between security and convenience. By adopting consumer IAM, businesses can provide easy, quick, secure and unified access across their digital channels. With consumer IAM, businesses can leverage digital transformation to optimize their processes on the back of its low-friction verification, unified consumer view, enhanced security, regulatory and privacy compliance and hybrid deployment features.
Companies are implementing digital initiatives that aim to transform the approach that consumers take while interacting with brands. Companies are focused on procuring effective consumer IAM solutions that facilitate a secure multichannel customer experience, which is likely to mutually benefit businesses alongside boosting the consumer IAM market growth.
Cloud to Provide Good Growth Opportunity as Consumer IAM goes OpEx
Earlier, companies considered consumer IAM solutions as CapEx as these solutions had to be implemented with the company’s environment or on-premises post purchase. Moreover, huge cost factor is associated with successful consumer IAM implementation along with requirement of months of painstaking labor. However, with introduction of cloud, there a paradigm shift has been observed as companies are shifting towards on-cloud, resulting in lower costs, ease and flexibility and greater ROI. This has translated into a big opportunity for consumer IAM technology providers. Less time of implementation and low capital investment of cloud based consumer IAM solutions have changed the viewpoint of organizations – from CapEx to OpEx – a significant opportunity in the consumer IAM market.
Demand for Consumer IAM Solutions to Rise with Increasing Identity Thefts
Data theft prevention measures have been a top priority for tech companies on the back of growing data breaches worldwide. According to FTC (Federal Trade Commission), 4.8 million fraud reports and identity thefts have been reported in 2020, a 45% increase as compared to 2019 that reflected 3.3 million filings. Moreover, off these 4.8 million, identity thefts were the highest, especially credit card frauds. Against this backdrop, it has become imperative for companies to secure their customer’s information and data. Consumer IAM solutions offer enhanced end to end security features for consumer information and identity, thus decreasing data breach risks. This is expected to trigger demand for consumer IAM solutions in the coming years.
Seamless Customer Experience Can be Delivered Using Consumer IAM Solutions
Consumer IAM solutions facilitate personalization of communication between businesses and their customers. With SSO feature, customers can use single password and username that can be used to access various systems. Moreover, instead of creating different username and password, social login feature offers a convenient and easy login experience by using existing user credentials. Consumer IAM solutions are being leveraged by large enterprises and SMEs to provide a consistent, enhanced and frictionless experience to their clients, which is expected to drive consumer IAM market’s growth.
Consumer IAM Market Competitive Landscape
Potential opportunities of growth prevail in the consumer IAM market, given the increasing proliferation of technology coupled with demand for better customer experience and data security. Major players in the consumer IAM market are focusing on technological innovations and other growth strategies such as mergers and acquisitions to gain market share and competitive edge. For instance, in 2020, AWS consumer IAM, based on cloud tech, launched new control access especially for requests that the company makes on customer’s behalf. Likewise, in July same year, Microsoft and Citrix partnered to initiate smooth transition Citrix clients from its on-premise platform to Microsoft Azure. In June 2020, collaboration between Wipro and IBM took place in a bid to develop hybrid cloud services to support secure migration and management of businesses across private and public cloud IT environments. In March 2021, AuthO was acquired by Okta for US$ 6.5 billion. This acquisition was mainly to enhance Okta’s leadership in consumer IAM and IAM sectors.
Few of the companies in the consumer IAM market are IBM, Salesforce, Microsoft, LoginRadius, Akamai Technologies, Okta, ForgeRock, SAP and Broadcom.
Key Elements Included In The Study: Global Consumer IAM Market
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