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New York, March 01, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Consumer IAM Market By component, By Deployment Type, By Enterprise size, By end user, By Regional Outlook, Industry Analysis Report and Forecast, 2021 – 2027” – https://www.reportlinker.com/p06240984/?utm_source=GNW
Customers’ identities are authenticated throughout digital and non-digital channels with the support of consumer IAM industry participants. Businesses can use consumer identity and access management solutions to help secure sensitive data and protect customers from cyber threats and other financial frauds. Furthermore, the market is being driven by an increase in cyber-attacks and a continuous trend of employing IoT across numerous sectors such as public, education, manufacturing, media & entertainment, defense, and others.
COVID-19 Impact
The COVID-19 pandemic has had an impact on many aspects of society, including individuals and corporations. The internet ecosystem has become increasingly important across the world. The reliance on internet enterprises has expanded dramatically as a result of the COVID-19 outbreak. The internet is being used by BFSI, manufacturing, healthcare and life sciences, retail, transportation and logistics, and other industries to deliver critical services to customers. The need for a CIAM system has surged, according to vendors. Governments of the world and regulatory agencies have forced both public and private organizations to accept new techniques of teleworking and preserving social distance in the wake of the COVID-19 pandemic. Since then, digital business practices and the use of emails on home servers have become the new business continuity plan (BCP ) for a variety of enterprises.
Market Growth Factors:
Growing number of cyber-attacks and security concerns
The cyber-attack landscape has shifted dramatically in recent years. Organizations must invest in cybersecurity to secure their digital assets from ever-increasing cyber threats. In today’s continuously changing threat landscape, threat monitoring and cyber protection are critical. Phishing assaults, ransomware, malware , vishing, browser gateway scams, Distributed Denial of Service (DDoS), spear-phishing, and whaling are some of the most familiar cyber dangers. Endpoints, data, networks, and other IT infrastructure are targeted by cyber terrorists, resulting in massive financial damages for individuals, businesses, and governments.
High adoption of cloud-based CIAM solutions and services
As the cloud market expands, so does the need to protect and manage different accounts that employees can access via the cloud. As a result, CIAM solutions are becoming increasingly popular. CIAM technologies have traditionally been viewed as a capital expense, requiring them to be acquired and installed on-premises. The effective execution of CIAM initiatives came at a high cost, requiring months of hard work. Due to the rise of the cloud industry, this tendency is changing, and establishing and accessing cloud-based CIAM services, which is growing easier with each passing day.
Market Restraining Factors:
Absence of proficient cybersecurity professionals
Cyber threats target specific network flaws and exploit them to get access to an organization’s network. Many new zero-day attacks have developed as sophistication levels have raised. Attackers’ strategies and techniques for breaking into an organization’s corporate network go undiscovered. Organizations do not invest Furthermore, businesses with critical cybersecurity needs have reported a significant scarcity of competent personnel, making them even more vulnerable to assaults.
Component Outlook
Based on component, the market is segmented into Solution (Identity Verification & Authentication, Access Management & Authorization, Behaviour Analytics, and Others) and Services. The services segment acquired a significant revenue share. It is owing to the customization and personal communication established by the service providers and their clients, which fulfills all the requirements of the customers in a more streamlined way. Access Management and Authorization segment garnered a significant revenue share. Contractors and business partners, as well as distant and mobile users and customers, all want safe access.
Deployment Type Outlook
Full story available on Benzinga.com
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