Northrook, IL -- (SBWIRE) -- 10/09/2019 -- According to a new market research report "Consumer IAM Market by Solution (Directory Service, Identity Proofing, Identity Authentication, SSO, and Data Governance), Service, Authentication Type, Deployment Mode, Organization Size, Industry Vertical, and Region - Global Forecast to 2023" published by MarketsandMarkets™, the Consumer Identity and Access Management Market expected to grow from USD 16.00 billion in 2018 to USD 37.79 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 18.8% during the forecast period.

The factors that drive the market growth are organizations need to deliver enriched, consistent, and frictionless customer experience and enhance the operational efficiency. Moreover, growing retail and eCommerce business, rising IoT trend across the globe, and increasing concerns about managing stringent industry regulatory compliances are the driving factors of the consumer IAM market.

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Identity analytics segment is expected to show the highest growth rate in the consumer IAM market.

The identity analytics segment is expected to show the highest growth rate in the consumer IAM market during the forecast period. Organizations are widely adopting identity analytics solutions to combat identity thefts and other advanced cyber threats, as these solutions provide automated critical identity-based authentication controls. Furthermore, the identity authentication segment is expected to account for the largest market share in the consumer IAM market during the forecast period.

Cloud segment is expected to gain high traction in the consumer IAM market.

The cloud segment of consumer IAM solutions is expected to grow at a higher CAGR from 2018 to 2023. This growth is due to the high adoption of cloud deployment mode by SMEs, as this deployment mode enables SMEs to focus on their core competencies rather than investing their capital in the security infrastructure. Organizations can avoid costs related to hardware, software, storage, and technical staff by using cloud-based solutions.

Healthcare industry vertical is expected to show the highest growth rate in the consumer IAM market during the forecast period.

The healthcare industry vertical is expected to show the highest growth rate in the consumer IAM market during the forecast period. This industry vertical is rapidly deploying cutting-edge technologies to improve patient experiences by offering them with the intuitive, personalized experience. The mergers, acquisitions, and partnerships growth strategy in the healthcare industry vertical have increased the complexity of managing the user credentials and the other sensitive information. Additionally, the increasing cyber-attacks on Personally Identifiable Information (PII), Electronic Health Record (EHR), and Protected Health Information (PHI) is a major area of concern for healthcare organizations.

North America is expected to contribute the largest market share, whereas APAC is projected to show the highest growth rate during the forecast period.

North America is expected to account for the largest market share and dominate the consumer IAM market from 2018 to 2023, due to the presence of a large number of IAM vendors across this region offering highly innovative identity proofing, identity analytics, and identity authentication solutions. On the other hand, APAC offers the potential growth opportunities in the consumer IAM market, due to the increasing expenditure for securing consumer's identity to prevent identity theft, in the emerging economies of the region, such as China, Australia, Singapore, and India.

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Major vendors in the consumer IAM market includes IBM (US), Microsoft (US), Salesforce (US), SAP (Germany), Okta (US), CA Technologies (US), Janrain (US), Ping Identity (US), ForgeRock (US), LoginRadius (Canada), iWelcome (Netherlands), GlobalSign (UK), Trusona (US), SecureAuth (US), WidasConcepts (Germany), Acuant (US), EmpowerID (US), Onegini (Netherlands), Pirean (UK), Auth0 (US), Avatier (US), Ergon (Switzerland), ManageEngine (US), Simeio Solutions (US), and Ubisecure (Finland).

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