Industry participants dominating the CIAM market with significant developments are Centrify Corporation, Okta, Inc., Onegini, TransUnion, Ping Identity, Traxion Inc., GB Group PLC, Experian PLC, Janrain, and Mitek Systems Inc., among others.
Albany, NY -- (SBWIRE) -- 02/09/2018 -- An identity access management system can be defined as a framework for business processes that manages electronic identities. This framework includes the technology and policies needed to support identity management. Identity access management (IAM) technology initiates, captures, records and manages consumer identities and their associated access permissions. This ensures that all individuals and services are properly authorized, authenticated, and audited and access is granted according to one's interpretation of policy. Organizations are required to maintain the flow of business data and simultaneously manage its access. With more services and devices to be managed than ever before with requirements for associated access privileges, has led to the need for effective identity and access management systems. In the long term, consumers would want to take more control of identity and reveal only those things to the service provider that are relevant to the service provider they work with. Consumers would want to do it with better security and without exposing private information.
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In recent years, legacy approaches to IAM such as Identity Manager or Active Directory are failing organizations as these products cannot manage consumer access. Organizations feel that without a plan for a consumer centric approach to IAM, factors such as unsafe password management, unfettered use of Dropbox, shadow IT etc. are challenging IT. Modern businesses want to leverage the power of personal data, simultaneously protecting it, particularly when the data resides across different systems. Almost every company has an IAM solution for their employees. However, these solutions are often inadequate for managing customer identities. Employee IAM solution lacks the features which balance the convenience and security of a great customer experience. Customer identity access management (CIAM) solutions manage end-to-end data security in the organization to keep valuable customer information safe from attack.
Organizations are unsure of their ability to safeguard their customer data due to increased frequency and scale of data breaches. CIAM solutions offer security right from authentication to reduce the risk of losing reputation, revenue, and most importantly customer trust which is driving the customer identity access management market. Moreover, CIAM solutions enables unified customer profiles and simplified access so that the customer can obtain a seamless experience which is also driving the CIAM market. On the other hand, applications accessed by consumers are also accessed by employees for various reasons. Every application accessed by customers is used by employees which poses a question on the need for separate CIAM solutions which is restraining the growth of customer identity access management. As applications, websites, services, and customers continue to grow, the data collected on each customer is also increasing. In addition, many vertical markets and customer facing industries experience extreme peak in the data collected due to seasonality or other reasons which is creating opportunities for the growth of the customer identity access management market. Moreover, growing usage of cloud computing in deploying CIAM solutions is also creating growth opportunity for the CIAM solution market.
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The global customer identity access management market is segmented on the basis of component, deployment mode, end use, and region. In terms of component, the market can be segmented into solutions and services. The solution segment can be classified on the basis of advanced authentication and identity proofing services. The services segment is further sub-segmented into professional services and managed services. The market is classified in terms of deployment mode into cloud and on-premises. On the basis of end use, the market is classified into banking, financial services & insurance, energy and utilities, healthcare, retail, IT and telecom, and others (manufacturing and government). The market is segmented in terms of geographical regions into North America, Asia Pacific, Middle East & Africa (MEA), South America, and Europe.
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