In the era of digital transformation, businesses are embracing strategies that enhance daily operations, particularly in consumer interactions through digital channels. This trend underscores the critical importance of safeguarding data security and privacy to protect a company’s reputation. Consumer Identity and Access Management (IAM), also known as B2C IAM, is emerging as a pivotal framework that enables exceptional customer experiences while maintaining a delicate balance between security and convenience. By adopting consumer IAM, businesses can offer seamless, secure, and unified access across their digital channels. The adoption of consumer IAM is empowering companies to optimize their processes, thanks to its low-friction verification, unified consumer view, enhanced security, regulatory compliance, and hybrid deployment features.
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Consumer IAM Paves the Way for a Secure Multichannel Customer Experience
Companies are actively implementing digital initiatives aimed at transforming the way consumers interact with their brands. A significant focus is on procuring effective consumer IAM solutions that not only secure multichannel customer experiences but also drive mutual benefits for businesses, thereby propelling the consumer IAM market’s growth.
Cloud Adoption Offers New Opportunities for Consumer IAM
Traditionally, consumer IAM solutions were considered capital expenditures (CapEx) because they required implementation within a company’s environment or on-premises after purchase. However, the introduction of cloud technology has revolutionized this landscape. Companies are increasingly embracing cloud-based consumer IAM solutions, which translate into lower costs, enhanced flexibility, and a greater return on investment (ROI). This shift from CapEx to operational expenditures (OpEx) represents a significant opportunity in the consumer IAM market.
Rising Demand for Consumer IAM Amid Increasing Identity Thefts
Data theft prevention is now a top priority for tech companies in the wake of growing data breaches worldwide. According to the Federal Trade Commission (FTC), 2020 saw a 45% increase in fraud reports and identity thefts compared to 2019, with identity thefts, especially credit card frauds, being the highest. In response, companies are turning to consumer IAM solutions, which provide comprehensive end-to-end security for consumer information and identities, effectively mitigating the risk of data breaches. This heightened concern for data security is expected to drive the demand for consumer IAM solutions in the coming years.
Delivering Seamless Customer Experiences with Consumer IAM Solutions
Consumer IAM solutions empower businesses to personalize their communication with customers. Features such as Single Sign-On (SSO) enable customers to use a single password and username to access various systems, while social login options offer a convenient and streamlined login experience using existing credentials. Large enterprises and SMEs alike are leveraging consumer IAM solutions to provide consistent, enhanced, and frictionless experiences to their clients, driving further growth in the consumer IAM market.
Competitive Landscape of the Consumer IAM Market
The consumer IAM market is rife with growth opportunities, driven by the increasing proliferation of technology and the demand for improved customer experiences and data security. Major players in this market are focusing on technological innovations and growth strategies such as mergers and acquisitions to gain a competitive edge. For example, in 2020, AWS consumer IAM launched new access control features, while Microsoft and Citrix partnered to facilitate the transition of Citrix clients to Microsoft Azure. Collaboration between Wipro and IBM aims to develop hybrid cloud services to support secure migration and management of businesses across private and public cloud IT environments. In a significant move, Okta acquired AuthO for $6.5 billion in March 2021, enhancing its leadership in consumer IAM and IAM sectors.
Key players in the consumer IAM market include IBM, Salesforce, Microsoft, LoginRadius, Akamai Technologies, Okta, ForgeRock, SAP, and Broadcom.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/consumer-iam-market
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