The surge in cyber-attack incidents is increasing organizations' adoption of consumer IAM to a great extent. Consumer IAM solutions offer organizations a safe environment to access services and perform online transactions. Consumer IAM solutions, in addition to providing security benefits, also provide an array of additional benefits to organizations, such as enhanced client experience, increased customer engagement, and personalized marketing. Organizations using consumer IAM solutions develop a seamless and unified customer experience across multiple channels, enhancing customer satisfaction and loyalty.
Stringent government rules mandating organizations to employ strong security measures to protect customer data have contributed to the growth of the market. These requirements have resulted in high demand for consumer IAM solutions to provide secure access to client data while also assisting organizations in implementing these regulations. For instance, North American Electric Reliability Corporation (NERC) provides essential cybersecurity-related technological standards such as access control, authorization, monitoring of electronic access to IT infrastructure, and segregation of roles. Several NERC standards require stringent audits of electronic access. IAM solutions aid with compliance with this regulation through access management, centralized authority, and reduced privileges.
Moreover, the increasing use of mobile devices has played a crucial role in fostering the adoption of consumer IAM solutions across various industries. With increasing numbers of customers accessing services via mobile devices, businesses are turning to consumer IAM solutions to manage client data and authenticate users across different devices.
North American consumer IAM market is expected to witness significant growth in the coming years, driven by factors such as the increasing adoption of cloud-based services, the growing trend of bring-your-own-device (BYOD), and the surge in cyber-attacks. The retail and e-commerce sectors are among North America's leading adopters of consumer IAM solutions, as they seek to provide a seamless and secure customer experience across multiple channels. The healthcare sector is also witnessing increased adoption of consumer IAM solutions, driven by the need to protect sensitive patient data and comply with healthcare regulations.
In addition, initiatives by private as well as public organizations associated with Consumer IAM are also anticipated to accelerate market expansion. For instance, in February 2023, ProofID, a global identity and access management (IAM) solutions provider, partnered with Fastpath Solutions, LLC, which provides audit, security, and compliance solutions. The partnership will allow ProofID to offer its customers Fastpath Solutions, LLC's solutions, helping them meet compliance requirements and improve their security posture. Fastpath Solutions, LLC's solutions enable organizations to identify and manage access risks, streamline compliance processes, and improve security controls.
Identity Verification and Authentication
Access Management and Authorization
By Enterprise Size
Large Size Enterprise
Small and Medium Sized Enterprise (SMEs)
By End-Use Industry
Travel and Hospitality
IT & Telecommunication
Retail & E-Commerce
Transportation and Logistics
GB Group plc
SailPoint Technologies, Inc.
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