Overview
As technology continues to engulf every aspect of our life, companies, all across the globe, have come up with innovative solutions that help companies to maintain crucial aspects of the customers. One such technology that is in great demand these days is customer identity access management (CIAM) software.
The software tracks and maintains the identity of millions of users all across the globe and helps the companies keep a track on individuals. Crucial data like the permissions allowed and essential credentials of individuals are stored safely by the companies for future references.
The global consumer identity access management (CIAM) industry hit a significant high in the year 2018 and is expected to grow exponentially all across the globe. The compound annual growth rate of the industry is expected to be around xx percent for the forecasted year. By the year 2025, the industry is expected to cross a significant milestone.
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Global Market Key Players :
Microsoft
SAP
IBM
Ping Identity
Okta
Oracle
ForgeRock
Janrain
LoginRadius
iWelcome
Globalsign
Trusona
Acuant
Market Segmentation
The customer identity access management (CIAM) system can be segmented into several factors based on the desired needs and conditions. The two most important categories turn out to be the type of software and the application of the software.
Based on the type of software, the industry is segmented into on-premise solutions and Software-as-a-Service industry. The SaaS solution is tailored according to the needs of most companies. Most companies can directly work on the product, which is modular and charges as per the needs.
On the other hand, on-premise software solutions are for larger organizations with more specific needs. Most companies trim down their solutions according to the requirements.
On the other hand, based on application, the industry is segmented into government, BFSI, educational, IT & Telecom and several other industries. The customer identity access management (CIAM) system plays a crucial role in all these industries as keeping the authenticated records of the individuals has become quite a crucial role for all the companies all across the globe.
Factors affecting the growth prospects
There is a slew of factors that affect the growth prospects of the industry. The world is moving towards the age of machine learning and artificial intelligence. With the presence of a vast number of customer data points, companies can easily track down the role of the needs and desires of every individual. Followed by the stringent laws on accurate customer data, the industry can now leverage the data points of every individual across the globe.
On the other hand, presence of a large number of crucial data points has led to the rise of security concerns and hence data theft has become one of the crucial factors for the growth of customer identity access management (CIAM) system across the globe.
Key Geographies
The CIAM software shows some promising sign of growth with customers presents all across the globe. Key geographies include North America, Europe, and other major regions across the globe. The Asia Pacific region shows the highest signs of growth rates with China and India leading the race.
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