Consumer Identity Access Management Market: Current Trends, Opportunities and Challenges

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 consumer identities. Employee IAM solution lacks the features which balance the convenience and security of a great consumer experience. Consumer identity access management (CIAM) solutions manage end-to-end data security in the organization to keep valuable consumer information safe from attack.

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Organizations are unsure of their ability to safeguard their consumer 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 consumer trust which is driving the consumer 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 consumer identity access management market.