Press Releases

Consumer Management and Access Management Market to See 16.7% Annual Growth Through 2024

Industry Boosted by Cyberattacks in the Healthcare Sector

September 04, 2019

WELLESLEY, Mass., Sep 04, 2019–Increasing cyberattacks in the healthcare sector and a need to effectively comply with stringent regulations are two factors which drive growth of the global consumer management and access management market, according to a report by BCC Research, “Consumer Management and Access Management Market: Global Considerations.” 

The market expects to see a compound annual growth rate (CAGR) of 16.7% through 2024, when it could be worth $35.3 billion. 

Major players in the market include: Salesforce Inc. (CRM), Microsoft Corp. (MSFT), Experian PLC (EXPGY) and Equifax Inc. (EFX). 

Research Highlights 

  • Banking, financial services and insurance (BFSI) as a segment of CIAM market should grow from $3.1 billion in 2019 to reach $6.8 billion by 2024 at a CAGR of 16.8%. 
  • Healthcare as a segment of CIAM market should grow from $2.5 billion in 2019 to reach $5.9 billion by 2024 at a CAGR of 18.4%. 
  • Retail and consumer goods as a segment of CIAM market should grow from $2.7 billion in 2019 to reach $6.0 billion in 2024 at a CAGR of 17.7%. 

Read the full report here: https://www.bccresearch.com/market-research/consumer/consumer-and-access-management-market-report.html 

“Consumer identity and access management (CIAM) solutions are used across a wide variety of sectors ranging from retail and banking to healthcare,” writes analyst Aneesh Kumar. “Over the forecast period, the healthcare sector is estimated to be the fastest end-user vertical for applications of CIAM solutions globally. This growth is mainly because the healthcare sector is one of the most targeted sectors for cyber-attacks as healthcare organizations collect and store massive amounts of valuable personal information including highly sensitive data such as names, social security numbers, home addresses and dates of birth. To effectively tackle the rising threats of cybercrime and online fraud, healthcare providers are increasingly investing in innovative tools and systems.” 

The Focus on the Customer Experience 

Rapidly-growing competition has increased the need for businesses to adopt new methods to improve their customer experience, the report adds. This has resulted in the enhanced willingness of the organizations to deliver the quality of the services above the customers’ actual requirements. Also, the growing focus on competition rather than customers itself is allowing organizations to consider themselves to be one step ahead of their customer’s expectations. Businesses with a good customer experience management system have an easier time improving customer experience and are more likely to stand out and grow in a competitive global market. Customer experience management has become important in providing good marketing return on investment. Increases in marketing return on investment drive revenue growth, leads and sales conversions. Customer experience management is not only considered important in providing a good return on marketing investment, but also for providing strong customer experiences. 

Editors/reporters requesting analyst interviews should contact Sarah Greenberg at press@bccresearch.com

Consumer Identity and Access Management Market: Global Considerations( CON002A )
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