By 2030, the worldwide market for consumer identity and access management is expected to have grown from its 2020 valuation of $7,793.5 million to $37,239.29 million.

According to an industry vertical, the BFSI sector held the most share in 2020 and is anticipated to maintain this position during the projected period. Because client authentication procedures must be strengthened, consumer IAM is widely used in the banking industry. Customers' use of biometrics and unique identification codes at ATMs and financial institutions reduces fraud. Biometrics, fingerprint readers, finger vein readers, palm vein readers, voice recognition systems, and other IAM device and technology advancements are anticipated to open up a wide range of chances for the BFSI industry's market expansion.

Due to strict government rules to secure customer data and the expanding consumer IAM trend of centralized monitoring, the use of consumer IAM solutions has grown in recent years. The market is also anticipated to be driven by the growth in cyber threat occurrences and the growing use of IoT. However, worries about cloud-based security and a lack of uniformity in industry standards impede market expansion.

There will likely be many opportunities for the global consumer identity and access management market to grow and develop as a result of the growing popularity of mobile devices and the adaptable features of consumer IAM solutions to address rising network traffic, expanding demand, and peak usage requirements of consumers for various applications.

Increased network traffic, erratic demand spikes, and use patterns must all be handled well by consumer IAM solutions. It is anticipated that the design and development of these solutions, which enable flexible functioning in circumstances like elastic demand and peak consumption requirements of customers accessing various apps, would soon propel market expansion.