Are you looking to add Customer Identity and Access Management (CIAM) to your arsenal of tools? Maybe for your business or personal use only, whatever it is – it’s always a good idea to know more about the most important Customer Identity and Access Management (CIAM) statistics of 2024.
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How much of an impact will Customer Identity and Access Management (CIAM) have on your day-to-day? or the day-to-day of your business? Should you invest in Customer Identity and Access Management (CIAM)? We will answer all your Customer Identity and Access Management (CIAM) related questions here.
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Best Customer Identity and Access Management (CIAM) Statistics
☰ Use “CTRL+F” to quickly find statistics. There are total 46 Customer Identity and Access Management (CIAM) Statistics on this page 🙂Customer Identity and Access Management (CIAM) Market Statistics
- The CIAM market is unsaturated and growing, and according to Markets and Markets, it is projected to expand from USD 7.6 billion in 2020 to USD 15.3 billion by 2025, at a compound annual growth rate of 15.1%. [0]
Customer Identity and Access Management (CIAM) Latest Statistics
- According to F5 Labs, accessrelated breaches constituted the largest known security breach type (52%). [1]
- With 82 percent of the world population covered by privacy regulations in place or imminent, according to PwC analysis , safeguarding customer data is no longer an option it’s a must. [1]
- One in three US consumers (32%). [1]
- This figure is even higher in Latin America, at 49%. [1]
- Customers love a customised deal, as30 percent of themsay. [2]
- A full87 percent of customerssay they won’t work with a company with sketchy security policies. [2]
- Credential stuffing attacks alone cost businesses an average of $4 million a year, according to a 2019 study from the Ponemon Institute. [3]
- In 2019, the average global website conversion rate was 2.58%, which is actually down from 3.42% in 2014. [3]
- Over 85% of buyers say they are willing to pay more for excellent customer experiences. [4]
- Today, however, only 1% of customers think that companies can deliver a level of customer service that consistently meets their expectations. [4]
- In a recent survey, 83% of US customers said that they would stop buying from a company that had experienced a data breach–21% said they would never return. [4]
- loyalty—92% of organizations that invest in customer experience say they see an improvement in customer loyalty as a result of their efforts. [5]
- A Ponemon survey found that 65 percent of consumers indicated a data breach had caused them to lose trust in an organization and 27 percent discontinued their relationship with that company. [5]
- Just 48% of organizations have a password vault, and only 21% have multi factor authentication implemented for privileged administrative access. [6]
- Privileged Access Management in the Modern Threatscape , found 74% of data breaches begin with privileged credential abuse. [6]
- See how a composite organization achieves 269% ROI over 3 years with SAP e commerce and customer data solutions. [7]
- The firm’s research found that 61% of security decision makers plan to increase their IAM budget in 2021, with 32% expecting to increase by 5% or more. [8]
- Fiftytwo percent of security decision makers say their firm has already implemented 2FA or passwordless authentication for employees. [8]
- The research estimates 31% were implementing one of those in 2020 or had plans to implement in 2021. [8]
- Identity is unique in that it touches 100% of acquired users. [9]
- 86% of companies are competing based on customer experience. [9]
- 57% of consumers would preferpasswordless authentication. [9]
- When it comes to MFA, a usability study from Brigham Young University found that only 29% of consumers agree that the second factor was worth the convenience tradeoff. [9]
- What’s more, the same study found that 35% of respondents mentioned difficulties with their second factor not being immediately available to them when they’re trying to log in. [9]
- 83% of consumers are willing to share some data to enable a personalized experience. [9]
- A notable finding from the same study reported that 64% said a brand experience is invasive when the brand had information about a consumer they didn’t share knowingly or directly. [9]
- Gartner reports that, by 2024, 63% of the world’s population will have our personal information covered under modern privacy law which is up from 10% in 2020. [9]
- In 2019, Pew Research found that 79% of consumers are concerned with how companies use data collected about them. [9]
- Developers spend 17 hours/week on code maintenance and refactoring amounting to $85B in annual opportunity cost while IT leaders express a desire to spend more on innovation but 55% of the budget is tied up with maintenance costs. [9]
- That’s a compound annual growth rate of 14.5 percent. [10]
- In 2021, the industry’s worth may increase by around 15 percent, and throughout the next five years, the value of the industry could rise by more than 65 percent. [10]
- According to a recent survey by the Center for Strategic & International Studies, more than 80 percent of employers lamented the lack of available talent and blamed the gap for direct harm to their companies. [10]
- The number of unfilled positions has increased by 50 percent over the last five years. [10]
- The report cited above revealed that almost 90 percent of the organizations surveyed include access management in their overall risk management strategy. [10]
- Indeed, more than 70 percent consider security more important than operational efficiency. [10]
- According to InformationWeek, companies spent approximately $15 billion extra per week in the early months of the pandemic to equip employees for secure remote work. [10]
- In a study sponsored by JumpCloud, 97 percent of businesses surveyed plan to increase spending or maintain existing levels, and seventy seven percent plan to invest more. [10]
- Several reports have suggested that at least 70 percent of companies utilize security systems that are inadequate. [10]
- According to several identity and access management report analysis, the automated systems can also decrease a company’s expenses by more than 17 percent. [10]
- Microsoft projects that 94 percent of organizations will use IoT in 2021. [10]
- Numerous identity and access management reports have indicated that 52 percent of businesses may purchase products that could significantly increase efficiency. [10]
- Recently, a survey indicated that 47 percent of entrepreneurs prefer innovative systems that could prevent data breaches. [10]
- However, more than 57 percent of businesses do not utilize automated technology. [10]
- Recently, a report indicated that at least 43 percent of entrepreneurs are searching for innovative systems that can improve automation. [10]
- Of the executives Gilligan surveyed, more than 40 percent believe that at least half of their employees will continue to work at home in more normal circumstances. [10]
I know you want to use Customer Identity and Access Management (CIAM) Software, thus we made this list of best Customer Identity and Access Management (CIAM) Software. We also wrote about how to learn Customer Identity and Access Management (CIAM) Software and how to install Customer Identity and Access Management (CIAM) Software. Recently we wrote how to uninstall Customer Identity and Access Management (CIAM) Software for newbie users. Don’t forgot to check latest Customer Identity and Access Management (CIAM) statistics of 2024.
Reference
- securitymagazine – https://www.securitymagazine.com/articles/94184-three-key-customer-iam-trends-for-2021.
- pwc – https://www.pwc.com/us/en/services/consulting/cybersecurity-risk-regulatory/library/customer-identity-access-management.html.
- okta – https://www.okta.com/uk/identity-101/ciam/.
- auth0 – https://auth0.com/blog/what-is-ciam/.
- loginradius – https://www.loginradius.com/blog/identity/customer-identity-and-access-management/.
- forgerock – https://www.forgerock.com/what-is-ciam.
- forbes – https://www.forbes.com/sites/louiscolumbus/2019/03/30/5-things-every-executive-needs-to-know-about-identity-and-access-management/.
- sap – https://www.sap.com/products/crm/customer-data-management.html.
- venturebeat – https://venturebeat.com/2021/08/13/7-biggest-trends-defining-identity-access-management-in-2021/.
- beyondidentity – https://www.beyondidentity.com/blog/top-5-trends-ciam-watch.
- identitymanagementinstitute – https://identitymanagementinstitute.org/identity-and-access-management-market-report-2021-and-beyond/.
How Useful is Customer Identity and Access Management
CIAM is a comprehensive system that allows businesses to securely gather, store, and manage customer information. This includes personal details such as names, email addresses, and payment information, as well as login credentials and behavioral data. By implementing CIAM, companies are able to authenticate users, provide access to specific resources, track customer interactions, and ensure data privacy and security.
One of the key benefits of CIAM is its ability to streamline the customer experience. With a single, centralized system for managing customer identities, businesses can provide a seamless and personalized experience across all touchpoints. By storing customer preferences and behaviors, organizations can tailor their marketing messages and offers, leading to increased customer satisfaction and loyalty.
Moreover, CIAM helps businesses comply with regulations and standards related to data privacy and security. With stricter laws such as the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) in place, companies must ensure that they safeguard customer data and respect individuals’ privacy rights. CIAM offers features such as consent management, user data deletion, and secure data transfer protocols to help companies meet these regulatory requirements.
Another significant advantage of CIAM is its ability to enhance security and protect against cyber threats. With the rise of data breaches and cybersecurity attacks, organizations must implement robust security measures to safeguard customer information. CIAM allows businesses to deploy multi-factor authentication, encryption, and adaptive access controls to prevent unauthorized access and protect sensitive data from malicious actors.
Furthermore, CIAM can help businesses gain valuable insights into customer behavior and preferences. By analyzing user interactions and engagement patterns, companies can uncover trends, identify opportunities for improvement, and make informed business decisions. This data-driven approach enables organizations to enhance their products and services, target specific customer segments, and drive revenue growth.
In conclusion, Customer Identity and Access Management is a crucial tool for organizations looking to enhance customer relationships, strengthen security measures, comply with regulations, and drive business success. By implementing an effective CIAM solution, businesses can create a seamless and secure customer experience, protect customer data, comply with privacy regulations, and gain valuable insights into customer behavior. As technology continues to evolve and customer expectations rise, investing in CIAM is essential for any organization that values trust, security, and innovation in the digital age.
In Conclusion
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