Liminal Reveals Leading CIAM Providers in 2024 Link Index

Liminal Reveals Leading CIAM Providers in 2024 Link Index

Recent studies indicate that 81% of businesses have experienced a reduction in customer churn after adopting Customer Identity and Access Management (CIAM) solutions. This information stems from research conducted by Liminal, a technology firm that specializes in market and competitive intelligence.

Overview of the Link Index

Liminal has published its latest report on the Link Index for Customer Identity and Access Management (CIAM), showcasing a detailed analysis of the top 15 vendors that are currently influencing this market. The report emerges at a critical time for businesses as they are increasingly faced with regulatory challenges, rising customer expectations, and the need to fend off cybersecurity threats.

Key Findings and Industry Trends

Through an initial evaluation of 50 companies in the field, Liminal has strategically narrowed the contenders down to 34 based on strict product execution criteria. Ultimately, out of this pool, 15 exceptional vendors were recognized for their noteworthy product performance and visionary approaches. This selection encompasses various sectors, including cloud service providers, Customer Relationship Management (CRM) providers, traditional CIAM vendors, Identity and Access Management (IAM)/Single Sign-On (SSO) providers, as well as web security providers.

The Transforming CIAM Market

The CIAM market is witnessing a significant shift, largely propelled by stringent data privacy regulations like GDPR. Companies are now scrambling to implement secure, seamless identity management solutions that not only enhance customer experience but also comply with regulatory mandates. Today's businesses face multiple challenges such as disjointed identity management systems, widespread account takeover issues, and an overwhelming volume of manual account recoveries.

Insights from the Link Index

Highlighted findings from Liminal's Link Index include:

• 74% of enterprises report struggles with siloed identity data, complicating compliance with privacy laws and harming personalized customer experiences.
• The alarming statistic of 90% of businesses experiencing account takeover attacks, with a staggering 30% resulting in fraudulent transactions, underscores the urgency for robust security systems.
• Despite advancements, 75% of account recoveries remain manual, leading to operational inefficiencies and rising costs.

Adopting Advanced CIAM Solutions

In response to the hurdles faced, many companies are turning towards sophisticated CIAM solutions that offer integrated identity management, security enhancement, and improved operational efficiency. Some key solutions being adopted include:

• Integrated CIAM Platforms: These holistic solutions unify identity and security, thereby streamlining processes and minimizing risks linked to fragmented systems.
• Advanced Security Features: Tools like passwordless authentication and multi-factor authentication (MFA) are being integrated to combat account takeover and related threats.
• Automated Recovery Processes: By automating account recovery, businesses can alleviate operational burdens and enhance efficiency.
• Compliance Tools: Systems providing automated compliance solutions ensure that companies efficiently meet the demands set out by modern privacy regulations.

A Strategic Perspective on CIAM

According to Travis Jarae, CEO of Liminal, "CIAM is transitioning beyond a mere access management solution; it is becoming a strategic facilitator for businesses. Our 2024 Link Index offers valuable insights that help organizations make educated decisions regarding the solutions that can foster growth and reduce security risks."

The report indicates groundbreaking results for companies utilizing these advanced CIAM solutions, including an 81% decrease in customer churn, 63% reduction in registration drop-offs, and a 53% decline in fraud losses due to account takeover attacks.

Growth Projections in CIAM Market

Liminal's analysis projects that the total addressable market for customer identity and access management solutions will expand from approximately $6.2 billion to $10.8 billion by 2028. This growth will be fueled by increased demand for comprehensive identity management solutions that effectively balance security, compliance, and customer experience.

About Liminal:
Liminal empowers businesses by providing actionable insights through sophisticated market and competitive intelligence. With a state-of-the-art platform that combines AI capabilities with human expertise, Liminal delivers deep analysis and tailored solutions across various critical domains including fraud prevention, cybersecurity, compliance, and privacy management. Numerous industry leaders rely on Liminal to navigate market complexities with confidence.

Frequently Asked Questions

What is CIAM?

Customer Identity and Access Management (CIAM) refers to the systems and processes that allow businesses to manage customer identities and access securely, enhancing user experience and compliance.

What does the Liminal Link Index report cover?

The Liminal Link Index report provides an overview of the top CIAM vendors, highlighting their product capabilities and market influence.

How can CIAM solutions reduce customer churn?

By providing seamless and secure access, CIAM solutions help improve customer experiences, leading to higher retention rates and reduced churn.

What challenges are businesses facing in CIAM?

Businesses often struggle with siloed identity data, account security threats, and inefficiencies in manual account recovery processes.

What is the projected growth of the CIAM market?

The CIAM market is expected to grow from $6.2 billion in 2024 to $10.8 billion by 2028, driven by increasing demand for integrated solutions.

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