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Besides, the rising uptake of IoT IAM technologies in IT & telecom and banking & finance sectors creates substantial market demand.
Moreover, the growing integration of IoT IAM solutions to enhance services such as multi-factor authentication, access management & SSO escalate the market growth.
According to Market Research Future (MRFR), the global IoT- identity access management market is poised to create a valuation of approximately USD 20 BN by 2022, growing at 16% CAGR during the review period (2018-2023).
Organizations are capitalizing upon existing surveillance infrastructures and access control to create new service lines and ensure the appropriate access to business services.
Also, the rising trend of 'bring your own device' (BYOD) policy in organizations positively impact market growth.
IoT- Identity Access Management Market – Competitive Analysis Highly competitive, the IoT IAM market appears fragmented due to the presence of numerous well-established players.