The IoT IAM Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s IoT IAM Global Market Report 2024, The iot iam market size has grown exponentially in recent years. It will grow from $7.47 billion in 2023 to $9.71 billion in 2024 at a compound annual growth rate (CAGR) of 29.9%. The growth in the historic period can be attributed to user authentication needs, data privacy regulations, rise of smart homes, consumer demand for convenience, identity theft concerns..
The iot iam market size is expected to see exponential growth in the next few years. It will grow to $27.46 billion in 2028 at a compound annual growth rate (CAGR) of 29.7%. The growth in the forecast period can be attributed to biometric authentication adoption, user-centric identity models, personalized user experiences, regulatory compliance focus, enhancing device management, dynamic access controls.. Major trends in the forecast period include adoption of zero trust security models, integration with ai and machine learning, emergence of 5g networks, device lifecycle management, enhanced user authentication methods, edge computing and distributed iam.
An increase in number of cyberattacks and data breach issues is expected to propel the IoT IAM market going forward. A cyberattack refers to an assault performed by cybercriminals to steal data and sensitive information by sending and hacking a computer system using malicious information. Data breaches refer to security violations in which sensitive information can be stolen from a computer system without prior permission of the owner of the system. Identity and access management are used at the current time to prevent any unauthorized access of information from the system of the company's employees’ database. For instance, in September 2021, according to Digit, a Scotland-based technology media, and events company, the total number of IoT device cyberattacks was 1.5 million in 2021. Furthermore, in October 2021, according to Fortune, a US-based publishing company specializing in the publication of books, articles, and magazines, the total number of global data breach cases was 1,291 in 2021. Therefore, a rising number of cyberattacks and data breach cases are anticipated to fuel the growth of the IoT IAM market in the upcoming years.
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The iot iam market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Security Type: Network Security, Endpoint Security, Application Security, Cloud Security, Other Security Types
3) By Deployment mode: Cloud, On-Premises
4) By Organization Size: Small and Mid-Sized Enterprises (SMEs), Large Enterprises
5) By Verticals: Banking, Finance services, and Insurance (BFSI), Automotive, Telecom, Healthcare, Retail and Consumer Goods, Energy and Utilities, Other Verticals
Technological advancements are a key trend gaining popularity in the IoT IAM market. Major market players are concentrating their efforts on creating innovative technologies to strengthen their position in the market., For instance, in August 2022, Okta, Inc., a US-based company operating in identity and access management (IAM), introduced Unified IAM, known as Okta Identity Governance, a cloud-based governance solution with identity governance and administration (IGA) tools focused on improving security and compliance postures in organizations IT infrastructure. Okta Identity Governance provides cloud-based intuitive technology, which makes it easy for IT teams to deploy and simple for employees to use and deliver a comprehensive identity platform and controlled access to IT infrastructure and devices.
Major Players:
- International Business Machines Corporation
- Amazon.com Inc.
- GMO GlobalSign Inc
- Ping Identity Corporation
- ForgeRock Inc.
The iot iam market report table of contents includes:
1. Executive Summary
2. IoT IAM Market Characteristics
3. IoT IAM Market Trends And Strategies
4. IoT IAM Market - Macro Economic Scenario
5. Global IoT IAM Market Size and Growth
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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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.
According to the new market research report by IndustryARC titled “Cloud Identity Access Management(I.A.M) Market - By Services (directory services, access management, governance and compliance management ); By Industry (IT and Tele communication, education ,Others) - Forecast(2018 – 2023),” the market will be driven by BYOD(Bring Your Own Device) which is adopted by different organisations and growing adoption of cloud services.
To access the full report, click the link below:https://industryarc.com/Report/15168/cloud-identity-access-management-market.htmlNorth America will Dominate the Cloud Identity Access Management Market:North America will dominate the Cloud Identity Access Management Market during the forecast period.
Asia Pacific is expected to show the highest growth due to the factors such as adoption of cloud by SMEs in the region and development in enterprise IT infrastructure.
Regulatory reforms and economic stability are also responsible for the growth of the cloud identity access management in Asia Pacific.
Selected Regulatory Analysis Done in the Full Report:BFSI, IT & Telecom, and retail will have the largest share in the Cloud identity access management market in the forecast period.
Banking, financial services, and insurance sector organisations are using cyber security solutions for detecting, monitoring, and countering cyber threats.
