New York, US, Sept. 22, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “IOT- Identity Access Management Market, by Services, by Components, by End-Users - Forecast 2030”, the market is anticipated to acquire a valuation of approximately USD 19.6 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 14.20% during the assessment timeframe.
Players leading the global IoT-IAM market include-
- Microsoft Corporation (US)
- Hitachi, Ltd. (Japan)
- IBM Corporation (US)
- Intel Security Group (US)
- Siemens AG (Germany)
- EMC Corporation (US)
- ARCON Tech Solutions (India)
- Cloud Security Alliance (US)
- Oracle Corporation (US)
- CA Technologies (US)
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IoT- Identity Access Management Market Overview:
The IoT- identity access management market witnesses rapid revenue growth. Augmenting demand for the latest security & authentication technologies from various information-sensitive industries is a key driving force. Besides, the growing use of IoT IAM technologies in IT & telecom and banking & finance sectors substantiates the market demand.
Growing practices of IoT IAM solution integration to enhance services such as multi-factor authentication, access management & SSO escalates market value. Market Research Future (MRFR) states that the global IoT- identity access management market is poised to reach a valuation of approximately USD 19.6 BN by 2030, growing at a 14.20% CAGR during the review period (2022-2030).
Most organizations are increasingly capitalizing on improving their existing surveillance infrastructures and access control to create new services and ensure the appropriate access to business services. Furthermore, the growing adoption of cloud services and channelizing identity access management functions boost market sales. Also, the rising trend of the 'bring your own device' (BYOD) policy in organizations positively impacts market growth.
Report Scope:
| Report Metric | Details |
| Market Size By 2030 | USD 19.6 Billion |
| CAGR From 2022 to 2030 | 14.20% |
| Base Year | 2021 |
| Growth Period | 2022-2030 |
| Key Market Opportunities | key players and rising demand, IAM products' manufacturing and selling will increase |
| Key Market Drivers | Rising consumer-centric identity access management, The enhancement of consumer-grade identities by social media and bring your own device (BYOD) |
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Industry Trends
Increasing implementations of consumer-grade identity police on social media platforms to enhance consumer-centric identity access management substantiate market growth. Rising deployments of wireless technology across industries accelerate the market growth of security systems. Increasing firmware attacks that present a largely unprotected surface attack allowing hackers to access corporate or critical infrastructure networks substantiate market demand.
The explosion of connected devices has escalated the cybersecurity risks, which promotes more vigorous regulatory enforcement and transparent baseline standards & guidance for IoT device manufacturers and their supply chains to combat attacks on device firmware. Conversely, continuous upgrades of valuable features and differentiation techniques are projected to impede market growth.
Also, issues related to implementation guidelines and the proper assignment of security policies to specific users restrains the growth of this market. Nevertheless, the emergence of end-to-end IoT Identity & security platforms would support market growth, offering embedded device identity & integrity technologies and purpose-built certificate issuance and management.
IoT- Identity Access Management Market Segments
The IoT IAM market is segmented into services, deployments, components, enterprises, end-users, and regions. The service segment is sub-segmented into multi-factor authentication, user provisioning, password management, directory services, access management & single-sign-on (SSO), and others. The deployment segment is sub-segmented into on-cloud, on-premise, and hybrid.
The component segment is sub-segmented into network hardware, cooling units, and others. The enterprise segment is sub-segmented into small-to-medium-enterprises (SMEs) and large enterprises. The end-user segment is sub-segmented into IT & telecom, government, energy & utility services, education, retail & e-commerce, banking & financial services, media & entertainment, manufacturing, and others. The region segment is sub-segmented into the Asia-Pacific, North America, Europe, and the Rest-of-the-World.
IoT- Identity Access Management Market Regional Analysis
North America is the largest market for IoT- identity access management solutions. Technological advances, several opportunities in various sectors, and increasing usage by law enforcement agencies boost the market size. Besides, the rapid adoption of cloud and mobile applications in banking, IT & telecom, government, energy & utility services drive the regional IoT-IAM market.
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Moreover, the rising emphasis on using personal identification cards to access government IT infrastructure by many federal government organizations boosts regional market growth. The North American IoT IAM market is projected to retain its dominance throughout the estimated period.
Europe is another rapidly growing market for IoT- identity access management technology. The increasing adoption of IoT IAM solutions in government establishments like cyber authorities & policies to protect confidential data impact the IoT-IAM market growth positively.
Additionally, the growing uptake of cloud-based services by small and large organizations in developing countries like China and India fosters regional IoT-IAM market growth.
Also, increased cybersecurity issues due to the rising adoption of BYOD policies and malicious software that can easily hack sensitive information propel the market growth in the region. Furthermore, increased adoption of IoT IAM solutions in the region substantiates the development of the European IoT- identity access management market.
The Asia Pacific IoT- identity access management market is growing rapidly. Factors such as the increasing IT infrastructure and increasing cyber-attacks impact the market growth in the region positively. Moreover, the rising demand for IoT IAM solutions from the banking & financial services, media & entertainment, and manufacturing sectors increases market size. The APAC IoT- identity access management market is forecasted to register the highest CAGR over the review period.
IoT- Identity Access Management Market Competitive Analysis
The highly competitive IoT IAM market appears fragmented, with many well-established players forming a competitive landscape. To gain a significant competitive share, these players initiate strategies, such as innovation, mergers & acquisitions, partnerships, and collaboration.
The market will witness intensified competition with increased R&D innovations and M&A. Providers strive to develop automated digital identity management and web security solutions that can extend access to firmware scanning tools to analyze device firmware & detect known vulnerabilities.
They also work on improving open source components, hard-code encryption keys, expired certificates, and potential zero-day vulnerabilities for their customers. IoT security experts ensure security and compliance devices for original equipment manufacturers (OEMs), developing a new method for vetting and validating firmware.
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For instance, on Jan. 13, 2022, Device Authority, a leading IoT- identity and access management (IAM) provider, announced the integration of FDO into the KeyScaler platform. FIDO Device Onboard (FDO), an automated onboarding protocol for IoT devices, provides the industrial IoT industry with a fast & secure way to onboard any device to any device management system, leveraging asymmetric public key cryptography. FIDO device integrated into its IoT identity access management platform allows device provisioning and secure onboarding solution, thereby establishing trust in IoT products throughout their lifetime.
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