IoT IAM Market: Segmented; By Component: (Solution and Services), By Security Type (Network security, Endpoint security, Application security, Cloud security and Others), By Application (Education, IT & Telecommunication, Oil, gas and Energy, Media & entertainment, and Others) And Region - Global Analysis of Market Size, Share & Trends For 2019-2020 And Forecasts To 2031
[ 170 + Pages Research Report ] IoT IAM Market to surpass USD 111.2 billion by 2031 from USD 8.7 billion in 2021 at a CAGR of 29.1 % in the coming years, i.e., 2021-31.
IAM (Identity and Access Management) for the IoT is a solution that helps enterprises manage the identity of the user who are connected to networking devices and executing business-critical operations. The use of Information Technology systems, digital solution, and connected gadgets has increased as a result of technological advancements. There are various benefits associated with the use of global IoT IAM, including increased efficiency, the system's ability to recognize threats, and the high level of security it delivers. The IoT IAM market is constrained by factors like as budget limits, security concerns, and a lack of technological knowledge in the field of Identity Access Management solutions.
Global IoT IAM market is expected to project a notable CAGR of 29.1% in 2031.
Factors driving the IoT IAM market include increased acceptance of the BYOD trend, increased frequency of cybersecurity incidents and cyberattacks, and significant growth in the IoT trend. However, security problem, experience, and awareness, as well as cost and budgetary concerns about IoT IAM solutions, may limit market growth, as well as difficulties in assigning distinct identity for each network asset of an organization.
Provisioning Solution IoT IAM segment to grow with the highest CAGR during 2021-31
As more firms embrace provisioning solutions to control and regulate the identities & accesses of network resources and IoT applications , provisioning solutions are predicted to have the biggest market share and command over the IoT IAM Market. The authentication solutions are likely to play a significant role in transforming the IoT IAM landscape, with the fastest increasing rate over the forecast period. The reason for this is that businesses have increased their investment in authentication systems to handle device access control.
Oil, gas and energy segment to grow with the highest CAGR during 2021-31
The industries have implemented Internet of things technology for business-critical application, which are considered ideal targets for cyber thieves, the Oil, Gas and Energy segment is predicted to grow at the fastest CAGR in the IoT IAM Market during the forecast period. Due to the early adoption of IoT as well as a surge in internet banking for businesses through web and mobile devices, the BFSI vertical is predicted to contribute the biggest market share in the IoT Identity Access Management Market.
Rising number of cyberattacks and data breach
As the incidence of cyberattacks and data breaches rises, businesses around the world are focusing their efforts on improving IT security. During the forecast period, this is projected to drive the IoT identity access management (IAM) market. In the growth of IoT technology, smartphones and communications networks play a critical role. Smartphone technology is rapidly advancing, and smartphones are increasingly being used to operate emerging IoT devices at home. During the projected period, it is expected to enhance the IoT (IAM) market.
Increasing awareness and the use of Internet
Industry is expected to rise as people become more aware of the benefits of utilizing the internet. For example, the percentage of people who use the internet has increased between 8%-49% of the overall population. Furthermore, in response to the increase for high-speed internet connectivity among individuals, telecommunications companies are increasingly focusing on building 5G network technology, which allows for extremely fast internet access. Furthermore, at the end of 2031, 1/3rd of the world is expected to have 5G connectivity.
Lack of security and budget
Furthermore, lack of security, experience, and awareness, as well as cost & budgetary concerns with IoT IAM solutions, may limit market growth, as well as difficulties in generating unique identities for each network asset of an organization.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global IoT IAM market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Based on the region, North America is predicted to have the greatest market share for Physical Identity Access Management. North America's supremacy can be linked to the region's strategic investments, alliances, and extensive research & development (R&D) operations. The Canada and the United states are the two largest contributors to the IoT IAM market with in North American area. The favorable regulatory environment is credited with North America's dominance.
The rise in COVID-19 instances around the world has prompted a global lockdown, and all firms' reliance on digital platforms to power its daily operations has grown dramatically. Furthermore, due to a lack of security infrastructure and an increase in cyberattacks, organizations are at danger of losing key corporate data. Powerful IoT IAM increases security infrastructure and gives organizations control over the business data, all while enhancing productivity, lowering costs, and increasing the efficiency of the system. As a result, COVID-19 has had a favorable impact on IoT identity access management adoption.
Global IoT IAM is further segmented by region into:
IoT IAM Segments:
|Market size value in 2021||USD 8.7 billion|
|Revenue forecast in 2031||USD 111.2 billion|
|Growth Rate||CAGR of 29.1% from 2021 to 2031|
|Base year for estimation||2020|
|Quantitative units||Revenue in USD billion and CAGR from 2021 to 2031|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Component, Security Type, Application, and Region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Key companies profiled||IBM Corporation, Microsoft Corporation, Amazon Web Services, LogMeIn, Inc., Intel Security Group, Oracle Corporation, Siemens AG, CA Technologies, Cloud Security Alliance, Arcon Tech Solutions, EMC Corporation, Hitachi Ltd. And Other Prominent Players|
The IoT IAM Market size was estimated at USD 8.7 billion in 2021 and is expected to reach USD 111.2 billion by 2031
Key players are IBM Corporation, Microsoft Corporation, Amazon Web Services, LogMeIn, Inc., Intel Security Group, Oracle Corporation, Siemens AG, CA Technologies, Cloud Security Alliance, Arcon Tech Solutions, EMC Corporation, Hitachi Ltd. And Other Prominent Players.
Provisioning Solution IoT IAM segment is anticipated to hold the IoT IAM Market
Drivers: Rising number of cyberattacks and data breach and Increasing awareness and the use of Internet
IAM (Identity and Access Management) for the IoT is a solution that helps enterprises manage the identity of the user who are connected to networking devices and executing business-critical operations. The use of Information Technology systems, digital solution, and connected gadgets has increased as a result of technological advancements.
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