IoT Identity Access Management (IAM) Market Size to Grow USD 11430 Million by 2029 at a CAGR of 15% | Valuates Reports
BANGALORE, India, Nov. 21, 2023 /PRNewswire/ -- IoT IAM Market is Segmented by Type (Private Deployment Model, Public Deployment Model, Hybrid Deployment Model), by Application (Retail And Consumer Goods, Public Sector, Public Utilities, Health Care, Energy, Oil, Gas, Manufacturing): Global Opportunity Analysis and Industry Forecast, 2023-2029. It is Published in Valuates Reports Under the Category of Software.
The global IoT IAM market was valued at USD 4942.2 Million in 2022 and is anticipated to reach USD 11430 Million by 2029, witnessing a CAGR of 15.0% during the forecast period 2023-2029.
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Major Factors Driving the Growth of the IoT IAM Market:
The IoT IAM market is expanding due to many causes, including a rise in identity fraud cases and security breaches, increased awareness of compliance controls, the growing requirement for IAM for IoT, and rising cyber security expenditures. The market's development is further aided by the cultural change from traditional IAM to IoT IAM. Additionally, there are many prospects for the IoT IAM market to expand due to the spread of cloud-based IAM services and solutions, the rise in the usage of hybrid cloud models, and technologies like blockchain, AI, ML, and biometrics for identity and access management.
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IoT IAM MARKET TRENDS
One of the main factors propelling the IoT IAM market's expansion is the exponential rise in IoT device counts across several sectors. An effective identity and access management system is essential for ensuring safe and controlled access to the numerous linked devices that businesses are deploying in order to increase productivity and collect data. This will stop any unauthorised activity and potential security breaches.
Growing apprehensions about IoT device-related cybersecurity vulnerabilities fuel the need for sophisticated identity and access management solutions. IoT devices are appealing targets for hostile actors due to their potential vulnerabilities brought about by their interconnectedness. Strong authentication, encryption, and access restrictions are implemented by IoT IAM to allay these worries and strengthen the overall security posture of IoT ecosystems.
Organisations must establish strong security measures, including efficient IAM methods for their IoT installations, in order to comply with strict regulatory frameworks and compliance requirements like GDPR and HIPAA. Adopting IoT IAM solutions to satisfy the changing legal requirements around data privacy and security is facilitated by compliance with these rules, which also protect sensitive data.
The IoT IAM market is expanding due in large part to the reliance of industries including manufacturing, healthcare, and energy on IoT technology for mission-critical operations. In many industries, the requirement to safeguard sensitive data and essential infrastructure drives up demand for IAM solutions designed to meet the particular difficulties presented by IoT installations. The possibilities of IoT IAM are further enhanced by its connection with analytics and artificial intelligence (AI). Predictive analytics and AI-driven threat detection improve the proactive discovery of possible security concerns, allowing enterprises to quickly address new threats and vulnerabilities inside their IoT ecosystems.
A decentralised approach to IAM is necessary given the advent of edge computing in Internet of Things architectures, where data processing takes place closer to the point of data production. Secure access and authentication are guaranteed by IoT IAM solutions tailored for edge settings, maintaining edge computing advantages while promoting smooth IAM integration with dispersed IoT networks.
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IoT IAM MARKET SHARE ANALYSIS
Asia-Pacific is anticipated to develop at the fastest rate throughout the projected time frame. The area offers good software and service options in addition to a strong IT infrastructure. The IoT identity and access management market in this area is also growing as a result of rising cloud service usage, rising need for IAM in healthcare retail, and improving company processes.
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Key Players:
- Amazon Web Services
- Broadcom
- LogMein
- Gemalto
- MICRO FOCUS INTERNATIONAL
- Covisint
- ForgeRock
- Ping Identity Corporation
- CERTIFIED SECURITY SOLUTIONS
- GlobalSign
- Amazon
- Gemalto NV
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SIMILAR REPORTS
- IoT Security Solution for Identity and Access Management (IAM) Market
- Industrial Asset Management Software market is projected to reach USD 2335.6 million in 2029, increasing from USD 1370 million in 2022, with the CAGR of 7.9% during the period of 2023 to 2029.
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- IoT Spending in Pharmaceutical Manufacturing Market
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- Big Data in Internet of Things Market
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