Iot Identity And Access Management (Iam) Market Expected to Reach $47.2 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Iot Identity And Access Management (Iam) Market," The iot identity and access management market size was valued at $4.9 billion in 2021, and is estimated to reach $47.2 billion by 2031, growing at a CAGR of 25.4% from 2022 to 2031.

Identity and access management (IAM) is the discipline that enables right individuals to access right resources at the right times for the right reasons. IoT devices are focused on connecting things, people, tools, and applications, and IoT identity access management provides end-to-end encryption, overload detection, and unauthorized access removal to help build strong security features.

Rapid digitization toward business operations and an increase in integration of IAM with IoT devices aided in propelling the growth of global IoT IAM market. Moreover, cultural shift from traditional IAM to IoT IAM and increasing spending on cyber security during the period has positively impacted IoT IAM industry. However, high cost associated with implementation and maintenance of IoT identity and access management (IAM) solution and increase in security & privacy concerns is anticipated to hamper the IoT IAM market during the forecast period. On the contrary, adoption of Bring your Own Identity (BYOI) approach is expected to offer remunerative opportunities for the expansion of the Iot Identity And Access Management market forecast.

On the basis of security type, the network security segment dominated the overall Iot Identity And Access Management Market Share in 2021 and is expected to continue this trend during the forecast period. This is attributed to the increase in cyber-attacks on networks due to increase in internet penetration and connected devices. However, the cloud security segment is expected to witness the highest growth owing to increase in adoption of cloud-based security solutions, rising demand for cloud-based services.

Region wise, the Iot Identity And Access Management Market analysis was dominated by North America in 2021, and is expected to retain its position during the forecast period, owing to its higher expenditure on technological solutions for better security. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to the growth in number of startups and the expanding infrastructure in the region, which is expected to fuel the growth of the IoT IAM industry in the region during the forecast period.

The IoT Identity And Access Management Market is expected to grow rapidly after the pandemic, owing to rise in adoption of work-from-home culture across the globe. Furthermore, increase in cyber risk and new vulnerabilities is leading organizations worldwide to rethink their security setups. To manage employees working from home, companies rely extensively on remote-based monitoring of the workforce, enhancing the demand for IoT solutions. This helps bring transparency, provide real-time tracking, improve safety, and ensure meeting government compliance. However, the cybersecurity of remote workforce and enterprises plays a vital role in catering to their clients during lockdowns. Therefore, it offers opportunities for the IoT identity and access management market post pandemic.

KEY FINDINGS OF THE STUDY

• By offering, the solution segment accounted for the largest IoT IAM market share in 2021.
• By region, North America generated the highest revenue in 2021.
• By enterprise size, large enterprises segment accounted for the largest IoT IAM market share in 2021.
• By deployment mode, the on-premise segment generated the highest revenue in 2021.

The key players profiled in the Iot Identity And Access Management Industry are Telefonaktiebolaget LM Ericsson, AWS, Google LLC, Microsoft, IBM, Cisco Systems, Inc., Oracle, HID Global Corporation, DigiCert, Inc., Keyfactor, Entrust Corporation, GlobalSign, One Identity, LLC, KaaIoT Technologies, LLC, Sailpoint Technologies Holdings, Inc., Optiv Security, Inc., and IdentityFusion, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the Iot Identity And Access Management Industry.