IoT- Identity Access Management Market is Driven by the Rising Advances in Cyber Security Technologies | IoT- Identity Access Management Market Size, Share and Growth Forecast

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IoT-Identity Access Management Market Research Report- Forecast till 2022

Market Highlights

The IoT- identity access management market is growing rapidly. Market growth attributes to the spurting rise in demand for the latest security & authentication technologies in various information sensitive industries. 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. Additionally, the growing adoption of cloud services and channelizing identity access management functions, boost market sales. Also, the rising trend of ‘bring your own device’ (BYOD) policy in organizations positively impact market growth.

Furthermore, the 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 the 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 up-grades of valuable features and differentiation techniques are the significant factors projected to impede the market growth.

Also, issues related to implementation guidelines and the proper assignment of security policies to the 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.

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The report is segmented into six dynamics;

By Services : Multi-factor Authentication, User Provisioning, Password Management, Directory Services, Access Management & Single-Sign-On (SSO), and others.

By Deployment : On-Cloud, On-Premise, and Hybrid.

By Components : Network Hardware, Cooling Units, and others.

By Enterprises : Small-to-Medium-Enterprises (SMEs) and Large Enterprises.

By End-Users : IT & Telecom, Government, Energy & Utility Services, Education, Retail & E-Commerce, Banking & Financial Services, Media & Entertainment, Manufacturing, and others.

By Regions : Asia Pacific, North America, Europe, and the Rest-of-the-World.

Global IoT IAM Market - Regional Analysis

North America dominates the global IoT- identity access management market. The largest market share attributes to technological advancements, several opportunities in various sectors, and increasing usage by law enforcement agencies. Besides, the rapid adoption of cloud applications and mobile applications in banking, IT & telecom, government, energy & utility services drive the regional market.

Moreover, the rising emphasis on using personal identification cards to access government IT infrastructure by many federal government organizations boosts the regional market growth. The North American IoT IAM market is projected to retain its dominance throughout the estimated period.

Europe stands second in the global IoT- identity access management market. The market is driven by the increasing uptake of IoT IAM solutions in government establishment like cyber authorities & policies to protect confidential data. Additionally, the growing adoption of cloud-based services by small and large organizations in developing countries like China and India fosters regional 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

Highly competitive, the IoT IAM market appears fragmented due to the presence of numerous well-established players. To gain a larger competitive share, innovation, mergers & acquisitions, and brand reinforcement remain key trends for these players. The market is likely to witness intensified competition with an increase in R&D innovations and M&A.

Major Players:

Players leading the global IoT IAM market include Microsoft Corporation (US), IBM Corporation (US), Hitachi, Ltd. (Japan), Intel Security Group (US), EMC Corporation (US), Siemens AG (Germany), ARCON Tech Solutions (India), Oracle Corporation (US), Cloud Security Alliance (US) and CA Technologies (US), among others.

Industry/ Innovation/ Related News:

August 04, 2020 — Sectigo Limited (the US & UK), a leading provider of automated digital identity management and web security solutions, announced its partnership with a US-based IoT security expert – ReFirm Labs Inc. The partnership would help ensure security and compliance device for original equipment manufacturers (OEMs). ReFirm Labs is a group of IoT security experts developing a new method for vetting and validating firmware.

Sectigo would be able to extend access to ReFirm Lab’s firmware scanning tools to analyze device firmware & detect known vulnerabilities, out-of-date open source components, hard-code encryption keys, expired certificates, and potential zero-day vulnerabilities for its customers.

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