PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1100691
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1100691
The global IoT IAM market size is expected to grow from USD 5,107.1 million in 2021, growing at a Compound Annual Growth Rate (CAGR) of 19.6% during the forecast period.
IoT Identity access management (IAM), often known as identity management, is an IT security discipline, methodology, and solutions for managing the identities of Internet of Things (IoT) devices. IoT identity access management is a critical security component that guarantees unauthorized individuals do not have access to the IoT environment.
Smartphones and communications networks are critical to the advancement of IoT technologies. Smartphone technology is rapidly advancing, and smartphones are increasingly being used to operate different IoT devices at home. During the projected period, this is likely to enhance the IoT identity access management (IAM) market. The increased incidence of cyberattacks and data breaches is causing enterprises all around the world to prioritize IT security. During the forecast period, this is projected to boost the IoT identity access management (IAM) market. Various governments are focused more on data privacy regulatory regulations for their populations. These restrictions have pushed IoT solution suppliers to focus more on improving IoT digital identity and device security services, which is expected to drive the IoT identity access management (IAM) market over the projected period.
The global surge of COVID-19 cases has resulted in a global lockdown, and all organizations' reliance on digital platforms to power their everyday operations has grown dramatically. Furthermore, organizations are in danger of losing important corporate data due to a lack of security infrastructure and an increase in cyberattacks. Strong IoT identity access management increases security infrastructure and gives organizations control over corporate data, all while improving productivity, lowering costs, and optimizing the system. As a result, COVID-19 has had a favorable influence on IoT identity access management adoption.
IoT IAM Market is segmented based on Security Type, Industry, and Region.
Network security safeguards the network and its data from infringements, disruptions, and other dangers. It is made up of several components such as security software, hardware, and appliances that work together to offer numerous levels of network protection. Enterprises use IAM solutions because they increase security and user experience while also facilitating greater business outcomes. IAM is a set of rules, processes, and technology that help organizations manage digital identities and regulate user access to important company data. The increased usage of smartphones, laptops, and mobile devices increase network complexity inside enterprises, necessitating the security of these devices.
The Internet of Things has altered the way the banking and financial services industries operate. Because the banking business deals with large data flow, collection, and analysis, the Internet of Things has a significant impact on it, benefiting both financial services and clients. IoT benefits a bank in every way, from increased income to improved customer service. The BFSI business always selects IAM solutions and services that can protect the industry's workers, customers, assets, offices, branches, and operations; as a result, this vertical accounts for a sizable portion of the entire IoT IAM market. As the BFSI sector develops new financial products and services, banks require a multilayered security strategy to provide clients with an authenticated and approved experience.
Various businesses are focusing on organic growth tactics including product approvals, and new launches. Acquisitions, partnerships, and collaborations were among the inorganic growth tactics observed in the industry. These actions have prepared a strong roadmap for industry participants' businesses and client bases to grow. With increased demand in the worldwide industry, key participants in the IoT IAM market are anticipated to benefit from attractive growth prospects.
The scope of this report covers the market by its major segments, which include as follows: