IoT Identity Access Management (IAM) Market Trends Forecast and Industry Analysis to 2030

The Global IoT Identity Access Management (IAM) Market size is expected to grow from USD 13.4 Billion in 2022 to USD 25.6 Billion by 2030, at a CAGR of 13.7%

IoT Identity access management (IAM), also known as identity management, is an IT security regulation, solutions and framework to supervise identities of IoT devices.

IoT Identity access management offers a fundamental security component that warrants the IoT ecosystem is not accessible to unauthorized users.

IoT devices are highly concentrated on connecting things, tools, people and apps, and IoT Identity access management helps provide end-to-end encryption, unauthorized access elimination and overload detection to build robust security capabilities

The global IoT Identity access management (IAM) market is projected to expand at a rapid pace during the forecast period, as evolving sectors such as e-commerce, healthcare, retail, manufacturing, supply chain, logistics, government, and utility are acquiring IoT technology in their daily operations.

IoT Identity access management secures their vulnerable IoT systems, assets, and data from unauthorized access.

IoT Identity Access Management Market: Overview

The Global IoT, Identity Access Management (IAM) market size is expected to grow from USD 13.4 Billion in 2022 to USD 25.6 Billion by 2030, at a CAGR of 13.7%.

Prime factors fuelling the IAM market include heightened instances of security breaches and escalating instances of identity related fraud, growing knowledge and adoption about compliance management, increasing need for IAM for IoT, and propelled spending on cybersecurity following COVID-19 pandemic.

However, the cultural shift from typical IAM to IAM, accrual of cloud-based IAM solutions and services and increased adoption of hybrid cloud model, and increasing integration of technologies, such as AI, ML, block-chain, and biometrics, into identity and access management would offer lucrative opportunities for IAM vendors.

Smartphones and telecommunication networks play a very crucial role in the development of IoT technology.

Widening advancements in smartphone technology, and increasing use of smartphones for controlling various IoT devices at home.

This is projected to boost the IoT identity access management (IAM) market during the forecast period.

Increase in multiple cyberattacks and data breach issues is triggering organizations across the world to focus on strengthening IT security.

This, in turn, is expected to robust the IoT identity access management (IAM) market during the forecast period.

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Key Trends: Growth Determinants and Challenges:

Rising instances of security breaches and escalating instances of identity related fraud:

With the worlds persistent journey towards digitalization, the data being uploaded to the web is increasingly getting breached. Each individual consumer’s personal information is dependent on hundreds of servers across the globe resulting in increased instances of identity theft.

According to industry experts, there was a slight drop in ID theft cases in 2019 that unfortunately got reversed in 2020 and 2021 mostly due to the effects of the pandemic.

The increase in these cyberattacks is due to technologies such as ML, which helps attackers create several versions of malicious codes each day.

The constant emergence of such new cyberattacks is damaging the reputation of companies, harming their assets, and resulting in financial losses.

Scarcity of skilled cybersecurity professionals among enterprises:

Due to low awareness about advanced cyber threats, organizations do not spend enough on their security infrastructure, which results in massive losses. Furthermore, companies with pressing cybersecurity needs have observed a major shortage of qualified professionals in their organizations, which makes them further vulnerable to cyberattacks.

The further increased need for experienced cybersecurity professionals is causing recruiters and government officials to search for solutions to the skills shortage.

Also, with an increase in the number of distributed cloud-based applications, users can log into critical business applications from anywhere, anytime, and on any device.

Segmental Analysis of IoT Identity Access Management Market:

Based on Component

• Services
• Solutions

Based on Solution

• Audit, Compliance and Governance
• Data Directory
• De-provisioning
• Provisioning
• Identity Lifecycle Management
• Authentication
• Access Management and Authorization
• Password Synchronization
• Verification
• Password Reset
• Self-service Password Reset
• Password Management

Based on Services

• Consulting
• Integration and Deployment
• Support and Maintenance
• Based on Deployment Mode
• On-cloud
• On-premises

Based on Organization Size

• Small and Medium Enterprises
• Large Enterprises

Based on Vertical

• Energy and Utilities
• Telecommunications
• Citizen Services
• BFSI
• Healthcare
• Travel and Hospitality
• IT and ITeS
• Retail and E-commerce
• Education

Based on Region

NORTH AMERICA (Canada, US), EUROPE (Spain, UK, Germany, Italy, France),  ASIA-PACIFIC (India, China, Thailand, Japan, South Korea),  LATIN AMERICA (Colombia, Brazil, Mexico, Argentina),  MIDDLE EAST & AFRICA (UAE, Saudi Arabia, South Africa)

Asia Pacific is expected to invest more in security due to the increasing threat of identity and access breaches. The region comprises emerging economies such as India, China, Japan and Australia.

These countries are home to a large number of SMEs, which account for the employment of more than 70% of the population. The requirement of high investments acts as a barrier for SMEs to adopt major IAM projects on their premises; however, factors such as increasing internet usage, compliance regulation, and adoption of smartphones are the major factors fuelling the adoption of IAM solutions.

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Competitive Landscape:

• Microsoft
• IBM
• Oracle
• Broadcom
• Salesforce
• Ping Identity
• Okta
• HID Global
• ForgeRock
• CyberArk
• RSA Security
• Avatier
• ManageEngine
• SecureAuth
• EmpowerID
• SAP
• Simeio
• OneIdentity
• FusionAuth
• Auth0
• IDnow
• Zephr
• Signzy
• Civic
• Trusona
• Beyond Identity

Recent Development:

In March 2022, Microsoft acquired Nuance to enable organizations across industries to accelerate their business goals with conversational AI and ambient intelligence with Microsoft’s secure and trusted industry cloud offerings.

In February 2022, Ping Identity launched PingOne DaVinci which is a new no-code identity orchestration service that enables organizations to integrate and orchestrate identity services from a wide range of vendors.

In November 2021, IBM acquired SXiQ, an Australian digital transformation services company specializing in cloud applications, cloud platforms, and cloud cybersecurity.

Major questions answered in the report:

• Which region holds the largest share of the market in IoT Identity Access Management market?
• Which prime companies are contributing in the growth of IoT Identity Access Management Market?
• What are the basic growth factors and challenges in the IoT Identity Access Management market?

Key Takeaways from the report:

• Growth factors, trends and challenges.
• Deep-insights on regional analysis and other segmental analysis.
• The Global IoT, Identity Access Management (IAM) market size is expected to grow from USD 13.4 Billion in 2022 to USD 25.6 Billion by 2030, at a CAGR of 13.7%.