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IoT IAM Market Future Scope, Analysis, Size, Share, Trends, Growth Rate, Report 2024-2033
IoT IAM Market
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According to The Business Research Company's, The iot iam market size has grown exponentially in recent years. It will grow from $7.47 billion in 2023 to $9.71 billion in 2024 at a compound annual growth rate (CAGR) of 29.9%. The growth in the historic period can be attributed to user authentication needs, data privacy regulations, rise of smart homes, consumer demand for convenience, identity theft concerns.
The iot iam market size is expected to see exponential growth in the next few years. It will grow to $27.46 billion in 2028 at a compound annual growth rate (CAGR) of 29.7%. The growth in the forecast period can be attributed to biometric authentication adoption, user-centric identity models, personalized user experiences, regulatory compliance focus, enhancing device management, dynamic access controls. Major trends in the forecast period include adoption of zero trust security models, integration with ai and machine learning, emergence of 5g networks, device lifecycle management, enhanced user authentication methods, edge computing and distributed iam.
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Market Drivers and Trends:
The rising demand for the internet is expected to propel the growth of the IoT IAM market going forward. Internet is a vast global network of computers and computer networks which allows devices to communicate and share information with one another, regardless of their physical location. Internet is used in IoT IAM to centralize access control for various IoT devices and applications to manage user access, device permissions, and authentication methods. For instance, in February 2023, according to Meltwater, a Netherlands-based software company, internet users in the UK climbed by 224 thousand (+0.3 percent) between 2022 and 2023. There were 66.11 million internet users in the UK overall. Therefore, the increasing demand for the internet is driving the growth of the IoT IAM market.
Technological advancements are a key trend gaining popularity in the IoT IAM market. Major market players are concentrating their efforts on creating innovative technologies to strengthen their position in the market., For instance, in August 2022, Okta, Inc., a US-based company operating in identity and access management (IAM), introduced Unified IAM, known as Okta Identity Governance, a cloud-based governance solution with identity governance and administration (IGA) tools focused on improving security and compliance postures in organizations IT infrastructure. Okta Identity Governance provides cloud-based intuitive technology, which makes it easy for IT teams to deploy and simple for employees to use and deliver a comprehensive identity platform and controlled access to IT infrastructure and devices.
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Major Key Players of the Market:
International Business Machines Corporation, Amazon.com Inc., GMO GlobalSign Inc., Ping Identity Corporation, ForgeRock Inc., Broadcom Inc., Microsoft Corporation, Oracle Corporation, Micro Focus International plc, Cloud Security Alliance Inc., ARCON TechSolutions Pvt. Ltd., Telefonaktiebolaget LM Ericsson, Hitachi ID Systems Inc., KaaIoT Technologies LLC, Okta Inc., HID Global Corporation, CyberArk Software Ltd., OpenText Corporation, Cisco Systems Inc., Google LLC, Entrust Datacard Corporation, SailPoint Technologies Inc., Dell Technologies Inc., Optiv Security Inc., Quest Software Inc., Identity Fusion Inc., Thales Group, DigiCert Inc., Keyfactor Inc., RSA Security LLC, Centrify Corporation, SecureAuth Corporation, Auth0 Inc., Idaptive LLC, Akamai Technologies Inc., Thycotic Software LLC, BeyondTrust Corporation, Cyberinc Corp., Avatier Corporation, NetIQ Corporation
IoT IAM Market 2024 Key Insights:
• The iot iam market size is expected to see exponential growth in the next few years. It will grow to $27.46 billion in 2028 at a compound annual growth rate (CAGR) of 29.7%.
• Rising Cyberattacks And Data Breaches Drive IOT Identity And Access Management (IAM) Market
• Cloud-Based Identity Governance Solution Enhances IOT IAM Market
• North America was the largest region in the IoT IAM market in 2023
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