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Global IoT IAM Market: Exponential Growth, Key Players, and Emerging Trends
IoT IAM Market
What Is The Projected Market Size Of The Global IoT IAM Market And Its Growth Rate?
The evolution of the IoT IAM market depicts a promising future with significant growth rates.
•2024 Market Size: $9.53 billion
•2025 Market Size: $12.27 billion (28.8% CAGR)
•2029 Market Size: $36.13 billion (31.0% CAGR)
The market growth is primarily driven by user authentication needs, data privacy regulations, adoption of smart homes, and concerns of identity theft, striding towards an exponential surge attributed to biometric authentication adoption, user-centric identity models, personalized user experiences, regulatory compliance focus, and enhancing device management.
What Is Driving The Growth In The IoT IAM Market?
The striking increase in cyber-attacks and data breaches are key factors driving the IoT IAM market. Cyberattacks, carried out by cybercriminals aiming to steal sensitive data and information by penetrating computer systems using harmful information, have become common. Data breaches involve unauthorized access or theft of sensitive information from a system without owner consent. The essence of identity and access management in blocking any unauthorized access to a company's system, primarily employees' database, has accentuated its demand. The U.S.-based IT solutions company, Parachute Technology, notes that in the first half of 2023, government agencies experienced 49 cyber incidents, marking an 11% increase compared to 2022. The growing number of cyber-attacks and data breaches are expected to fuel the IoT IAM market in the upcoming years.
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Who Are the Key Players Driving IoT IAM Market Growth?
The major players within the IoT IAM market facilitating its growth include:
•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.
What Are The Key Trends In The IoT IAM Market?
Key trends in the market propelling its future growth encompass:
•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
What Are The Segments Of The Global IoT IAM Market?
The Global IoT IAM Market has several segments:
1) By Component: Solutions, Services
2) By Security Type: Network Security, Endpoint Security, Application Security, Cloud Security
3) By Deployment Mode: Cloud, On-Premises
4) By Organization Size: Small And Mid-Sized Enterprises (SMEs), Large Enterprises
5) By Verticals: Banking, Finance Services, And Insurance (BFSI), Automotive, Telecom, Healthcare, Retail And Consumer Goods, Energy And Utilities
Which Region Leads The IoT IAM Market?
North America was the largest region in the IoT IAM market in 2024. Meanwhile, the Asia-Pacific region is expected to register the fastest growth during the forecast period. The regions covered in the IoT IAM market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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What Is Covered In The IoT IAM Market Global Market Report?
- Market Size Analysis: Analyze the IoT IAM Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the IoT IAM Market for effective categorization.
- Key Player Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall IoT IAM Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the IoT IAM Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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