IoT Identity and Access Management (IAM) Market Size Growing at a CAGR of 25.4% Reach USD 47.2 Billion by 2031

According to the report published by Allied Market Research, IoT Identity and Access Management (IAM) Market Size Growing at a CAGR of 25.4% Reach USD 47.2 Billion by 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.

Rising security breaches and heightened identity fraud cases, increasing awareness regarding compliance controls, growing need for IAM for IoT, and increasing spending on cyber security are key factors driving the growth of the IoT IAM market. In addition, cultural shift from traditional IAM to IoT IAM boosts the market growth. However, the high cost associated with the implementation and maintenance of IoT identity and access management (IAM) solution and the increase in security & privacy concerns hamper the Iot Identity And Access Management market growth. Furthermore, proliferation of cloud-based IAM solutions and services, growth in the adoption of hybrid cloud models and technologies such as AI, ML, blockchain, and biometrics for identity and access management provide ample growth opportunities for the IoT IAM industry growth.

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The global Iot Identity And Access Management Market Size was valued at $4.9 billion in 2021, and is projected to reach $47.2 billion by 2031, growing at a CAGR of 25.4% from 2022 to 2031.

The IoT identity and access management market analysis is segmented on the basis of offering, deployment mode, enterprise size, security type, industry vertical, and region. On the basis of offering, the market is segmented into solution and services. On the basis of solution, the market is segmented into lifecycle management, authentication, audit, compliance and governance, password management, others. Furthermore, the service segment is divided into professional and managed services. Moreover, the professional services segment is divided into training & education, integration & implementation, and support & maintenance. According to organization size, the market is fragmented into large enterprises and SMEs. On the basis of deployment, the market is classified into cloud and on-premise. Depending on security type, it is segregated into cloud security, network security, endpoint security, application security, and others. By industry vertical, it is segmented into BFSI, healthcare, retail, manufacturing, IT & telecom, energy & utilities, automotive & transportation, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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Based on offering, the solution segment held the major market share in 2021, holding more than two-thirds of the global IoT Identity and Access Management (IAM) market share, and is expected to maintain its leadership status during the forecast period. Nevertheless, the service segment is expected to cite the fastest CAGR of 27.0% during the forecast period.

In terms of enterprise size, the large enterprises segment held the major market share in 2021, contributing nearly three-fourths of the global IoT Identity and Access Management (IAM) market share, and is expected to maintain its leadership position during the forecast period. However, the SMEs segment, on the other hand, is expected to cite the highest CAGR of 28.0% during the forecast period.

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Based on region, the market across the North American region held the major market share in 2021, holding nearly two-fifths of the global IoT Identity and Access Management (IAM) market share, and is expected to maintain its leadership status during the forecast period. However, the Asia-Pacific region is expected to cite the fastest CAGR of 28.5% during the forecast period.

The key players analyzed in the global IoT Identity and Access Management (IAM) market report include Telefonaktiebolaget LM Ericsson, Amazon Web Services, Inc., Google LLC, Microsoft Corporation, IBM Corporation, Cisco Systems, Inc., Oracle Corporation, HID Global Corporation, DigiCert, Inc., Entrust Corporation, GlobalSign, One Identity, LLC, KaaIoT Technologies, LLC, Sailpoint Technologies Holdings, Inc., Optiv Security, Inc., and IdentityFusion, Inc.

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COVID-19 Scenario:

● The outbreak of the COVID-19 had a positive impact on the growth of the global IoT Identity and Access Management (IAM) market, owing to a substantial increase in the demand for IoT solutions in the BFSI, healthcare, and manufacturing sectors.

● Rise in number of cyber-attacks during the COVID-19 period resulted in a humongous demand for the IoT identity and access solutions across various sectors.

● Apart from this, the rise in need for remote-based monitoring of employees working from home during the COVID-19 period resulted in a massive demand for IoT solutions.

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