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Top Market Shifts Transforming the IoT IAM Market Landscape: Key Insights
IoT IAM Market
What Is the Expected CAGR for the IoT IAM Market Through 2025?
The market size of IoT IAM has experienced substantial growth in the past years. It is projected to increase from $9.53 billion in 2024 to $12.27 billion in 2025, with a compound annual growth rate (CAGR) of 28.8%. Factors contributing to the growth in the past include the need for user authentication, regulations around data privacy, the emergence of smart homes, consumer pursuit of convenience, and worries about identity theft.
What's the Projected Size of the Global IoT IAM Market by 2029?
Anticipations are high for the IoT IAM market size to significantly expand in the coming years. It is predicted to surge to $36.13 billion in 2029, with a compound annual growth rate (CAGR) of 31.0%. Factors fuelling this growth during the anticipated period include the uptake of biometric authentication, utilization of user-focused identity models, provision of personalized user experiences, compliance with regulatory requirements, improved device management, and dynamic access control methods. The forecast period is also expected to witness trends like the implementation of zero trust security models, the incorporation of artificial intelligence and machine learning, the rise of 5G networks, lifecycle management of devices, advanced user authentication methods, along with edge computing and distributed IAM.
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Top Growth Drivers in the IoT IAM Industry: What's Accelerating the Market?
The escalating number of cyberattacks and instances of data breaches are predicted to drive the IoT IAM market's growth in the future. Cyberattacks are assaults conducted by cybercriminals to seize data and confidential information by infiltrating and hacking a computer system using harmful information. A data breach is a security infringement where sensitive data can be taken from a computer system without the system owner's approval. Presently, identity and access management tools are employed to prevent any unwarranted access to information from a company's employee database. For example, as reported by Parachute Technology, a US-based IT Solutions business, in the first six months of 2023, there were 49 cyber incidents involving government agencies, showing an 11% surge compared to 2022. Therefore, the increasing instances of cyberattacks and data breaches are expected to stimulate the expansion of the IoT IAM market in the forthcoming years.
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What Trends Will Shape the IoT IAM Market Through 2029 and Beyond?
The emergence and progress of technology are influencing trends in the IoT IAM market. Top players in the market are keen on developing innovative technologies to solidify their standing. For instance, Okta, Inc., an American firm that operates in the IAM domain, launched a Unified IAM known as Okta Identity Governance in August 2022. This is a cloud-based governance solution inclusive of identity governance and administration (IGA) tools that aim to bolster security and compliance in IT infrastructures of various organizations. Okta Identity Governance offers a user-friendly, cloud-based technology, making it seamless for IT teams to implement and for employees to use. It provides a comprehensive identity platform with controlled access to IT infrastructure and devices.
What Are the Main Segments in the IoT IAM Market?
The IoT IAM market covered in this report is segmented -
1) By Component: Solutions, Services
2) By Security Type: Network Security, Endpoint Security, Application Security, Cloud Security, Other Security Types
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, Other Verticals
Subsegments:
1) By Solutions: Identity Management Solutions, Access Management Solutions, Authentication Solutions, User Provisioning Solutions, Privileged Access Management Solutions
2) By Services: Consulting Services, Implementation Services, Managed Services, Support Snd Maintenance Services
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Which Top Companies are Driving Growth in the IoT IAM Market?
Major companies operating in the IoT IAM market are 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
Which Regions Will Dominate the IoT IAM Market Through 2029?
North America was the largest region in the IoT IAM market in 2024. Asia-Pacific is expected to be the fastest-growing region in the IoT IAM market report 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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