The IoT IAM Market size is expected to grow from USD 5.6 billion in 2022 to USD 14.0 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 20.1% during the forecast period. The extended growth of IoT across all the industry verticals faces critical challenges of managing identities and governing access to vital business processes and information. IoT IAM vendors are enhancing their solutions portfolio to help their clients confront these challenges and benefit the most from their digital ecosystems.
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The BFSI vertical is expected to lead the IoT IAM market in 2022.
IoT has changed the working of the banking and financial services sector. As the banking industry deals with massive data transfer, collecting, and analysis of data, the IoT has a huge influence on it which advantages both the banking services and customers. IoT helps a bank in every facet, starting from a rise in revenue to enhancing customer services. The BFSI industry always prefers IAM products and services that could safeguard the industry’s employees, customers, assets, offices, branches, and operations; this vertical therefore holds a significant percentage of the total IoT IAM market. As the BFSI industry comes up with new financial products and services to upgrade, banks need a multilayered security approach to deliver authenticated and authorized experience to customers.
Scope of the Report
|Market size available for years||2016-2027|
|Base year considered||2022|
|Forecast units||Value (USD Million/Billion)|
|Segments covered||By component, deployment mode, security type, organization size, verticals, and region|
|Regions covered||North America, Europe, Asia Pacific, Middle East and Africa, Latin America|
|Companies covered||AWS (US), Thales (France), IBM (US), Microsoft (US), Broadcom (US), Open Text (Canada), Cisco Systems (US), Ericsson (Sweden), Google (US), Micro Focus (UK), Ping Identity (US), Oracle (US), Entrust (US), HID Global (US), DigiCert (US), Okta (US), SailPoint (US), Dell EMC (US), Optiv Security (US), CyberArk (US), ForgeRock (US), One Identity (US), Verimatrix (France), KaaIoT (US), Identity Fusion (US), Keyfactor (US), GlobalSign (US), Blue Ridge (US), Sectigo (US), and FusionAuth (US).|
Network security segment is expected to grow with the fastest growth rate during the forecast period.
Network security protects the network and data from infringements, interruptions, and other threats. It comprises of multiple elements such as security software, hardware, and appliances that work together to provide layers of complete network security. Enterprises opt for IAM solutions as they improve protection and user experience and facilitate better business outcomes. IAM is a structure of policies, processes, and technologies that facilitate businesses to manage digital identities and control user access to critical corporate information. The increase in the use of smartphones, laptops, and mobile devices results in network complexity within businesses, which requires securing these devices.
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The major vendors covered in the IoT IAM market include AWS (US), Thales (France), IBM (US), Microsoft (US), Broadcom (US), Open Text (Canada), Cisco Systems (US), Ericsson (Sweden), Google (US), Micro Focus (UK), Ping Identity (US), Oracle (US), Entrust (US), HID Global (US), DigiCert (US), Okta (US), SailPoint (US), Dell EMC (US), Optiv Security (US), CyberArk (US), ForgeRock (US), One Identity (US), Verimatrix (France), KaaIoT (US), Identity Fusion (US), Keyfactor (US), GlobalSign (US), Blue Ridge (US), Sectigo (US), and FusionAuth (US). These players have adopted various growth strategies, such as partnerships, business expansions, agreements, and collaborations, new product launches to expand their presence in the IoT IAM market.
Amazon Web Services, Inc. (AWS) is a subsidiary of Amazon. It offers on-demand cloud computing platforms and APIs to people, businesses, and governments. Amazon Web Services is one of the leading cloud providers in the marketplace. It is an online platform that provides cost-effective and scalable cloud computing solutions. Amazon offers services for cloud applications, such as compute service, storage, database, developer tools, security tools, networking, and content delivery. Currently, AWS provides a highly reliable and low-cost infrastructure platform on the cloud. AWS offers Internet of Things (IoT) services and solutions to connect and manage billions of devices. It collects, stores, and analyzes IoT data for industrial, consumer, commercial, and automotive workloads. AWS (IoT) services include device software, which connects devices and operates them at the edge.
Thales Group is a French multinational company that designs and builds electrical systems. The French government partially owns the company and has operations in more than 56 countries. Thales is a global leader in advanced technologies, investing in digital and “deep tech” innovations – connectivity, big data, artificial intelligence, cybersecurity, and quantum technologies Thales entered the digital security business after the acquisition of Gemalto an international security company. The company is a key player in the aerospace and defense industry. It develops and delivers a range of airborne, naval, and land systems for commercial aviation, defense, and homeland security sectors. The company operates through aerospace, defense and security, and digital ID and security. Thales’s IoT security solutions provide data encryption for IoT data and management of encryption keys for IoT devices. These solutions cater four major application areas, including smart grid security, IoT connected car, IoT secure manufacturing, and IoT healthcare.
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