Market Analysis
The global IoT identity access management market is predicted to touch USD 20 billion at a 16% CAGR between 2016- 2022, reveals the current Market Research Future (MRFR) report. IoT identity and access management, simply put, is a complex process that contains different technologies, policies, activities, and procedures that need the synchronization of the company department like IT and human resources. They confirm the approved employees to receive access to the right resources across the complicated technological environment.
Several factors are adding to the global IOT- Identity Access Management Market Opportunity. Some of these factors, according to the MRFR report, include the growing adoption of cloud services, rising consumer-centric identity access management, boosting consumer-grade identities by BYOD and social media, growing awareness regarding compliance management, increasing need for mobility solutions, and increase in security concerns among organizations. Besides, demand for mobility solutions, and growing SaaS and cloud adoption are also adding market growth.
On the flip side, complex integration, difficulty in collaborating with IoT, inconvenience to manage the distributed workforce, constant up-gradation of differentiation techniques and valuable features by competitive vendors, budgetary constraints, lack of identity standards, and implementation related to implementation guidelines and accurate assignment of security policies to specific users may impede the market growth over the forecast period.
Key Players
The prominent players profiled in the IoT identity access management market report include CA Technologies (U.S.), Cloud Security Alliance (U.S.), ARCON Tech Solutions (India), Oracle Corporation (U.S.), Siemens AG (Germany), Intel Security Group (U.S.), EMC Corporation (U.S.), Hitachi, Ltd. (Japan), Microsoft Corporation (U.S.), and IBM Corporation (U.S.).
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COVID-19 Analysis
Every segment had faced the brunt of the COVID-19 pandemic, including businesses and individuals. The internet is playing a crucial role all across the globe. Owing to the pandemic, there has been an increasing dependency on online businesses. Manufacturing industries, energy and utilities, transportation and logistics, education, public sector, healthcare, retail, and BFSI, among others, are making the most of the internet to offer consumers with necessary services. This is likely to have a positive impact on the global IoT identity access management market.
Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global IoT identity access management market based on industry type, consumer type, deployment, and services.
By services, the IoT identity access management market is segmented into single-sign-on (SSO), access management, password management, directory services, multi-factor authentication, and user provisioning. Of these, the user provisioning segment will lead the market over the forecast period.
By deployment, the IoT identity access management market is segmented into hybrid, on-premise, and on-cloud. Of these, the on-premise segment will dominate the market over the forecast period.
By customer type, the IoT identity access management market is segmented into large enterprises, small and medium enterprises, and others.
By industry type, the IoT identity access management market is segmented into manufacturing, media and entertainment, banking and financial services, retail and e-commerce, education, energy and utility services, government, IT and telecom, and others. Of these, the banking and financial services will spearhead the market over the forecast period.
Regional Analysis
By region, the global IoT identity access management market covers the growth opportunity and recent trends across Europe, North America, the Asia Pacific (APAC), and the Rest of the World (RoW). Of these, North America will lead the market over the forecast period for the rapid adoption of mobile applications and cloud applications, and federal government organizations emphasizing on the use of personal identification card to access government IT infrastructure are adding to the global IoT identity access management market growth in the region.
In Europe, the IoT identity access management market is predicted to hold the second-largest share over the forecast period for the establishment of government cyber authorities’ policies to safeguard confidential data.
In the APAC region, the IoT identity access management market is predicted to have healthy growth during the forecast period. The rising use of cloud-based services by small and medium sized enterprises in India and China is propelling the market growth.
In the RoW, the IoT identity access management market is predicted to have sound growth over the forecast period for improving IT infrastructure.
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