The IoT- identity access management market is growing rapidly.
Market growth attributes to the spurting rise in demand for the latest security
& authentication technologies in various information sensitive industries.
Besides, the rising uptake of IoT IAM technologies in IT & telecom and
banking & finance sectors creates substantial market demand.
Moreover, the growing integration of IoT IAM solutions to
enhance services such as multi-factor authentication, access management &
SSO escalate the market growth. According to Market Research Future (MRFR), the
global IoT- identity access management market is poised to create a valuation
of approximately USD 20 BN by 2022, growing at 16% CAGR during the review
period (2018-2023).
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 Share 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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