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IOT Identity Access Management Market Trends

ID: MRFR//1502-HCR | 100 Pages | Author: Aarti Dhapte| May 2024

Global IoT Identity Access Management Market Overview

IoT- Identity Access Management Market Size was valued at USD 16.04 Billion in 2023. The global IoT- Identity Access Management Market industry is projected to grow from USD 18.12 Billion in 2024 to USD 48.1 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.98% during the forecast period (2024 - 2032).

Identity access management is a complicated process that includes various activities, policies, technologies, and procedures, which work with the company's excellent coordination, especially in the IT and human resources departments. Generally, IoT identifiers provide a platform for entity interaction management, which is the unifying element of things, information, people, and places. It works to ensure appropriate access to business services and create new business lines by developing and delivering infrastructure, applications, and services. For every organization, it became essential to oversee machine identities, service accounts, and human and non-human services to control the overall organizational framework.

IAM application software tools are used to automate the administrating IAM activities, enforcement, and provisioning process. Many small IT departments and large global IT departmental organizations use these software tools. Moreover, many global IT departments have customized IAM application tools.

This report highlights the overall IoT- Identity Access Management Market growth potential by the end of the year 2032. The market report also highlights the analysis and impact of COVID-19 on the global IoT- Identity Access Management Market and the essential dynamics that support its growth. It also gives insight into the IoT IAM market segment overview and puts light on the regions where the market will be highly effective in the upcoming years.

IoT Identity Access Management Market Overview

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

COVID-19 Analysis

COVID 19 impact has hampered the IoT- Identity Access Management Market, just like any other sector business in the world. However, the pandemic outbreak has had a positive effect on the IAM market. During this pandemic, the world depended on the internet ecosystem, which has played a vital role in everyone's life. The global IoT- Identity Access Management Market demand has increased due to the increasing concern for IoT IAM material. The sectors like education, transportation and logistics, BFSI, retail, healthcare, public sector, energy and utilities, and manufacturing industries are leveraging the internet's demand to offer significant services to consumers or customers.

Hence, the government and authorities proposed various business strategies to deal with the IoT- Identity Access Management industry's growth plans in the current forecast year to prevent COVID-19 from hampering the market statistics. The key players and the government have adapted tactical strategies to overcome the IAM market's negative impact. As a result, the COVID-19 outbreak seems to be profitable for the IoT- Identity Access Management Market.

IOT- Identity Access Management Market Dynamics

  • Major Drivers Of The Market

The enhancement of consumer-grade identities by social media and bring your own device (BYOD) is the major key driver during the COVID-19 outbreak. Other major growth driving factors for this market are rising consumer-centric identity access management, merchandising of identity access management functions, and the IoT- Identity Access Management Market is the growing adoption of cloud services.

Moreover, the immense growth in the e-commerce industry has pressurized the whole delivery system as a massive number of goods need to deliver within a limited time. Therefore, e-commerce companies have adopted Internet of Things Identity & Access Management facilities. This system has helped the e-commerce companies effectively to fulfill the increasing demand of the consumers efficiently.

  • Opportunities for The Global Market

With the high preference for the proliferation of cloud-based IAM solutions and services demand, the IAM system as an online service market growth is expected to boost on a larger scale. It became complicated for e-commerce companies to process complex orders through manual processes to meet the customers' demand over fast delivery. The growing popularity of customized orders has driven IAM operators and manufacturers to increase their speed and efficiency to achieve their goals.

The count of key players turning up to be part of this rising IoT- Identity Access Management Market has also increased, resulting in making this market grow immensely by the end of the current forecast years up till 2030. With the addition of key players and rising demand, IAM products' manufacturing and selling will increase.

Market Restraints

The differentiation techniques followed by competitor vendors and continuous up-gradation of valuable features are the major constrained factors for the IoT- Identity Access Management market's growth. Moreover, the proper assignment of security policies to specific users and the issues related to implementation guidelines might be restraints for the IAM market's global growth.

The report explains that the key players are handling the manufacturing and promoting aspects of identity management in IoT to ensure that more people prefer its products to eradicate these restraints in the market. Hence, it will help with an overall increase in the global sales rate.

Market Challenges to Overcome

The Cloud Identity Access Management Market's growing popularity can experience challenges in understanding the types of cyberattacks. Moreover, the IAM market might face challenges in eliminating the regional boundaries to make the quality products reach out to demanding consumers and companies. To overcome the situation, the industry is now in need of more key players across different regions of the globe to ensure that the quality of goods can be manufactured and supplied to the demanding audience.

The IoT- Identity Access Management Market has always faced challenges, and the key players collaborative efforts have helped the industry get over it. The demands are growing on a large scale, and these challenges can be overcome by increasing key players' count across the globe.

Cumulative Growth Analysis

As per the global market analysis, in terms of growth is concerned, the predicted IoT- Identity Access Management Market size is expected to experience more than 14.20% CAGR growth in the current forecast year 2030.

To give it exact figures, the market size in 2021 was USD ~8 billion, which is expected to grow up to USD 19.6 Billion by the end of the forecast years by 2030.

Value Chain Analysis

During the market forecast period, the global IAM market increases its market value and market growth. The global IAM market has maintained its stability over 2016, and in the future, it has aimed to achieve its targeted audience. Therefore, the key drivers have contributed to all the regions with the best services and development of the Identity and Access Management (IAM) Market Size.

The report explains that the COVID-19 outbreak has gradually impacted the IAM market's value chain. The related industries witnessed a low demand for their sales, which are expected to grow in the forecast period.

IOT Identity Access Management Market Segment Overview

The IAM market is segmented into customer types, services, deployment, and industry.

IOT Identity Access Management Customer Types Insights

Based on the customer type's segmentation, the global IAM market is classified into different customer types: education, retail & e-commerce, banking & financial services, IT & telecom, government, energy & utility services, media & entertainment, and manufacturing, etc.

These customer types' demands over the IAM products are increasing the global market growth.

IOT Identity Access Management Service Insights

According to the service segmentation, the IAM market has various services for its customers, such as password management, access management, user provisioning, multi-factor authentication, directory services, and single-sign-on (SSO).

The report mentions that the global IAM market's segmental services are increasing the customer's demand for the products, which helps the market generate more market revenue.

IOT Identity Access Management Deployment Insights

According to the deployment segmentation, the global IAM market is classified into on-premise, on-cloud, and hybrid.

Hence, the report explains that IAM service efficiency is preferred to help the diverse sectors meet their business requirements and offer the ideal solution to their consumers.

IOT Identity Access Management Industry Insights

The global industry market is classified into small and medium enterprises (SMEs) and large enterprises based on the industry segmentation.

The report explains that these industries have given their efforts to perks in terms of end outcomes. Thus, the customers pick their required services to raise their sales in the global market.

Latest Trend in Identity Access Management Market

Passkey is one of the latest trends in the global identity access management market, which is said to be the most secure authentication process in the access management system that eliminates the need for lengthy passwords to access a particular system or a device.

Global Passkey Market

The Web Authentication API security standard, which employs public key cryptography for access, led to the development of passkeys.

A new kind of login credential called a passkey does away with the need for passwords. The authentication requires either a PIN or swipe pattern used with Android devices for access, or biometric authentication, such as a fingerprint or facial recognition.

Users cannot access passkey features on another device without a QR code since the passkey only works on the user's device. Users can sign in from a nearby device using their Face ID or Touch ID after scanning the QR code with their phone.

Regional Analysis

Based on the regional analysis, the global market is widely spread across various regions of the globe. Some of the top-performing areas worldwide are North America, Europe, Asia-Pacific, and the rest of the world.

Out of all the continents, North America has domination in the global market by giving maximum profit to the market. The demand rate is considerably growing because of the adoption of cloud applications and mobile applications in this region.

IOT Identity Access Management Market Key Player & Competitive Landscape

The key players of this IAM market are:

  • Hitachi, Ltd. (Japan),

  • EMC Corporation (U.S.),

  • ARCON Tech Solutions (India),

  • Cloud Security Alliance (U.S.),

  • CA Technologies (U.S.),

  • IBM Corporation (U.S.),

  • Microsoft Corporation (U.S.),

  • Intel Security Group (U.S.),

  • Siemens AG (Germany),

  • Oracle Corporation (U.S.)

These major key players have adopted various strategies to uplift the growth of the IoT- Identity Access Management Market.

IOT Identity Access Management Industry Developments

  • February 2024- A prominent leader in identity and access management for Enterprise IoT ecosystems, Device Authority, has lately augmented its financial backing with an extra USD2m investment from Prelude, the venture practice of Mercato Partners. The US-based venture capital organization is well-known for its emphasis on high-growth cyber technology organizations. It has recognized Device Authority as a prime candidate for investment, given the robust team, innovative SaaS KeyScaler platform, and the platform's capability to supply zero trust for IoT across growing use cases that address real market requirements. The organization focuses on guaranteeing the security and management of digital identities and access within the Internet of Things (IoT) ecosystem. Its SaaS KeyScaler platform plays a crucial part in the domain by offering indispensable zero-trust security measures for IoT devices. The latest investment is reserved for expanding Device Authority's KeyScaler platform and growing its North American presence. Device Authority focuses on using the fund to upgrade its technology further and strengthen its standing as a leader in the field of IoT identity and access management. Darron Antill, the Device Authority CEO, said that the enthusiasm regarding the funding and the organization's path by saying that since the company is merged in the connected world and observes the newest use cases being implemented by users across the globe, the company is minutely aware of how important it is to guarantee complete trust in the devices and data being used. He further added that their KeyScaler platform and KSaaS cloud service have already been identified as the 'Rising Azure Technology' in Microsoft's Partner of The Year Awards and by experts who have recognized Device Authority as the technological leader in its field.

  • In July 2020, to offer joint tools and services for the simplification and transition of on-premise Citrix customers to Microsoft Azure, Microsoft has extended its partnership with Citrix.

  • In May 2020, HCL Technologies' partnership with Broadcom provided Symantec Enterprise Division (SED) consulting services, which was a part of Broadcom's enterprise security solutions.

IOT- Identity Access Management Market Segmental Outlook

IOT- Identity Access Management Customer Types Outlook

  • education,

  • retail & e-commerce,

  • IT & telecom,

  • government,

  • energy & utility services,

  • media & entertainment,

  • manufacturing

IOT- Identity Access Management Service Outlook

  • password management,

  • access management user provisioning,

  • multi-factor authentication,

  • directory services,

  • single-sign-on (SSO).

IOT- Identity Access Management Deployment Outlook

  • on-premise,

  • on-cloud,

IOT- Identity Access Management Industry Outlook

  • small and medium enterprises (SME's)

  • large enterprises based on industry segmentation

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