IoT Identity and Access Management (IAM) Market By Organization Size (Large Companies, Small And Medium Businesses), By Security Type (Cloud Security, Network Security, Application Security), By Deployment Model (Cloud-Based, On-Premise), By Component (Solution Provisioning Audit, Compliance, And Governance Directory Services), By Application (Automotive, It And Telecommunications, Banking, Financ

IoT Identity and Access Management (IAM) Market Size And Forecast

IoT Identity and Access Management (IAM) Market size was valued at USD 4.10 Billion in 2023 and is projected to reach USD 47.5 Billion by 2030, growing at a CAGR of 25.7 % during the forecast period 2024-2030.

Global IoT Identity and Access Management (IAM) Market Drivers

The market drivers for the IoT Identity and Access Management (IAM) Market can be influenced by various factors. These may include

• Growing Adoption of IoT DevicesTo manage identities, access, and security of these networked devices, strong IAM solutions are required as IoT device adoption continues to expand across a variety of industries.
• Growing Apprehensions Regarding IoT Security The increasing number of IoT devices has raised serious concerns about security flaws. IAM solutions are necessary to guarantee safe authentication and access, as well as to reduce the risks of cyberattacks, data breaches, and unauthorised access.
• Regulatory Compliance RequirementsStrict safeguards for data privacy and security are required by industry standards and regulatory obligations like the General Data Protection Regulation (GDPR), the Health Insurance Portability and Accountability Act (HIPAA), and others. Through the implementation of suitable access controls and identity management procedures, IAM solutions assist organisations in adhering to these rules.
• Growing Cybersecurity RisksThe need for strong Identity and Access Management (IAM) solutions is highlighted by the growing sophistication of cyber threats that target IoT networks. Through the use of multi-factor authentication, encryption, and other cutting-edge security features, these solutions assist businesses in enhancing their security posture and preventing illegal access and data breaches.
• Demand for Flexible and Scalable IAM SolutionsAs IoT deployments increase in size and diversity, there is a rising need for flexible, scalable, and interoperable IAM solutions across a range of IoT platforms and devices. Businesses look for Identity and Access Management (IAM) solutions that can expand with them and connect easily with their current infrastructure.
• Prioritise User Experience and ConvenienceOrganisations place a high priority on user experience and convenience even though security must always come first. To improve user productivity and happiness, IAM systems with seamless authentication methods—like biometrics, single sign-on (SSO), and self-service capabilities—are recommended.
• The emergence of edge computingBy moving computing resources closer to IoT devices, edge computing decentralises data processing and storage in Internet of Things deployments. To effectively manage identities and access rights while guaranteeing low latency and high performance, edge-specific IAM solutions are crucial.
• Adoption of Blockchain TechnologyThere is a growing interest in using blockchain technology to improve the security and integrity of Internet of Things networks. Decentralised, tamper-resistant identity verification is provided by IAM solutions that use blockchain-based identity management, improving the trust and transparency of IoT transactions.

Global IoT Identity and Access Management (IAM) Market Restraints

Several factors can act as restraints or challenges for the IoT Identity and Access Management (IAM) Market. These may include

• IoT Ecosystem Complexity and FragmentationStandardised Identity and Access Management (IAM) solutions are difficult to apply in IoT ecosystems because of their diverse and fragmented nature, which include a range of devices, protocols, and platforms. It may take longer for IAM solutions to be adopted and deployed in heterogeneous IoT environments due to interoperability problems and integration challenges.
• Absence of Industry Standards and RegulationsOrganisations’ decision-making processes are made more difficult by the lack of internationally recognised standards and laws pertaining to IoT IAM. Uncertainty and reluctance to adopt could result from organisations’ inability to choose the best IAM solutions and maintain regulatory compliance in the absence of clear rules.
• Budget Restraints and Resource LimitationsImplementing strong identity and management (IAM) solutions for Internet of Things (IoT) environments necessitates a large investment in technical infrastructure, qualified staff, and continuing maintenance. Organisations with limited resources, especially small and medium-sized businesses (SMEs), may find it difficult to set aside enough money and resources for the implementation of thorough IAM policies.
• Data governance and privacy issues are brought up by IoT deployments, which produce enormous volumes of data, including sensitive corporate and personal data. These issues include data privacy, confidentiality, and compliance. Adoption of IAM solutions may be hampered by the complexity of privacy laws that organisations must manage and the need to provide strong data governance frameworks and user identity protection.
• Opposition to Change and Organisational CulturePutting IAM solutions into practice frequently calls for organisational change and cultural transformations, such as updating access guidelines, upholding security procedures, and encouraging a security-conscious mindset among stakeholders and staff. IAM solutions may not be implemented and adopted effectively in organisations due to cultural inertia, resistance to change, and a lack of understanding.
• Cybersecurity Risks and Threat LandscapeIoT IAM implementations face substantial hurdles due to the constantly changing cybersecurity threat landscape. Robust identity theft, credential stuffing, and device hijacking are examples of sophisticated cyberattacks that highlight the significance of IAM systems. Organisations may be hesitant to implement IAM solutions, though, if they have doubts about how well security measures will guard against new threats and weaknesses.
• Interdependencies and systemic hazards are introduced by the interconnectedness of IoT ecosystems, whereby flaws in a single part or gadget have the ability to harm the entire system. IAM systems need to handle hazards across the ecosystem in addition to device security, necessitating proactive mitigation techniques and comprehensive risk management techniques.
• Limited Awareness and EducationAlthough the significance of Identity and Access Management (IAM) for Internet of Things (IoT) security is becoming more widely acknowledged, organisations, stakeholders, and end users may still not be fully informed about the advantages and best practices of putting IAM solutions into place. IAM’s promise to secure IoT deployments may not be fully realised if education and training programmes are lacking. This could impede adoption.

Global IoT Identity and Access Management (IAM) Market Segmentation Analysis

The Global IoT Identity and Access Management (IAM) Market is Segmented on the basis of Deployment Mode, Organization Size, End-user Industry and Geography.

Deployment Mode

• On-PremisesIAM solutions that are locally installed within the infrastructure of a company and provide complete control and customisation over access controls and security rules.
• Cloud-basedIAM systems that are hosted and administered by outside cloud service providers, providing enterprises with lower infrastructure overhead, scalability, and flexibility.

Organization Size

• Small and Medium-sized Enterprises (SMEs)Generally speaking, SMEs are companies that employ fewer people and make less money than major corporations. Scalability, cost, and ease of deployment are frequently given top priority in IAM solutions for SMEs in order to meet their unique requirements.
• Large EnterprisesBusinesses have a sizable workforce, intricate IT systems, and a range of IAM needs. Advanced capabilities like multi-factor authentication (MFA), role-based access control (RBAC), and connectivity with enterprise systems are available in IAM solutions for large enterprises.

End-User Industry

• HealthcareTo control access to patient records, medical devices, and sensitive healthcare data while guaranteeing compliance with regulatory standards like HIPAA, IAM systems are specifically designed for healthcare organisations.
• ManufacturingTo prevent unauthorised access and guarantee operational continuity, IAM solutions for the manufacturing sector concentrate on safeguarding access to industrial IoT (IIoT) devices, production systems, and key infrastructure.
• RetailTo improve customer experience and stop data breaches, identity and access management (IAM) solutions for the retail industry handle identity and access management issues with customer-facing IoT devices, point-of-sale (POS) systems, and online retail platforms.
• Energy and UtilitiesTo ensure dependability and resilience, IAM solutions for the energy and utilities industry concentrate on safeguarding access to essential utility infrastructure, renewable energy infrastructure, and IoT-enabled smart grid systems.
• Transportation and LogisticsIn order to improve operations, strengthen security, and guarantee regulatory compliance, IAM solutions for the transportation and logistics sectors control access to connected cars, fleet management systems, and supply chain IoT devices.
• OthersThis category could contain other sectors with different IAM requirements and use cases, like government, telecommunications, banking and finance, and smart cities.

Region

• North AmericaNorth America, which consists of the US and Canada, is distinguished by a highly developed infrastructure for technology, strict laws, and a high rate of IAM solution adoption across a range of industries.
• Europeconsists of nations that are members of the European Union (EU) and the European Economic Area (EEA). GDPR and other data privacy laws encourage the use of IAM solutions to safeguard personal information and maintain compliance.
• Asia PacificConsists of nations with quickly expanding economies, including China, India, Japan, and Southeast Asia. IoT technology and IAM solutions are being adopted more frequently in this region to assist efforts aimed at digital transformation.
• Latin AmericaLatin America, which includes countries in Central and South America, is seeing an increase in demand for Identity and Access Management (IAM) solutions due to factors like cybersecurity concerns, digitization initiatives, and legal compliance needs.
• Middle East and AfricaGrowing IoT deployments in industries like healthcare, smart cities, and oil and gas are boosting the need for IAM solutions to handle security and compliance issues.

Key Players

The major players in the IoT Identity and Access Management (IAM) Market are

• ForgeRock
• Microsoft
• Thales Group
• IBM
• Amazon Web Services (AWS)
• Google Cloud Platform (GCP)
• Ping Identity
• CA Technologies
• Oracle
• Entrust Datacard
• SailPoint Technologies

Report Scope

Research Methodology of Market Research

To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our .

Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

Customization of the Report

• In case of any  please connect with our sales team, who will ensure that your requirements are met.