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(Wireless-NewsWire.Com, May 26, 2018 ) The Internet of Things (IoT) Identity Access Management (IAM) market size is expected to grow from USD 1.10 Billion in 2016 to USD 4.97 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 35.2% during the forecast period. The major growth drivers of the IoT IAM market include the rise in adoption of Bring Your Own Device (BYOD) trend, rise in frequency of cybersecurity breaches and cyber-attacks, and massive growth in the IoT trend.
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The IoT IAM market is segmented by solution, service, security type, deployment mode, organization size, industry vertical, and region. The solution segment is estimated to have the largest market size in 2016. Moreover, the service segment is expected to grow at the highest CAGR during the forecast period, as the number of connected devices are growing at a massive rate, resulting in increase in cyber-attacks and creating demands for more comprehensive IoT IAM solutions and services that would help to manage millions and billions of identities and policies that are associated with various IoT devices.
The authentication segment is expected to grow at the highest CAGR during the forecast period. However, the provisioning segment accounts for the largest share of the IoT IAM market in 2016. The cloud-based deployment mode is expected to grow at the highest CAGR during the forecast period. The large enterprises segment is expected to account for the largest market size in 2016. Moreover, the SMEs segment is expected to grow at the highest CAGR during the forecast period.
IoT IAM solutions have been deployed across various industry verticals, including Banking Financial Services, and Insurance (BFSI); automotive; telecom & IT; retail & Consumer Packaged Goods (CPG); public sector & utilities; healthcare; energy, oil, & gas; manufacturing; and others (education and travel & hospitality). The energy, oil, and gas vertical is expected to grow with the highest CAGR during the forecast period. However, the BFSI vertical is estimated to have the largest market size in 2016.
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The global IoT IAM market has been segmented on the basis of regions into North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and Latin America to provide a region-specific analysis in the report. The North American region, followed by Europe, is expected to become the largest revenue generating region for IoT IAM solution vendors in 2016. This is mainly because in the developed economies of the U.S. and Canada, there is high focus on innovations obtained from research and development and security technologies. The APAC region is expected to be the fastest growing region in the market. The growth in this region is primarily driven by the increasing adoption of IoT devices and BYOD technologies within organizations.
The IoT IAM market faces challenges while managing identities and access for the success of IoT, upgrading legacy IAM solutions, and assigning unique identities for every network asset of an organization.
Major vendors that offer IoT IAM solutions across the globe are Amazon Web Services (U.S.), CA Technologies (U.S.), LogMeIn, Inc. (U.S.), Gemalto NV (Netherlands), Micro Focus International Plc (U.K.), Covisint Corporation (U.S.), ForgeRock, Inc. (U.S.), Ping Identity (U.S.), Certified Security Solutions (U.S.), and GlobalSign (U.S.). These vendors have adopted different types of organic and inorganic growth strategies such as new product launches, partnerships & collaborations, and mergers & acquisitions to expand their offerings in the IoT IAM market.
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